2009 NAR Profile of Home Buyers and Sellers Demographic Breakdown

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Transcript of 2009 NAR Profile of Home Buyers and Sellers Demographic Breakdown

  • 1. 2009ProfileofHome BuyersandSellers DemographicBreakdown Demographic Breakdown JessicaLautzApril28,2010 p,

2. Methodology Survey conducted with recent home buyers who Surveyconductedwithrecenthomebuyerswho purchasedahomebetweenJuly2008 June2009 Seller information gathered from those home Sellerinformationgatheredfromthosehome buyerswhosoldahome Mailed 120 038 questionnaires Mailed120,038questionnaires Received9,138responses R Responserateof7.9%t f 7 9% NamesobtainedfromExperian 3. HomeBuyers 4. Whoisbuyingtoday?FirsttimeBuyer:RepeatBuyer: 30yearsold 48yearsold $61,600 $$88,100$ 49%married69%married 25%singlefemales 25% i l fl 17%singlefemales17% i l f l 12%singlemales 8%singlemales 12%unmarried 12% unmarried5%unmarried5% unmarried couplescouples 5. ShareofHouseholdComposition p 80%70%60%50%40%30%20%10%0%2001 2003200420052006 2007 20082009Marriedcouple SinglefemaleSinglemaleUnmarriedcouple 6. HouseholdCompositionp 7. Whoisbuyingtoday?SingleFemale: SingleMale: MarriedCouple: Single Female: Single Male: Married Couple:Unmarried Couple: 41yearsoldy39yearsold 39yearsoldyy 30yearsoldy $50,500 $59,700 $85,500 $73,600 58% firsttime 58% first39% firsttime 69% firsttime buyerstimebuyers buyersbuyers22%have 22% h 10%have 10% h 49%have 49% h 26% hhave childrenunder children childrenunder childrenunder 18under181818 8. Race/Ethnicity /y 9. Race/EthnicityAllBuyers Northeast Midwest South West White/Caucasian85%89% 93% 83%75%Black/African American5 4 3 8 3 Hispanic/Latino 5 3 2 510Asian/Pacific Islander5 5 2 311 10. Whoisbuyingtoday?White/ Black/AfricanBlack/African Hispanic/ Asian/Caucasian:American:Latino: PacificIslander:y 39yearsold41yearsoldy36yearsoldy35yearsoldy $74,800 $61,900 $65,800 $76,500 44% firsttime 62% firsttime 61% firsttime 72% firsttime buyersbuyersbuyersbuyers36%have 36% have51%have 51% have52%have 52% have48% havehave childrenunder childrenunder childrenunder childrenunder 18181818 11. AgeBreakdown g65orolder 18to248%6%45to64 30% 25to44 25 t 44 56% 12. Whoisbuyingtoday?18to24 18 to 2425to44 25 to 4445to64 45 to 64 65or65 or older 23yearsold32yearsold53yearsold69yearsold $48,400 $48 400 $75,300 $75 300 $79,600 $79 600 $56,100 $56 100 97% firsttime 61% firsttime 24% firsttime 9% firsttime buyersbuyersbuyersbuyers18%have 49%have28%have 5% have childrenunder children underchildrenunder children underchildrenunder children underchildrenunder children under 18181818 13. Whydobuyerswanttoowntoday? AllBuyers FirsttimeBuyers RepeatBuyers Desiretoowna home 35%62% 11% Jobrelated relocationormove 9 2 16 Desireforlarger Desire for larger home 9 2 16 Changeinfamily situationit ti 9 8 10 Affordabilityof homes8 106 14. Whydobuyerswanttoowntoday?Marriedcouple Married couple Single female Singlemale UnmarriedcoupleSingle male Unmarried couple Desiretoowna home 27% 47%47%45% Jobrelated J b l t d relocationor move 133 23 Desireforf largerhome133 37 Changein familysituation7 1311 10 Affordabilityof homes 7811 12 15. Whydobuyerswanttoowntoday? 