2015 Home Buyer and Seller Generational Trends

2015 National Association of REALTORS
Home Buyer and Seller

Generational Trends
NATIONAL ASSOCIATION OF REALTORS

Research Division
March 2015
2015 National Association of Realtors Home Buyer and Seller Generational Trends
Contents
Highlights ...................................................................................................................3
Characteristics of Home Buyers ........................................................................... 7
Characteristics of Homes Purchased ................................................................. 21
The Home Search Process .................................................................................. 38
Home Buying and Real Estate Professionals...................................................... 50
Financing the Home Purchase ........................................................................... 66
Home Sellers and Their Selling Experience ....................................................... 78
Home Selling and Real Estate Professionals .................................................... 102
Methodology ........................................................................................................110
2015 NATIONAL ASSOCIATION OF REALTORS

Home Buyer and Seller Generational Trends
Highlights
Characteristics of Home Buyers
Gen Y comprises the largest share of home buyers at 32 percent, which is larger than all Baby
Boomers combined. Younger Boomers comprise 16 percent and Older Boomers comprise 15
percent of recent home buyers. Generation X made up 27 percent of recent buyers and the
Silent Generation has the smallest share of home buyers at 10 percent.
While the demographics of recent buyers fall mostly in the expected range, income peaks for
ages 35 to 59, and the prevalence of children in the home peaks for buyers 35 to 49.
Gen Y has the largest share of first-time buyers at 68 percent. The share of first-time buyers
declines as age increases. Among the Silent Generation only three percent of buyers are firsttime buyers.
Thirteen percent of all buyers purchased a multi-generational home, one in which the home
consists of adult children over the age of 18, and/or grandparents residing in the home. This is
most prevalent among Younger Boomers aged 50 to 59, at 21 percent. The most common
reason for this living arrangement among Younger Boomers was children over 18 moving back
into the house (37 percent), followed by health/caretaking of aging parents (21 percent).
The prior living arrangement varies greatly for recent home buyers. Among those who are 33
and younger, 59 percent rented an apartment, while among those who are older than 50 years
of age and older more than half owned their previous residence.
Thirty-nine percent of Gen Y buyers primarily purchased a home just for the desire to own a
home of their own. Gen X placed a high importance on owning a home of their own, but many
needed to move for a change in a family situation or a job-related relocation. Older Boomers
are more likely to move for retirement, the desire to be closer to friends, family, and relatives,
and the desire for a smaller home, while Younger Boomers are likely to move for a job-related
relocation and to downsize.
As age increases among recent home buyers, the rate of owning more than one home also
increases.
Characteristics of Homes Purchased

