Better Homes and Gardens® Real Estate and AREAA Survey Finds Feng Shui Plays Role in Home Selection
Better Homes and Gardens® Real Estate and the Asian Real Estate Association of America (AREAA) released findings from the Better Homes and Gardens Real Estate Feng Shui Survey, polling Chinese Americans in an effort to accumulate data related to the impact of feng shui in the housing market.
Feng shui is an ancient design philosophy used to create a harmonious spatial arrangement. More than three-quarters of respondents are familiar with the practice of feng shui and furthermore, over half of those familiar are daily practitioners. A whopping 81 percent of Chinese-Americans homeowners surveyed indicated that feng shui factored into their most recent home purchase.
Feng Shui resources for real estate professionals:
“It’s critical for real estate professionals to understand all consumer drivers within the home search,” said Sherry Chris, BHGRE® president and CEO. “For this population, feng shui applications are as essential as other traditional characteristics of a home. Understanding these considerations is part of being a sophisticated service provider as well as an invaluable resource for our clients during the home buying and selling processes. We are privileged to work with AREAA on bringing these unique insights to the forefront for our industry.”
Below are more notable findings from the study:
86% of respondents stated feng shui will play a role in future home buying decisions.
79% of respondents are willing to invest more for a home that incorporates its feng shui principles.
Respondents are willing to pay an average of 16% more for a home that complies with feng shui philosophies.
90% of Chinese-Americans believe implementing its principles increases a home’s resale value.
Feng shui is the second most important consideration, only behind neighborhood safety, for Chinese-Americans when looking for a new home.
It is clear that feng shui has an impact on many Chinese-Americans looking to purchase and sell properties. The conclusions of the study reflect a need for agents to become more in tune with particular consumer needs, especially considering the increasing influence Chinese Americans and international Chinese buyers are establishing within U.S. real estate.