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Methodology
Survey conducted with recent home buyers who purchased a home between July 2012 June 2013 Seller information gathered from those home buyers who sold a home Mailed 148,011 questionnaires- response rate of 6.1% Names obtained from Experian Data in the presentation is based on medians or the typical buyer in the category and is not all encompassing
58% married couples, 20% single females, 12% single males, 8% unmarried couples
64% married couples, 18% single females, 10% single males, 7% unmarried couples
65% married couples, 16% single females, 9% single males, 8% unmarried couples
66% married couples, 16% single females, 9% single males, 7% unmarried couples
35% 14%
36% 19%
41% 19%
40% 19%
Multi-Generational Households
All Married Single Single Unmarried Buyers couple female male couple Other Multi-generational household 14% 13% 14% 10% 10% 49%
11 22
12 22
10 22
5 31
5 24
* 14
Other
First-time Buyers
Median Age 31
Repeat Buyers
How Buyer Purchased a Home
Agent, 86% Builder, 8% Previous Owner, 5%
Apt/ condo, 7%
Other, 5%
79%
72%
28%
21% 23% 22% 23% 21% 18% 15% 16% 16% 16%
0%
2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
New
Previously Owned
16%
32% 25 14 10 6 13 84% 30% 28 17 9 16
Quality of the neighborhood Convenient to job Overall affordability of homes Convenient to friends/family Quality of school district Design of neighborhood Convenient to shopping
Commuting Costs
Not Important, 27% Very Important, 32%
9%
35% 90%
56%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Very Important Somewhat Important Not Important
Price of home Size of home Condition of home Distance from job Lot size Style of home Distance from friends or family Quality of the neighborhood Quality of the schools Distance from school None - Made no compromises
10 15
Median Age 64
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Frequency of Use
Online website Real estate agent Mobile or tablet website or application Mobile or tablet search engine Yard sign Open house Online video site Print newspaper advertisement Home builder Home book or magazine 3 5 7 16 13 12 18 11 13 96 96 97 20% Frequently 40% Occasionally 60% 80% Rarely or not at all 100% 83 85 15 33 73 77 29 27 68 16 16 35 55 55 58 49 76 21 13 11 11
33
34 39 40 43 79 83% 0% 10% 20% 30% 40%
44
45 34 36 34
14
12 14 12 11 19
10
10 13 13 13 1 1
Interactive maps
Virtual video tours Detailed information about properties for sale Photos
Very Useful
Somewhat Useful
Not Useful
Mobile Search
All First-time Buyers Buyers
Searched with an iPhone Search with an iPad Searched with an Android Found my home with a mobile application 47% 40 24 22 50% 36 25 23
Repeat Buyers
45% 43 23 22
Search with a different tablet Used QR Code that lead me to more information on the property
Found my agent with a mobile application Searched with a Windows based mobile device
8
5 4 4
7
4 5 3
8
5 4 4
Calls personally to inform of activities Sends postings as soon as a property is listed/the price changes/under contract Sends emails about specific needs Can send market reports on recent listings and sales Sends property info and communicates via text message Has a web page Has a mobile site to show properties Sends an email newsletter Advertises in newspapers Is active on Facebook Has a blog
90 80 70
60 50 40 30 20 10 0
77 82 81 80 77 79 83 82 85 84 85 84 85 88 87 88 88
19 17 15 18 16 13 14 14 13 12 12 13 11
10
Agent-assisted
Other
Hot Topics
Expenses that Delayed Saving for Downpayment or Saving for Home Purchase
60% 50% 40% 30% 23% 20% 10% 14 12 54%
43% 38 31 36 36
42
22
18
10
10
0%
All Buyers Student Loans Credit card debt First-time Buyer Car loan Child care expenses Repeat Buyer Health care costs
Seller Wanted to Sell Earlier, But Waited or Stalled Because Home Was Worth Less Than Mortgage
All 1 year or 2 to 3 4 to 5 6 to 7 8 to 10 11 to 15 16 to 20 21 years Sellers less years years years years years years or more 12% 8% 3% 11% 19% 20% 11% 7% 7% 1 0 2 1 1 1 0 1 1
Yes, and lived in home Yes, but rented home to others and lived elsewhere No, sold home when I wanted to sell
87
92
95
88
80
79
89
92
92
Sub-regions Included
New England (New Hampshire, Vermont, Maine, Massachusetts, Rhode Island, Connecticut) Middle Atlantic (New York, Pennsylvania, New Jersey) East North Central (Wisconsin, Illinois, Indiana, Ohio, Michigan) West North Central (North Dakota, South Dakota, Minnesota, Iowa, Nebraska, Kansas, Missouri) South Atlantic (Delaware, Maryland, West Virginia, Virginia, District of Columbia, North Carolina, South Carolina, Georgia, Florida) East South Central (Kentucky, Tennessee, Mississippi, Alabama) West South Central (Oklahoma, Arkansas, Louisiana, Texas) Mountain (Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, and New Mexico) Pacific (Washington, Oregon, California, Alaska)
New England
Median Household Income $88,700
Household Composition
Married, 62% Single female, 16% Single male, 10% Unmarried couple, 12%
Median Age 38
11% bought multi-generational home Reasons: Cost savings-29% Children over 18 moving back into house-23% Health/caretaking of aging parents-23% Spend more time w/aging parents-7%
Household Composition
Mountain
Married, 72% Single female, 13% Single male, 10% Unmarried couple, 4% Other, 1%
Median Age 48
19% bought multi-generational home Reasons: Children over 18 moving back into house-26% Cost savings-24% Health/caretaking of aging parents-17% Spend more time w/aging parents-4%