At least 80 percent of buyers who are aged 59 and younger bought a detached single-family
home, while it is increasingly common for buyers over the age of 59 to purchase townhouses
and condos.
Thirteen percent of buyers over the age of 49 purchased a home in senior-related housing for
themselves or others. This is most common for buyers over the age of 69, a category in which
nearly one-quarter of buyers purchased a home in senior-related housing.
Gen Y and Gen X tend to stay close to their previous residence, often staying within 10 miles,
while Older Boomers tend to move the longest distance 30 miles and the Silent Generation tend
to move 20 miles from their previous home.
Younger buyers tend to buy older homes, and are more likely to buy previously owned homes.
Most often they do so because the home is a better price and better overall value. Older
Boomers and the Silent Generation are more likely than other generations to purchase a new
home, most often doing so to avoid renovations or problems with plumbing or electricity and for
the amenities in new home construction communities.
Neighborhood factors which are important to buyers show strong connections to the buyers
generation. Gen Y places the highest preference compared to other generations on
convenience to job as well as affordability of homes. As buyers children reach school age, the
quality of school districts and convenience to schools starts to have a larger importancethis is
most often true for Gen X. Older Boomers and the Silent Generation place higher priority on
convenience to friends and family and convenience to health facilities.
3
Younger buyers placed a high importance on commuting costs, while older buyers placed
higher importance on landscaping for energy conservation and energy efficient lighting.
The older the home buyer, the fewer compromises the buyer tended to make with their home
purchase48 percent of the Silent Generation made no compromises on their home purchase.
Younger buyers tended to make sacrifices on the price of the home, size of the home, and
condition of the home purchased.
After finding the home they wanted, Gen Y and Gen X expect to live in their home for 10 years
before moving on. Younger Boomers and the Silent Generation expect to live in their home for
15 years and Older Boomers plan to live in their home for 20 years. It should be noted that
expected tenure is generally longer than actual tenure in home.
The Home Search Process
Among all generations of home buyers, the first step in the home buying process is looking online
for properties for sale. Gen Y is most likely among generations to also look online for information
about the home buying process, while the Silent Generation is most likely to contact a real
estate agent as a first step.
As age increases, the search time for a home decreases. Buyers under 50 tend to search for a
home for 11 weeks before finding a home. Buyers over the age of 49 tend to look for 8 weeks.
Younger generations of buyers typically find the home they purchase through the internet, while
older generations of buyers first found the home they purchased through their real estate agent.
As ages increases the home buyer is less likely to consider purchasing a home in foreclosure.
The frequency of internet use in the home search process was directly related to age. Younger
buyers are not only more likely to use the internet during their search, but they also use the
internet more frequently during their home search process. Older buyers are more likely than
younger buyers to be more occasional users during their home search.
More than half of Gen Y and Gen X buyers used a mobile device during their home search.
Among those who did, 31 percent of Gen Y and 26 percent of Gen X found the home they
ultimately purchased via a mobile device.
Home buyer satisfaction with the home buying process increases as age increases. This may be
due to not only tightened inventory in lower price brackets, but also realistic expectations of
older buyers who are often repeat buyers.
Home Buying and Real Estate Professionals
Buyers gain many benefits from working with a real estate agent. Among age groups, younger
buyers are more likely to want the agent to help them understand the process as they are more
likely to have never purchased a home before. Buyers all benefit from their agent pointing out
unnoticed features and faults in a property. All buyers most want their agent to help find the
right home to purchase.
Younger buyers were predominately referred to their agent through a friend, neighbor, or
relative, while older buyers were more likely to use an agent again that they previously used to
buy or sell a home.
When choosing an agent, younger buyers were more likely to place the agents honesty and
trustworthiness of more importance than older buyers, while older buyers rate the agents
reputation as a higher factor. Older Boomers who are often moving longer distances rate their
knowledge of the neighborhood as an important factor perhaps because Older Boomers tend
to move longer distances and may not necessarily know the neighborhood.
Younger buyers tend to place higher importance than older buyers on agents communication
via email and text messages, while older buyers place higher importance on personal calls.
Financing the Home Purchase
Overall 88 percent of recent buyers financed their home purchase. Nearly all (97 percent) of
Gen Y buyers financed compared to just 61 percent of Silent Generation buyers.
When financing the home purchase, younger buyers also financed larger sharesthe typical
Gen Y downpayment is seven percent and Gen X is 10 percent compared to 22 percent among
the Silent Generation.
Buyers have a variety of sources for a downpayment on a home. The source is predominately
savings for younger buyers, while older buyers are more likely than younger buyers to use
proceeds from a sale of a primary residence. Younger buyers are also more likely to use a gift or
loan from a relative or friend.
Twelve percent of buyers overall cited saving for a downpayment was difficult. Among these
buyers, 50 percent reported credit card debt, 46 percent of buyers reported student loans, and
38 percent car loans was the debt that held them back from saving. This was most common
among Gen Y and Gen X buyers who are most likely to use savings as a downpayment source
22 percent of Gen Y and 15 percent of Gen X had a difficult time saving. Among this 22 percent
of Gen Y, 54 percent reported student loans held them back from saving. Among the 15 percent
of Gen X, 41 percent found credit card debt held them back from saving.
Despite record housing affordability, many buyers are still making financial sacrifices. About half
of Gen Y and Gen X buyers made sacrifices. Common sacrifices were cutting spending on luxury
or non-essential items, cutting spending on entertainment, or cutting spending on clothes.
Younger buyers were considerably more optimistic that their home purchase was a good
financial investment in comparison to older buyers. Eighty-four percent of buyers under 34
considered their purchase a good financial investment compared to 72 percent of buyers 69
years of age and older.
Home Sellers and Their Selling Experience
Among the generations, Gen X (27 percent) is the largest group who are recent home sellers
followed by both Older Boomers (23 percent) and Younger Boomers (20 percent).
Gen Y is the largest share of married couples among sellers. The Baby Boomers had the lowest
share of married couples among sellers. Older Boomers have the highest share of single female
sellers.
Seventy-five percent of Gen Y sellers are first-time sellers compared to just eight percent of sellers
in the Older Boomer segment and 11 percent of Silent Generation sellers.
Older buyers tend to move further distances, and are more likely than younger buyers to buy in
other regions and less likely than younger buyers to buy in the same state as the home sold.
There is a clear trend of moving to larger, higher priced homes for Gen Y and Gen X, moving into
a similar home for Younger Boomers, and downsizing in both square footage and price for Older
Boomers and the Silent Generation.
The reasons for selling a home vary, however, for younger buyers many want to upgrade to a
larger home or to accommodate job relocation. In comparison, for older buyers many want to
be closer to friends and family and buy a smaller home due to retirement.
Sixteen percent of sellers wanted to sell their home earlier than they were able to but waited or
stalled because their home was worth less than their mortgage. This is most common among
Gen X (23 percent) sellers. Among Gen Y and Younger Boomer sellers this occurred among 17
percent of sellers.
Typically, the older the home seller, the longer the tenure in their home has beenthis is a factor
in fewer sellers who had to stall the sale of their home. Gen Y typically owned their home for five
years while Older Boomers and the Silent Generation owned their homes for 13 years before
selling.
Home Selling and Real Estate Professionals
All age groups of sellers are most likely to find their selling agent by referral from a friend,
neighbor or relative or use an agent that they previously used to buy or sell a home.
Younger sellers are more likely to use the same real estate agent or broker for their home
purchase than older sellers, likely as they are typically moving closer to their previous residence.
Youngers sellers typically want their selling agent to price their home competitively and help sell
the home within a specific timeframe, while older sellers are more likely to want their selling
agent to help the seller market the home to potential buyers. This is likely due to the reasons
behind moving, as younger sellers are more likely to need to move for a larger home or for a job
relocationseemingly more time sensitive, while older sellers are more likely moving due to
retirement and to be closer to friends and family.
Middle-aged sellers are more likely to initiate discussions about compensation with their real
estate agent than both younger and older sellers.
CHARACTERISTICS OF HOME BUYERS
Exhibit 1-1
Exhibit 1-2
Exhibit 1-3
Exhibit 1-4
Exhibit 1-5
Exhibit 1-6
Exhibit 1-7
Exhibit 1-8
Exhibit 1-9
Exhibit 1-10
Exhibit 1-11
Exhibit 1-12
Exhibit 1-13
AGE OF HOME BUYERS

