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Profile of Home Buyers and Sellers 2012 News Release November 10, 2012.

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Presentation on theme: "Profile of Home Buyers and Sellers 2012 News Release November 10, 2012."— Presentation transcript:

1 Profile of Home Buyers and Sellers 2012 News Release November 10, 2012

2 Methodology Surveys mailed to 93,502 households Response rate 9.1 percent with 8,501 responses Purchased a home between July 2011 and June 2012 Addresses from Experian Reflect distribution of home sales in each state

3 What is covered? Ask buyers about: –Basic demographics –Type of home –Search process –Relationship with agent –Home financing Ask sellers about: –Basic demographics –Home selling experience –Relationship with agent –FSBO vs agent-assisted sales

4 Demographic Changes Since Profile2011 Profile2010 Profile Median Age Gross HH Income$78,600$80,900$72,200 Household Composition 65% married couples, 16% single females, 9% single males, 8% unmarried couples 64% married couples, 18% single females, 10% single males, 7% unmarried couples 58% married couples, 20% single females, 12% single males, 8% unmarried couples Children in Home41%36%35% Own a 2 nd Home19% 14%

5 Shift in Household Composition Married couple68%59%62%61% 62%61%60%58%64%65% Single female Single male Unmarried couple Other

6 First-time Buyer Share Closer to Historical Norm

7 Desire to Own Home Remains Top Reason to Buy All BuyersFirst-time BuyersRepeat Buyers Desire to own a home of my own30%60%11% Desire for larger home11316 Job-related relocation or move9313 Change in family situation898 Affordability of homes7115 Desire to be closer to family/friends/relatives619 Desire for a home in a better area637 Retirement417 Desire for smaller home406 Desire to be closer to job/school/transit425 Establish household231 Desire for a newly built or custom-built home212 Financial security111 Desire for vacation home/investment property101 Purchased home for family member or relative111 Tax benefits111 Greater number of homes on the market for sale/better choice111 Other425

8 Increased Purchases in Senior-related Housing All buyers over 50 Share who purchased a home in senior-related housing14% Among buyers over 50 who purchased senior related housing Type of home purchased: Detached single-family home63% Townhouse/row house8 Apartment/condo in building with 5 or more units12 Duplex/apartment/condo in 2 to 4 unit building7 Other11 Location: Suburb/ Subdivision45% Small town21 Urban/ Central city10 Rural area7 Resort/ Recreation area17

9 Expected Tenure Remains High AGE OF HOME BUYER All Buyers18 to 2425 to 4445 to or older 1 year or less1%2 2% 2 to 3 years to 5 years to 7 years to 10 years to 15 years or more years Don't Know Median

10 Actual Tenure Among Sellers Remains High

11 Tightened Inventory Affecting Home Search Buyers saw 10 homes before buying-drop from 12 homes Typically look for 12 weeks total and 3 weeks before contacting an agent 51% of buyers reported hardest task in process was finding the right home

12 Use of the Internet Increased

13 Agent Use By Buyers & Sellers Remains High 89% of buyers purchased their home through a real estate agent or broker –Most want help finding right home –Benefited from help understanding the process –High importance on honesty and integrity 88% of sellers were assisted by an agent –Sell w/in specific timeframe –Help market home –Find a buyer for the home –Reputation and honesty and integrity important

14 Agent Assisted Sales High

15 Reasons Behind Selling as FSBO Among the 9% of FSBOs –One-third knew the buyer –Two-thirds did not know the buyer For FSBO sellers who did not know the buyer –20% were contacted by a buyer they did not know asking to buy home increase from 15 percent in 2010

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