understanding today’s home buyer presented by carmen hirciag, mba senior research analyst
TRANSCRIPT
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UNDERSTANDING TODAY’S HOME BUYER
Presented by
Carmen Hirciag, MBASenior Research Analyst
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Survey Methodology
• 1,400 telephone interviews
• conducted in February 2014
• home buyers who purchased Aug. 2013 – Jan. 2014
So-Cal 55%
NorCal 20%
Other CA
26%
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WHO IS THE 2014 BUYER?Demographics
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64% minorit
y
48 years old
59% married
61% college degree
7/10 househol
d incomes > $100k
Typical CA Home Buyer
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Average Age: 48
25-34
35-44
45-54
55-64
65+
0% 5% 10% 15% 20% 25% 30% 35%
12%
32%
26%
25%
7%
Age
Q. What is your age?
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Buyer Age Continues Rising
20022003200420052006200720082009201020112012201320140
10
20
30
40
50
60
40 41 41 4144
41 4038 37 36 35
38
48
Average Age
Q. What is your age?
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Younger Buyers Continue to Decline
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
0%10%20%30%40%50%60%70%80%90%
100%
Refused65+55-6445-5435-4425-34Under 25
Q. What is your age?
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Housing Affordability Index
20022003
20042005
20062007
20082009
20102011
20122013
0%
10%
20%
30%
40%
50%
60% CA
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Housing Affordability (State) Peak vs. Current
US CA SFH CA Condo/Townhomes
Los Angeles Metropolitan
Area
Inland Empire S.F. Bay Area
0%
10%
20%
30%
40%
50%
60%
70%
80%
59%
33% 41%34%
48%
22%
71%
56%
64%
56%
71%
45%
Q1-2014 Q1-2012
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Minimum Annual Income Required Peak vs. CurrentBy Counties, 2014 Q1 vs. 2012 Q1
Region Peak 2014 Q1 % CHG
CA SFH $56,320 $86,419 53%
CA Condo/Townhomes $44,440 $71,994 62%
Los Angeles Metropolitan Area $53,780 $81,195 51%
Inland Empire $35,170 $55,302 57%
S.F. Bay Area $90,370 $140,977 56%
US $32,000 $39,734 24%
SERIES: Housing Affordability Index of Existing Detached HomesSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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Percent of First-time Buyers Continues Decline
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
8% 7%
15%
25%25%
19%19%
38%
46%43%
54%
42%
12%
Q. Was this your first home purchase?
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Minorities are the Majority
White 36%
Hispanic 26%
Black 12%
Asian/Pacific Is-lander 26%
Q. How would you describe your ethnic background?
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Majority of Buyers are Married
married 59%
Single 27%
Other 14%
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Married Buyers on the Decline
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Married Single Other
Q. What is your marital status?
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More than Half of Buyers have College Degrees
High School
Some College
Vocation/ Technical
College Grad
Post Grad
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
7%
11%
23%
50%
11%
Q. What is the highest level of education you have completed?
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7/10 Buyers have Annual Household Income > $100K
$50-000-$74,999
$75,000-$99,999
$100,000-$149,999
$150,000-$199,999
$200,000 +
0% 5% 10% 15% 20% 25% 30%
3%
25%
27%
27%
17%
Q. Which of the following categories best represents you total annual income from all sources?
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Buyers’ Annual Household Income Rises
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
$200,000 +$150,000-$199,999$100,000-$149,999$75,000-$99,999$50-000-$74,999Under $50,000
Q. Which of the following categories best represents you total annual income from all sources?
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Fewer Repeat Buyers Previously Under Water