HOUSEHOLD INCOME OF HOME BUYERS
ADULT COMPOSITION OF HOME BUYER HOUSEHOLDS
NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOUSEHOLD
HOME PURCHASED WAS A MULTI-GENERATIONAL HOME (WILL HOME ADULT SIBLINGS, ADULT
CHILDREN, PARENTS, AND/OR GRANDPARENTS)
RACE/ETHNICITY OF HOME BUYERS
PRIMARY LANGUAGE SPOKEN IN HOME BUYER HOUSEHOLD
NATIONAL ORIGIN OF HOME BUYERS
FIRST-TIME HOME BUYERS IN AGE GROUP
PRIOR LIVING ARRANGEMENT
PRIMARY REASON FOR PURCHASING A HOME
PRIMARY REASON FOR THE TIMING OF HOME PURCHASE
OTHER HOMES OWNED

Exhibit 1-1
AGE OF HOME BUYERS
(Percentage Distribution)
Millennials/Gen Y/Gen Next:

Gen X:
Younger Boomers:
Older Boomers:
Silent Generation:
Year Born:
1980-1995
1965-1979
1955-1964
1946-1954
1925-1945
Age in 2014:
34 and younger
35 to 49
50 to 59
60 to 68
69 to 89
Percent in
Category
32%
27
16
15
10
Median Age
in Group
29
41
54
64
73

Exhibit 1-2
HOUSEHOLD INCOME OF HOME BUYERS
AGE OF HOME BUYER

Less than $25,000
$25,000 to $34,999
$35,000 to $44,999
$45,000 to $54,999
$55,000 to $64,999
$65,000 to $74,999
$75,000 to $84,999
$85,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$200,000 or more
Median income (2013)
All Buyers
3%
6
7
8
9
8
8
10
14
9
5
3
9
$84,500
34 and younger
2%
8
9
9
10
10
10
11
13
8
4
3
3
$76,900
35 to 49
2%
3
5
6
7
8
7
10
17
13
6
4
14
$104,600
50 to 59
5%
4
6
7
5
7
8
10
13
9
8
5
12
$96,600
60 to 68 69 to 89
4%
7%
7
14
8
10
10
10
12
11
9
9
9
8
10
10
12
9
7
5
3
2
2
1
9
5
$76,400 $63,600

Exhibit 1-3
ADULT COMPOSITION OF HOME BUYER HOUSEHOLDS
AGE OF HOME BUYER
All Buyers 68%

34 and younger
65%
65%
65%
61%
16
12
9
8
8
14
2
1
70%
65%
Married couple
Single female
60%
Single male
Unmarried couple
50%
Other
35 to 49 65%50 to 59
68%
61%
14
23
9
10
8
4
2
2
60 to 68
65%
65%
21
9
3
2
69 to 89
65%
19
11
2
3
40%
30%
20%
10%
23
16
12
8
9 8
2
14
21
19
14
10
9 8
4 2
11
2 3
3 2
0%
All Buyers
34 and younger
Married couple
35 to 49
Single female
50 to 59
Single male
60 to 68
Unmarried couple
69 to 89
Other