18to 2425to4445to6465orolder* Desiretoowna home62%43% 23% 12% Jobrelated relocationor move 3 913 2 Desirefor largerhome111 8 4 Changein Change in familysituation 9 910 5 Affordabilityof homes9 8 8 6 *65 or older age group: 21% in are selling to be closer to friends/family and 15% for smaller home 16. TypeofHomePurchased yp All MarriedSingle Single UnmarriedBuyers couplefemalemalecouple Detachedsingle familyhome78%86% 63% 64% 77% Townhouse/row house 851312 9 Apartment/condo inbuildingwith5or moreunits731516 6Duplex/apartment/ Duplex/apartment/ condoin2to4unit building2243 2 17. TypeofHomePurchased ypWhite/Black/African Hispanic/ Asian/Caucasian: American: Latino:Pacific Islander: Detachedsinglefamily home78%74%75%66% Townhouse/rowhouse / 713 7 15 Apartment/condoin buildingwith5ormore units 9 8 8 13 Duplex/apartment/ condoin2to4unit building1 3 34 18. FactorsInfluencingNeighborhood gg Choice MarriedSingle Single UnmarriedAllBuyerscouplefemalemalecouple Qualityoftheneighborhood 64%66% 61% 56% 65% Convenienttojob50 48515455 Overallaffordabilityofhomes43 41464349 Convenienttofriends/family37 35463641 Qualityoftheschooldistrict Quality of the school district26 34151021 Convenienttoshopping26 26282419 Designofneighborhood23 26201921 Convenienttoschools h l 21 2613 913 Convenienttoentertainment/leisure activities19 17212527 Convenienttoparks/recreational facilities16 16151616 Availabilityoflargerlotsoracreage14 177 1116 19. CharacteristicsofHomeWhichBuyerComprisedOnAll MarriedUnmarried Buyers couple Singlefemale Singlemalecouple Priceofhome 18%18% 19%17%18% Sizeofhome17171918 14 Conditionofhome 16151715 17 Distancefromjob Di t fj b 13141114 14 Lotsize1315 710 14 Styleofhome 12121215 12 None Madeno compromises 35353535 35 20. ExpectedTenureinHome16YearsinHome 151514 12 1210 10 10 10 8 76 4 2 0All Firsttime Repeat 18to24 25to44 45to64 65orBuyers BuyersBuyers older 21. TheSearchProcess 22. FirstStepTakeninHomeSearch p 18242544 4564 65orolder Lookedonlineforpropertiesforsale37%40% 34% 19% Contactedarealestateagent 12 14 2231 Lookedonlineforinformationaboutthehome Looked online for information about the home14 147 6 buyingprocess Contactedabankormortgagelender 1198 3 Drovebyhomes/neighborhoods5 6 1014 Talkedwithafriendorrelativeabouthome1275 7 buyingprocess Visitedopenhouses 3 25 8 Lookedinnewspapers,magazines,orhome 2 24 5 buyingguides Contactedbuilder/visitedbuildermodels1 12 5 23. FirstStepTakeninHomeSearchpWhite/ Black/African Hispanic/ Asian/Caucasian:C i American: Ai Latino:L iPacific P ifi Islander:Lookedonlineforpropertiesforsale 38% 22% 26%31% Contactedarealestateagent 18 172313 Lookedonlineforinformationaboutthe homebuyingprocess 10 151223 Contactedabankormortgagelender Contacted a bank or mortgage lender 812118 Drovebyhomes/neighborhoods8 8 64 Talkedwithafriendorrelativeabouthome buyingprocess7 9107 Visitedopenhouses 4 3 33 Lookedinnewspapers,magazines,orhome buyingguides 3 2 22 Contactedbuilder/visitedbuildermodels2 3 22 Attendedahomebuyingseminar1 6 23 24. InformationSourcesUsedinthe HomeSearchProcess AllBuyers 18to24 25to44 45to64 65orolder Internet 90%95%96%86% 62% Realestateagent87 88 88 8682 Yardsign 59 60 59 6150 Openhouse 46 36 46 4942 Printnewspaperadvertisement p p40 33 38 4445 Homebookormagazine26 20 26 2721 Homebuilder 18 14 17 2023 Relocationcompany R l ti4244 1 Television8888 3 Billboard 6566 2 25. UseoftheInternetinHomeSearchHousehold HouseholdUsedInternetto DidNotUseInternetUsed Internet to Did Not Use Internet Composition