Q. Was the outstanding loan balance on your previous home higher than the sale price?
2013 20140%
2%
4%
6%
8%
10%
12%
12%
4%
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THE BUYING EXPERIENCE
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Listing Price Rises 7%
2013 2014$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000$355,000
$380,000
Median
Q. What was the initial listing price of the home you purchased?
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Median Purchase Price Rises 25% YTY
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
Q. What was the price of the home you purchased?
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Purchase Price
$200,000-$299,999
$300,000-$399,999
$400,000-$499,999
$500,000-$599,999
$600,000-$699,999
$700,000-$799,999
$800,000+
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
26%
27%
24%
7%
5%
3%
10%
Median: $375,000
Q. What was the price of the home you purchased?
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Purchase/Listing Prices Nearly Equal
Listing Purchase$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$380,000 $375,000
Median
Q. What was the price of the home you purchased?
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Median Distance from Previous Residence: 15 Miles
1-10
11-25
26-100
>100
0% 5% 10% 15% 20% 25% 30% 35% 40%
38%
22%
16%
24%
Miles
Q. How many miles away was your previous residence from the home you bought?
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Buyers Staying Closer to Previous Residence
Q. How many miles away was your previous residence from the home you bought?
2013 20140
5
10
15
20
25
25
15
Median
Miles
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Nearly 6/10 Buyers Were Previous Home Owners
Owned59%
Rented40%
Lived with Parents
2%
Q. What was the living arrangement immediately before your recent home purchase?
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More Buyers Owned Previous Residence
2011 2012 2013 20140%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Owned RentedLived w/parents Other
Q. What was the living arrangement immediately before your recent home purchase?
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Buyers Spending Less Time than Last Year Considering Purchase Before Contacting Agent
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
0
5
10
15
20
25
Q. How many weeks did you consider buying a home before contacting a real estate agent? (Asked if agent was used)
Average Weeks
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Buyers Spending Less Time than Last Year Investigating Homes & Neighborhoods Before Contacting Agent
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
0
5
10
15
20
25
30
Weeks
Q. How many weeks did you spend investigating homes and neighborhoods before contacting a real estate agent? (Asked if agent was used)
Average Weeks
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The Home Search is Getting Lengthier
0
2
4
6
8
10
12
Average Weeks
Q. Once you found your agent, about how many weeks did you spend looking for a home with your agent? (Asked if agent was used)
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All Buyers Viewed at Least 10 Homes Before Buying
10 12-18 20 > 20
29%
16%
37%
19%
Number of Homes
Q. How many different homes did you preview and visit with your agent prior to making a purchase?
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Increase in Homes Viewed Reflects Inventory Improvement
20022003200420052006200720082009201020112012201320140
5
10
15
20
25
Q. How many different homes did you preview and visit with your agent prior to making a purchase?
Median
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91% of Buyers Made Offers on Other Homes
0 1 2 3 4 5+0%
5%
10%
15%
20%
25%
30%
35%
9% 10% 11%
24%
14%
32%
Number of Offers
Q. How many offers did you make on other homes?
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Buyers Made More Offers on Other Homes
Q. How many offers did you make on other homes?
2013 20140
0.5
1
1.5
2
2.5
3
3.5
4
3
3.6
Average
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Price Decreases are Main Reason for Buying
Change in family
Long term appreciation
Desired larger home
Investment/Tax advantage
Desired better/other location
Favorable price/financing
Low interest rates
Promotion/raise
Price decreases
8%
9%
13%
15%
16%
17%
29%
34%
54%
Q. What were your main reasons for buying your home?
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Buyers Didn’t Purchase Sooner Because…57%
• Not many good housing options
53%
• Waited to see when prices would stabilize
36%
• No real buying urgency
30%
• Difficulty qualifying for mortgage
21%
• Needed to sell existing home
20%
• Needed to save for down payment
15%
• Waited until finances improved
Q. Why didn’t you buy a home sooner?
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Nearly Half of Buyers Settled on Best Available Home
Satisfied 54%
Selected best option given lim-ited supply 46%
Q. Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes?
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More Buyers Settled on Best Available Home
Q. Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes?