Exhibit 1-4
NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOUSEHOLD
(Percentage Distribution of Households)
97%
94%
100%
AGE OF HOME BUYER
90%
80%
None
One
65%
70%
Two
60%
Three
or more
All Buyers 34 and younger

65%
58%
15
19
14
16
58%
7
8
35 to
49
79%
36%
22
29
13
50 to 59
79%
14
5
2
60 to 68
94%
3
2
1
50%
36%
40%
29
30%
20%
10%
19
15 14
7
22
16
13
8
14
5
3 2 1
1 1 1
0%
All Buyers
34 and younger
None
35 to 49
One
50 to 59
Two
Three or more
60 to 68
69 to 89
69 to 89
97%
1
1
1

Exhibit 1-5
HOME PURCHASED WAS A MULTI-GENERATIONAL HOME (WILL HOME ADULT SIBLINGS, ADULT
CHILDREN, PARENTS, AND/OR GRANDPARENTS)
(Percent of Respondents)
AGE OF HOME BUYER
Multi-generational household
Reasons for purchase:
Cost Savings
Children over 18 moving back into
the house
Health/Caretaking of aging parents
To spend more time with aging
parents
Other
All Buyers
13%
34 and younger
7%
35 to 49
13%
50 to 59
21%
60 to 68
15%
69 to 89
19%
24%
32%
20%
18%
27%
30%
23
22
37
30
12
18
22
17
21
15
18
10
24
11
27
20
20
7
17
5
23
3
37

Exhibit 1-6
RACE/ETHNICITY OF HOME BUYERS
AGE OF HOME BUYER

White/Caucasian
Hispanic/Latino
Black/African-American
Asian/Pacific Islander
Other
All Buyers
85%
5
5
5
3
34 and younger
86%
6
4
6
2
35 to 49
76%
8
6
9
3
50 to 59 60 to 68
84%
91%
4
3
6
3
3
2
4
2
Note: Respondents were permitted to select as many races and ethnicities as they felt applicable.
The percentage distribution may therefore sum to more than 100 percent.
69 to 89
94%
3
2
2
1

Exhibit 1-7
PRIMARY LANGUAGE SPOKEN IN HOME BUYER HOUSEHOLD
100%
English
90%
Other
96%
AGE OF HOME BUYER

97%
35 to
49
50 to97%
59
93%
97%
7
3
All Buyers96%34 and younger

93%
96%
96%
4
4
98%
60 to 68
97%
3
69 to 89
98%
2
80%
70%
60%
50%
40%
30%
20%
10%
50 to 59
60 to 68
69 to 89
0%
All Buyers
34 and younger
35 to 49
English
Other

Exhibit 1-8
NATIONAL ORIGIN OF HOME BUYERS
AGE OF HOME BUYER

All92%
Buyers
89%
11
100%
89%
Born in U.S.
90%
Not born in U.S.
80%
34 and younger
92%
83%
8
35 to 49
91%
83%
17
5093%
to 59
91%
9
60 to 68
93%
93%
7
69 to 89
93%
7
70%
60%
50%
40%
30%
20%
17
11
50 to 59
60 to 68
69 to 89
10%
0%
All Buyers
34 and younger
35 to 49
Born in U.S.
Not born in U.S.

Exhibit 1-9
FIRST-TIME HOME BUYERS IN AGE GROUP
(Percent of all Home Buyers)
68%
70%
All60%
Buyers
34 and younger
35 50%
to 49
50 to 59
60 40%
to 68
33%
69 to 89
33%
68%
29%
14%
7%
3%
29%
30%
20%
14%
7%
10%
3%
0%
All Buyers
34 and
younger
35 to 49
50 to 59
60 to 68
69 to 89

Exhibit 1-10
PRIOR LIVING ARRANGEMENT
All Buyers
Owned previous residence
Rented an apartment or house
Lived with parents, relatives or friends
Rented the home buyer ultimately
purchased
46%
42
AGE OF HOME BUYER

34 and younger 35 to 49 50 to 59 60 to 68 69 to 89
22%
45%
55%
66%
80%
59
45
37
28
14
10
18
Note: After selling their previous home, buyers may have rented a home or apartment before
purchasing their next home. A first-time buyer could have acquired ownership of their previous home
(as an inheritance or gift, for example) without having been the buyer of the home. Thus, a
first-time buyer could have owned a home prior to their first home purchase.

