1.

• Profile of Home Buyers and Sellers

Jessica Lautz

May 12, 2011

2. Home Buyers 3. Who is buying today?

Typical buyer:

• 39-years-old

• $72,200

• 58% married

• 20% single females

• 12% single males

• 8% unmarried couples

• 35% have children in home

4. Who is buying today? First-time Buyer: Repeat Buyer:

• 30-years-old

• 49-years-old

• $59,900

• $87,000

• 48% married

• 68% married

• 23% single females

• 17% single females

• 15% single males

• 9% single males

• 12% unmarried couples

• 4% unmarried couples

• 32% have children

• 37% have children

5. Why do buyers want to own today? All Buyers First-time Buyers Repeat Buyers Desire to own a home of my own 31% 53% 10% Desire for larger home 9 2 15 Change in family situation 8 7 10 Home buyer tax credit 8 13 3 Job-related relocation or move 7 2 12 Affordability of homes 6 8 4 Desire to be closer to family/friends/relatives 5 1 10 Desire for a home in a better area 5 2 7 6. What homes are being sold?

Typical home purchased:

• 85% of homes were previously owned

• 77% detached single family homes

• Built in 1990

• 1,780 square feet

• 3 bedrooms/2 full baths

• More than half of homes purchased were in the suburbs

• Buyers typically moved 12 miles

7. Location, Location, Location

Quality of the neighborhood

Convenient to job

Overall affordability of homes

Convenient to friends and family

Quality of the school district

Convenient to shopping

8. Expected Tenure in Home 9. The Search Process 10. First Step in Buying Process All Buyers AGE OF HOME BUYER 18-24 25-44 45-64 65 or older Looked online for properties for sale 36% 34% 40% 36% 21% Contacted a real estate agent19 16 16 21 35 Looked online for information about the home buying process 11 16 13 8 4 Contacted a bank or mortgage lender 8 11 9 7 4 Drove-by homes/neighborhoods 7 4 5 10 12 Talked with a friend or relative about home buying process 7 13 8 4 6 Visited open houses 4 2 2 5 9 11. Use of Information Sources 12. Where Buyer Found Their Home 13. Length of the Search Process Number of Weeks Searched 14. Satisfaction With Buying Process 15. Method of Home Purchase 16. What do buyers want from real estate professionals? 17. Benefits Buyers Had When Using an Agent All Buyers First-time Buyers Repeat Buyers Helped buyer understand the process 66% 80% 53% Pointed out unnoticed features/faults with property 53 55 50 Negotiated better sales contract terms 42 43 40 Improved buyer's knowledge of search areas 42 41 43 Provided a better list of service providers 41 41 42 Negotiated a better price 34 34 34 18. Referrals Matter

57% used an agent that was referred to them or they had worked with before

87% would refer their agent or work with them again

64% of home buyers contacted only 1 agent during their search process

19. Home Sellers 20. Who is selling today?

Typical seller:

• 46-years-old

• $90,000

• 75% married

• 16% single females

• 6% single males

• 3% unmarried couples

• 40% have children in home

• Typically lived in their home for 8 years

21. Why are sellers moving?

Home is too small

Job relocation

Want to move closer to friends or family

Neighborhood has become less desirable

Change in family situation (e.g., marriage, birth of a child, divorce)

22. Trade up or down?

55% purchased a more expensive home

51% purchased a larger home

57% purchased a new home

23. Satisfaction With Selling Process 24. Method Used to Sell Home 25. What do sellers want from their real estate professional?

Help price home competitively

Help find a buyer for home

Help seller market home to potential buyers

Help sell the home within specific timeframe

26. Method to Market Home All Homes MLS Listing 91% Yard sign 79 Open house 56 Print newspaper advertisement 28 Real estate magazine 25 Other Web sites with real estate listings 25 Direct mail (flyers, postcards, etc.) 16 Video 12 Social networking Web sites 5 Television 2 Video hosting Web sites (e.g., YouTube, etc.) 2 27. Referrals Matter

64%used an agent that was referred to them or they had worked with before

84% would refer their agent or work with them again

66% of home sellers contacted only 1 agent during their search process