2013
2014
0%10%20%30%40%50%60%70%80%90%
100%
66%
54%
34%
46%
Satisfied Settled
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Most Buyers Found Home through Agent
Home builder/developer
For sale sign
Open house
Website
Agent
0% 10% 20% 30% 40% 50% 60%
2%
3%
3%39%
54%
Q. How did you find the home you purchased?
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More Buyers are Finding Homes Online
20092010
20112012
20132014
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%Agent Website Other
Q. How did you find the home you purchased?
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Most Homes Were Listed on MLS
Yes81%
No19%
Q. Was the home you purchased listed on a multiple listing service?
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Fewer Homes Were Listed on MLS
Q. Was the home you purchased listed on a multiple listing service?
2013 20140%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
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Buyers Plan to Keep Homes Longer
Q. How long do you plan to keep the property?
2013 20140123456789
6
8.8
Average Years
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Buyers Optimistic About Long Term Direction of Home Prices
Up
Flat
Unsure
1 Year 5 Years
Q Do you think home prices in the neighborhood where you purchased will go up, down, or stay flat … in one year, in five years?
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More Buyers Believe Prices Will Rise
In 1 Year In 5 Years0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
60%
81%
8%
35%
20142009
Q Do you think home prices in the neighborhood where you purchased will go up in one year, in five years?
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More Buyers Using Mobile
2013 20140%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
85%91%
Q. Did you use a mobile device in the home buying process?
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91% of Buyers Used Mobile Device in Buying Process
78%
• Look for comparable prices
45%
• Search for homes
45%
• Communicate
43%
• Take photos of homes/amenities/neighborhoods
42%
• Research a particular home
41%
• Search websites
39%
• Communicate w/agent
22%
• Research communities/neighborhoods
Q. How did you use your mobile device in the home buying process? N = 1269
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Zillow is Most Useful App
Q. What was the most useful app that you used during the home buying process? N = 1269
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Realtor.com & Zillow are Most Useful Websites in Buying Process
0% 5% 10% 15% 20% 25% 30% 35%
4%
5%
8%
9%
10%
22%
31%
Q. What was the single most useful website that you visited during your home buying process?
Brokerage
Agent
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Realtor.com & Zillow Most Useful Websites
2007 2008 2009 2010 2011 2012 2013 20140%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Zillow realtor.com BrokerageYahoo Redfin
Q. What was the single most useful website that you visited during your home buying process?
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Most Buyers Found Home on Realtor.com or Zillow
0% 5% 10% 15% 20% 25% 30% 35%
4%
5%
8%
12%
13%
26%
33%
Q. On which website did you find your home?
![Page 53: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/53.jpg)
Realtor.com & Zillow Helped Most Buyers Find Homes
2011 2012 2013 20140%
5%
10%
15%
20%
25%
30%
35%
realtor.com Zillow Trulia Redfin
Q. On which website did you find your home?
![Page 54: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/54.jpg)
Social Media Use Continues Rising
2011 2012 2013 20140%
10%
20%
30%
40%
50%
60%
70%
80%
52%
68%75% 77%
Q. Did you use social media (such as Facebook, Twitter, YouTube, etc.) in your home buying process?
![Page 55: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/55.jpg)
77% of Buyers Used Social Media in Buying Process
Q. Which social media websites did you use during your home buying process? N = 1073
![Page 56: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/56.jpg)
Social Media Used for Buying Tips & Neighborhood Info
Agents' YouTube
Neighborhood profiles
Home buying info
Neighborhood amenities
Neighborhood lifestlye
Agent referrals
Agent's Facebook page
Neighborhood info from friends
Buying tips, suggestions from friends
20%
23%
23%
31%
33%
35%
42%
44%
44%
Q. How did you use social media (such as Facebook, Twitter, YouTube, etc.) in your home buying process? N = 1073
![Page 57: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/57.jpg)
92% of Buyers are Receptive to Receiving Information via Social Media
2011 2012 2013 20141.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.04.2 4.1 4.1
4.1
Average
Q. How receptive would you be to receiving information about the home buying process directly from your real estate agent via social media? (Scale: 1-5)
![Page 58: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/58.jpg)
