Webinar: 2013 Profile of Home Buyers and Sellers

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Transcript of Webinar: 2013 Profile of Home Buyers and Sellers

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    Jessica Lautz

    November 20, 2013

    Webinar:2013 Profile of Home

    Buyers and Sellers

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    Methodology

    Survey conducted with recent home buyers who purchaseda home between July 2012June 2013

    Seller information gathered from those home buyers whosold 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 typicalbuyer in the category and is not all encompassing

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    Demographic Changes Since 2010

    2010 Profile 2011 Profile 2012 Profile 2013 Profile

    Median Age 39 45 42 42

    Gross HHIncome

    $72,200 $80,900 $78,600 $83,300

    HouseholdComposition

    58% marriedcouples,20% singlefemales, 12%single males,8% unmarriedcouples

    64% marriedcouples,18% singlefemales,10% single males,7% unmarriedcouples

    65% marriedcouples,16% singlefemales,9% single males,8% unmarriedcouples

    66% marriedcouples,16% singlefemales,9% single males,7% unmarriedcouples

    Children inHome

    35% 36% 41% 40%

    Own a 2ndHome

    14% 19% 19% 19%

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    Shift in Household Composition

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    First-time Buyer Share Remains Under Historical Norm

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    Multi-Generational Households

    All

    Buyers

    Married

    couple

    Single

    female

    Single

    male

    Unmarried

    couple OtherMulti-generationalhousehold 14% 13% 14% 10% 10% 49%

    Reasons for purchase:

    Children over 18 movingback into the house 24% 24% 31% 18% 22% 14%

    Cost Savings 24 19 28 36 36 40

    Health/Caretaking ofaging parents 20 23 10 10 12 32

    To spend more time withaging parents 11 12 10 5 5 *

    Other 22 22 22 31 24 14

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    First-time Buyers

    Type of Home Purchased

    Single-family, 77%

    Townhouse, 8%

    Apt/ condo, 7%

    Other, 6%

    How Buyer Purchased a Home

    Agent, 91%

    Builder, 4%

    Previous owner, 4%

    60

    8

    7

    5

    Desire to own

    Affordability

    Family changes

    Establish a household

    0 20 40 60 80

    Reasons to Purchase Home

    Median

    Household

    Income

    $67,400

    Median

    Age31

    Median

    Square Feet

    1,670

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    Repeat Buyers

    Type of Home Purchased

    Single-family, 82%

    Townhouse, 6%

    Apt/ condo, 7%

    Other, 5%

    How Buyer Purchased a Home

    Agent, 86%

    Builder, 8%

    Previous Owner, 5%

    16

    12

    12

    9

    Larger home

    Job relocation

    Desire to own

    Closer to friends& family

    0 10 20

    Reasons to Purchase Home

    Median

    Household

    Income

    $96,000

    Median

    Age

    52

    Median

    Square Feet

    2,060

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    No New Homes to Buy

    21%28%

    21% 23% 22% 23% 21%18% 15% 16% 16% 16%

    79%72%

    79% 77% 78% 77% 79%82% 85% 84% 84% 84%

    0%

    20%

    40%

    60%

    80%

    100%

    2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

    New Previously Owned

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    Reason for New or Previously Owned Home

    New Home: 16%Avoid renovations or problems with plumbing or electricity 32%

    Ability to choose and customize design features 25

    Amenities of new home construction communities 14

    Lack of inventory of previously owned home 10Green/energy efficiency 6

    Other 13

    Previously Owned Home: 84%

    Better price 30%

    Better overall value 28

    More charm and character 17

    Lack of inventory of new homes 9

    Other 16

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    Location, Location, Location

    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

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    Commuting Costs

    VeryImportant, 32%

    SomewhatImportant, 41%

    Not Important,27%

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    Environmentally Friendly Features

    36%

    21%

    22%

    10%

    9%

    2%

    49%

    47%

    45%

    36%

    35%

    8%

    15%

    32%

    33%

    55%

    56%

    90%

    0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

    Heating and cooling costs

    Energy efficient appliances

    Energy efficient lighting

    Landscaping for energy conservation

    Environmentally friendly community features

    Solar panels installed on home

    Very Important Somewhat Important Not Important

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    Compromises on Home Purchase

    All

    Buyers

    First-time

    Buyers

    Repeat

    BuyersPrice of home 20% 22% 19%

    Size of home 18 21 16

    Condition of home 17 16 17

    Distance from job 14 19 11

    Lot size 14 16 13

    Style of home 13 16 12

    Distance from friends or family 6 9 5

    Quality of the neighborhood 5 6 4

    Quality of the schools 3 6 2Distance from school 2 2 1

    None - Made no compromises 33 26 38

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    Buyers who Purchased Senior Housing or in an ActiveAdult Community

    Type of Home Purchased

    Single-family, 58%

    Townhouse, 10%

    Apt/ condo, 18%

    Other, 15%

    How Buyer Purchased a Home

    Agent, 82%

    Builder, 13%

    Previous Owner,6%

    22

    18

    15

    10

    Desire to own

    Retirement

    Smaller home

    Closer to friends& family

    0 10 20 30

    Reasons to Purchase Home

    Median

    Household

    Income$67,400

    MedianAge

    64

    Median

    Square Feet

    1,700

    First-time

    buyers, 26%

    Repeat

    buyers, 74%

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    Expected Tenure Remains High

    0

    2

    4

    6

    8

    10

    1214

    16

    2006 2007 2008 2009 2010 2011 2012 2013

    First-time Buyers Repeat Buyers

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    Actual Tenure Among Sellers Remains High

    6 6 6 6 6 6

    7

    89 9 9

    01

    2

    3

    45

    6

    7

    89

    10

    2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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    The Search Process

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    Frequency of Use

    76

    68

    29

    27

    16

    13

    12

    5

    7

    3

    1

    1

    1

    13

    21

    16

    16

    35

    33

    15

    18

    11

    13

    3

    3

    2

    11

    11

    55

    58

    49

    55

    73

    77

    83

    85

    96

    96

    97

    0% 20% 40% 60% 80% 100%

    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

    Billboard

    Television

    Relocation company

    Frequently Occasionally Rarely or not at all

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    Value of Website Features

    83%

    79

    43

    40

    39

    34

    33

    31

    21

    19

    6

    15%

    19

    34

    36

    34

    45

    44

    36

    33

    33

    25

    1%

    1

    11

    12

    14

    12

    14

    19

    23

    20

    29

    1%

    1

    13

    13

    13

    10

    10

    15

    24

    28

    40

    0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

    Photos

    Detailed information about properties for sale

    Virtual video tours

    Interactive maps

    Real estate agent contact information

    Neighborhood information

    Detailed information about recently sold properties

    Pending sales/contract status

    Information about upcoming open houses

    Videos

    Real estate news or articles

    Very Useful Somewhat Useful Not Useful Did not use/Not Available

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    Importance of Agent Communications

    All

    Buyers

    First-time

    Buyers

    Repeat

    BuyersCalls personally to inform of activities 78% 77% 79%

    Sends postings as soon as a property is listed/the pricechanges/under contract 72 72 72

    Sends emails about specific needs 61 64 58

    Can send market reports on recent listings and sa