Search toSearch Marriedcouple 61% 51% Singlefemale20 25 Singlemale 9 15 Unmarriedcouple Unmarried couple96 Other 12 Medianage(years) 37 55 Medianincome d$75,500$ $57,800$ 26. UsetheInternetinHomeSearch10090%92%88%87%908070605040302010% 12% 13% 8%10 0White/CaucasianBlack/AfricanHispanic/LatinoAsian/Pacific American Islander UsedInternettosearch DidnotuseInternettosearch 27. WebsitesUsedInSearchProcess AllBuyers 18to24 25to44 45to64 65orolder MultipleListingService(MLS)Website60%58%64%57%50% RealestatecompanyWebsite46 4747 4538 REALTOR.com REALTOR com46 4146 4642 RealestateagentWebsite45 4647 4332 OtherWebsiteswithrealestatelistings 30 3831 2824 ForsalebyownerWebsite17 1518 1611 NewspaperWebsite910108 4 RealestatemagazineWebsite g 4 3 46 4 SocialnetworkingWebsites(e.g. Facebook,MySpace,etc.)1 1 1* * VideohostingWebsites(e.g.YouTube, etc.) etc ) * * ** 2 28. RoleoftheRealEstateAgent 29. HowBuyerPurchasedtheHome y77%%77% %79% 77%% 80%72% 70% 60% 50% 40% 30% 20% 15% 8% 10%9%9% 10%10%8% 10%5%5% 5% 5%6% 6%5%0%AllBuyersMarriedcoupleSinglefemale SinglemaleUnmarriedcoupleThrougharealestateagentorbroker Directlyfrombuilderorbuilder'sagent DirectlyfromthepreviousownerThroughaforeclosureortrusteesale 30. How Buyer Purchased the Home HowBuyerPurchasedtheHome 78% 78% 80%74%70%63% 60% 50% 40% 30%17% 20% 12% 9%10% 11%11% 7% 5%8% 8% 10%3% 2% 0%White/CaucasianBlack/AfricanHispanic/Latino Asian/Pacific AmericanIslanderThrougharealestateagentorbroker Directlyfrombuilderorbuilder'sagent DirectlyfromthepreviousownerThroughaforeclosureortrusteesale 31. WhatBuyersWantFromAgenty g All Married Single Single Unmarried All Married Single Single UnmarriedBuyers couple female male couple Helpfindtherighthometopurchase 46%48% 46%43% 40% Helpbuyernegotiatethetermsofsale Help buyer negotiate the terms of sale16 15181318 Helpwiththepricenegotiations13 13131413 Helpwithpaperwork997 1312 Determinewhatcomparablehomes Determine what comparable homes weresellingfor 8867 6 Helpdetermininghowmuchhome4 buyercanafford365 5 Helpfindandarrangefinancing2133 4 32. SkillsandQualitiesConsideredImportantinanAgentAll MarriedAll MarriedSingle SingleSingle Unmarried Single Unmarried Buyers couplefemalemalecouple Honestyandintegrity 98%97% 98% 97% 99% Knowledgeofpurchaseprocess Knowledge of purchase process9595979596 Responsiveness 9393948793 Knowledgeofrealestatemarket9293929091 Negotiationskills 8482878487 Communicationskills 8384867685 Peopleskills7978847182 Knowledgeoflocalarea7779777272 Skillswithtechnology 3737393237 33. HowtheBuyerFoundtheAgentygAll Married Single Single Unmarried Buyers couple f B l female malel lcouplel Referredby(oris)afriend,neighboror relative44%39% 51%53% 50% Usedagentpreviouslytobuyorsella Used agent previously to buy or sell a home10 11 79 8 InternetWebsite 10 10 89 10 SawcontactinformationonForSale/Open Housesign 77 75 8 Visitedanopenhouseandmetagent67 66 7 Referredbyanotherrealestateagentor broker 55 54 3 Referredthroughemployerorrelocation company46 23 1 Walkedintoorcalledofficeandagentwas Walked into or called office and agent was onduty44 43 5 34. FinancingtheHomePurchase Fii th H P h 35. BuyersWhoFinancedTheirHome yPurchase100 96%98%92%87%80 64% 60 40 20 0All Buyers 18 to 24 25 to 44 45 to 64 65 or older 36. BuyersWhoFinancedTheirHome yPurchase 96% 96%95%95% 94%93%93%92% 91% 91% %90%89%White/Caucasian B