Fewer Buyers Google their Agent
2007 2008 2009 2010 2011 2012 2013 20140%
10%
20%
30%
40%
50%
60%
70%
80%
Q. Did you Google your agent…?
![Page 59: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/59.jpg)
Internet Info as Useful as Agent Info
Agent info as useful as internet info
28%
Internet info less useful than agent info 26%
Internet info more useful than agent info 23%
Internet info different
from agent info 19%
Q. How would you compare the information you gathered on the Internet to the information provided by your real estate agent?N = 1238
![Page 60: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/60.jpg)
Financing
![Page 61: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/61.jpg)
Fewer Buyers Obtained Financing
2009 2010 2011 2012 2013 2014
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%100%
94%92% 96%
91%
74%
Q. Did you obtain financing for your home purchase?
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More than ¼ Buyers Paid Cash
Financing 74%
Cash 26%
Q. How did you pay for the home you purchased?
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Most Cash Buyers Used Proceeds from Previous Residence
Borrowed/gifted
Pension fund
Proceeds from sale/refi of another property
Inheritance
Personal savings
Sale of personal assets
Proceeds from previous residence
5%
16%
29%
32%
40%
44%
95%
Q. If all cash, where did the funds come from? N = 367
![Page 64: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/64.jpg)
Average Down Payment Remains Above 20%
2009 2010 2011 2012 2013 20140%
5%
10%
15%
20%
25%
30%
35%
25%
31%
26%25% 25%
28%
Average
Q. What was your down payment for the home purchased, in percent of the home value?
![Page 65: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/65.jpg)
Most Buyers Obtain Fixed Rate Loans
Fixed 92%
Ad-justable 8%
Q. What type of loan do you have?
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Fixed Rate Loans Remain Majority
2009 2010 2011 2012 2013 20140%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
69%79% 84%
93% 91% 92%
31% 15%16%
7% 8% 8%6%1%
Fixed Adjustable Other
Q. What type of loan do you have?
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85% of Loans are for 30 Years
20112012
20132014
0%10%20%30%40%50%60%70%80%90%
100%
85%87%
85%86%
15% 13%15%
14%
15 Year 30 Year
Q. What was the duration of your loan?
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Buyers Have Less Difficulty With Financing
2009 2010 2011 2012 2013 2014
0.01.02.03.04.05.06.07.08.09.0 8.1 8.5
8.0 8.5 8.6
7.1
Average
Q. Please rate how easy or difficult it was to obtain financing on a scale of 1 to 10 with 1 being very easy and 10 being very difficult.
![Page 69: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/69.jpg)
2/3 Buyers Did Not Have Appraisal Problems
66%
15%
19%
NoneHad to get 2nd appraisalHad to find more recent comps
Q. What, if any, problems did you have with the home appraisal when attempting to obtain financing?
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More Buyers Had Appraisal Problems
Q. What, if any, problems did you have with the home appraisal when attempting to obtain financing?
2013
2014
0%
20%
40%
60%
80%
100%
None Had to get 2nd appraisalHad to get more recent comps
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BUYER/AGENT RELATIONSHIP
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Fewer Buyers Used Agent
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
74%
86% 86% 84% 86% 89% 87% 90% 92% 94% 96%91% 88%
Q. Did you use a real estate agent in your home buying process?
![Page 73: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/73.jpg)
Most Buyers Find Agents Online
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
0%10%20%30%40%50%60%70%80%90%
100%
Relationships/Contacts AdvertisingInternet Other
Q. How did you find your real estate agent?
![Page 74: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/74.jpg)
More than ¾ Buyers Interviewed at Least 2 Agents
1 2 3 4 5 6 70%
5%
10%
15%
20%
25%24% 23%
10%
18%16%
5%4%
# of Agents Interviewed
Q. How many agents did you interview prior to selecting the agent you used in your recent home purchase?
![Page 75: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/75.jpg)
Buyers Continue Interviewing Multiple Agents
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20140.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
2.3 2.3 2.4 2.5 2.5 2.4
2.8
2.2
1.8
2.2
3.2 3.1
Average
Q. How many agents did you interview prior to selecting the agent you used in your recent home purchase?
![Page 76: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/76.jpg)
Previous Performance Important to Buyers in Selecting Agent
Most knowledgeable
Distressed property knowledge
Negotiating ability
1st to respond
Seemed most aggressive
Seemed most reponsive
Previously used agent
3%
7%
8%
13%
13%
22%
29%
Q. What was the single most important reason for selecting the agent that you used in your recent home purchase?.
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Gap in Phone & Text Communication
TelephoneEmail
Text MessageIn Person
11%
47%
40%
1%
38%
46%
15%
0%
Preferred Actual
Q. What was your preferred method of communicating with your agent?
Q. How did your agent actually communicate with you?
![Page 78: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/78.jpg)
2007 2008 2009 2010 2011 2012 2013 20140%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
10%
24%
35%38% 37%
42%44%
49%
Q. What was the typical response time you expected from your agent to return any form of communication to you?
More Buyers Expect Instant Response from Agents
![Page 79: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/79.jpg)
Room for Improvement in Agent Response Time
-10%
0%
10%
20%
30%
40%
50%
60%49%
29%
16%
4% 2% 0% 0%
18%
7%11%
17%
24%
13%10%
Expected Actual
Q. What was the typical response time you expected from your agent to return any form of communication to you?
Q. On average, what was the actual response time of your agent to return any form of communication to you?
![Page 80: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/80.jpg)
Agent Satisfaction Ratings Improve- Average Ratings on 1-5 Scale -
2013
2014
Your real estate agent’s negotiating skills 3.2 3.4
Overall process of finding a home 3.2 3.3
Overall satisfaction with your real estate agent 3.1 3.3
Q. Please rate your degree of satisfaction with the following aspects of your home buying experience on a scale of 1-5, where 1 is “least satisfied” and 5 is “most satisfied”.
![Page 81: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/81.jpg)
Buyer Satisfaction Improves Slightly
2005 2006 2007 2008 2009 2010 2011 2012 2013 20141
1.5
2
2.5
3
3.5
4
4.5
5
Process of Finding a Home Satisfaction with Agent
Q. Please rate your degree of satisfaction with the following aspects of your home buying experience on a scale of 1-5, where 1 is “least satisfied” and 5 is “most satisfied”.
![Page 82: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/82.jpg)
Reasons for Satisfaction With Agent
Worked hard (63%)
Negotiated good deal (38%)
Helped find best home (37%)
Always quick to respond (26%)
Listened to needs (13%)
Q. Why do you have that level of satisfaction with your agent?
![Page 83: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/83.jpg)
Reasons for Dissatisfaction With Agent
Slow response (71%)
Didn’t communicate how client wanted (61%)
Agent communicated ineffectively/inefficiently (51%)
Not aggressive in negotiation (40%)
Agent needed to do better job of monitoring transaction/paperwork (13%)
Q. Why do you have that level of satisfaction with your agent?
![Page 84: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/84.jpg)
More Buyers Would Work w/Agent Again
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
88% 87%
50%67% 61% 64% 72%
54% 60%52%
61%
2% 3%
4%
3% 15% 13%11%
11%12% 22%
33%
10% 10%
46%30%
25%22% 17%
35% 28% 26%
6%
Unsure No Yes
Q. Would you work with the same agent again?
![Page 85: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/85.jpg)
What Buyers Would Change About the Home Buying Experience
1. Better Communication with agent (38%)
2. Faster agent response (26%)
3. Better agent negotiation (19%)
4. Better market understanding (14%)
5. More assistance with mortgage approval (3%)
Q. If there was one thing you could change about the home buying experience, what would it be?
![Page 86: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/86.jpg)
SO WHAT?Key Conclusions & Opportunities
![Page 87: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/87.jpg)
Buyer Demographics are Changing
More femalesMost minorities
More singlesMajority
affluent/educated
Adjust your marketing plan
![Page 88: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/88.jpg)
Buying Process Begins Before Agent is Contacted
5 months before
contacting agent
• Buyers consider purchase
5 months before
contacting agent
• Buyers investigate homes/ neighborhoods
Target consumers during due dilligence
period
• Provide valuable information
![Page 89: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/89.jpg)
Buyers Need Most Agent Assistance in Finding the Right Home
Determine affordability
Determine comps
Negotiate terms of sale
Price negotiation
Find the right home
0% 10% 20% 30% 40% 50% 60% 70% 80%
30%
56%
60%
75%
79%
Q. In which part(s) of the transaction did you need the most assistance from your agent?
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Communication
Important to buyers in agent selection
• Response time
• Being aggressive
• Negotiation skills
• Knowledgeable
Communicate better
• Respond immediately
• Market your skills effectively
• Communicate according to client preference
![Page 91: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/91.jpg)
Importance of Mobile
Nearly all buyers use mobile devices
• Comps• Homes• Communicat
e• Photos/video
Market on mobile apps
• Zillow• Realtor.com• Trulia
![Page 92: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/92.jpg)
Most usefulWhere
home was found
Advertise on these websites
![Page 93: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/93.jpg)
77%
Buy
ers
usin
g
soci
al m
edia
92%
Buy
ers
rece
ptiv
e to
rece
ivin
g in
fo
via
soci
al
med
ia
![Page 94: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/94.jpg)
Financing
Buyers had difficulty obtaining financing
54%
• Lender contacts
• Loan options
• Downpayment assistance programs
Provide solutio
ns
![Page 95: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/95.jpg)
What Buyers Would Change About the Home Buying Experience
1. Better Communication with agent (38%)
2. Faster agent response (26%)
3. Better agent negotiation (19%)
Q. If there was one thing you could change about the home buying experience, what would it be?
![Page 96: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/96.jpg)
Advice to Agents from Buyers
Respond faster (63%)
Communicate according to client preference (55%)
Communicate better (44%)
Negotiate better (24%)
Understand market direction better (12%)
Q. What advice would you give to real estate agents to improve the process or the level of service?
![Page 97: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/97.jpg)
THANK [email protected]
![Page 98: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/98.jpg)
How to Use Statistics to Establish Yourself as a
Market Expert
Thursday, June 26, 20142:00 PM - 3:00 PM
To register: WWW.
CAR.ORG/MARKETDATA/VIDEOS
Join us for our next webinar…
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QUESTIONS?
![Page 102: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/102.jpg)
C.A.R. NEWS
![Page 103: UNDERSTANDING TODAY’S HOME BUYER Presented by Carmen Hirciag, MBA Senior Research Analyst](https://reader036.vdocument.in/reader036/viewer/2022081515/56649dbb5503460f94aacbdb/html5/thumbnails/103.jpg)
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Mortgage Resource Directory
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The Ripple Effect that begins with a REALTOR®
Dominate evening drive-time every Friday 2:30 p.m. – 6:30 p.m.
Los Angeles, Sacramento San Diego, and San Francisco
• Tonight Show Starring Jimmy Fallon• The Today Show• Ellen• Dr. Oz• The Voice• Many other popular TV shows
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New This Year …
Social Media Custon ContentREALTOR® RealTalkwww.realtorrealtalk.com
Interior Designer Thom Filicia
• HGTV Vignettes• EXPO Appearance• Room Makeover Sweepstakes
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EXPO Luncheon Speakers
Terri SjodinBest-selling author of Small Message, Big Impact
Captain Chesley
“Sully” SullenbergerBest-selling author of Highest Duty
Leslie Appleton-YoungC.A.R. Vice President and Chief Economist
Tuesday Wednesday Thursday