Exhibit 1-11
PRIMARY REASON FOR PURCHASING A HOME
AGE OF HOME BUYER

Desire to own a home of my own
Job-related relocation or move
Change in family situation
Desire for a home in a better area
Desire for larger home
Affordability of homes
Desire to be closer to
family/friends/relatives
Desire for smaller home
Retirement
Establish household
Financial security
Desire to be closer to job/school/transit
Desire for a newly built or custom-built
home
Tax benefits
Greater number of homes on the market
for sale/better choice
Other

24%
39%
9
5
8
6
8
6
7
7
5
6
35 to 49
23%
12
13
12
10
5
50 to 59
7%
16
4
3
2
6
60 to 68 69 to 89
3%
8%
1
*
1
2
4
2
2
2
1
*
3
3
3
3
3
2
1
*
5
5
3
1
*
4
2
3
13
7
*
1
9
2
15
*
*
3
2
5
*
*
2
2
1
3
2
2
4
3
6
1
*
*
*
19
1
11
*
11
*
29
*
54
*
77
* Less than 1 percent

Exhibit 1-12
PRIMARY REASON FOR THE TIMING OF HOME PURCHASE
AGE OF HOME BUYER

All Buyers
It was just the right time for me, I was
ready to buy a home
I did not have much choice, I had to
purchase when I did
It was the best time for me because of
affordability of homes
mortgage financing options available
availability of homes for sale
Other
I wish I had waited
48%
52%
44%
44%
48%
42%
19
14
21
23
16
21
11
11
10
11
11
10
11
11
11
11
12
3
1
3
1
4
2
3
2
7
2
6
1

Exhibit 1-13
OTHER HOMES OWNED
All Buyers
Recently purchased home only
One or more investment properties
Previous homes that buyer is trying to sell
One or more vacation homes
Primary residence
Other
79%
10
5
4
3
2
AGE OF HOME BUYER

89%
77%
72%
73%
77%
7
13
14
11
6
1
5
6
6
10
1
3
5
7
8
2
3
3
3
4
1
3
4
2
1
CHARACTERISTICS OF HOMES PURCHASED

Exhibit 2-1
Exhibit 2-2
Exhibit 2-3
Exhibit 2-4
Exhibit 2-5
Exhibit 2-6
Exhibit 2-7
Exhibit 2-8
Exhibit 2-9
Exhibit 2-10
Exhibit 2-11
Exhibit 2-12
Exhibit 2-13
Exhibit 2-14
Exhibit 2-15
Exhibit 2-16
NEW AND PREVIOUSLY OWNED HOMES PURCHASED

WHY NEW AND PREVIOUSLY OWNED HOMES PURCHASED
TYPE OF HOME PURCHASED
LOCATION OF HOME PURCHASED
SENIOR RELATED HOUSING BY TYPE OF HOME PURCHASED AND LOCATION
DISTANCE BETWEEN HOME PURCHASED AND PREVIOUS RESIDENCE
FACTORS INFLUENCING NEIGHBORHOOD CHOICE
PRICE OF HOME PURCHASED
PURCHASE PRICE COMPARED WITH ASKING PRICE
SIZE OF HOME PURCHASED
NUMBER OF BEDROOMS AND BATHROOMS
YEAR HOME BUILT
ENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED "VERY IMPORTANT"
CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED
EXPECTED LENGTH OF TENURE IN HOME PURCHASED
FACTORS THAT COULD CAUSE BUYER TO MOVE

Exhibit 2-1
NEW AND PREVIOUSLY OWNED HOMES PURCHASED
87
84
90%
80%
New
Previously
Owned
70%
All Buyers
16%
84
83 BUYER
83 AGE OF HOME
82
82
34 and younger 35 to 49
50 to 59
60 69
to to
68 89
13%
17%
17%
18% #
87
83
83
82 #
60%
50%
40%
30%
20%
16%
13%
17%
17%
18%
18%
10%
0%
All Buyers
34 and younger
35 to 49
New
50 to 59
Previously Owned
60 to 68
69 to 89

Exhibit 2-2
WHY NEW AND PREVIOUSLY OWNED HOMES PURCHASED
All Buyers
New Home:
Avoid renovations or problems with
plumbing or electricity
Ability to choose and customize design
features
Amenities of new home construction
communities
Lack of inventory of previously owned
home
Green/energy efficiency
Other
Previously Owned Home:
Better price
Better overall value
More charm and character
Lack of inventory of new homes
Other
AGE OF HOME BUYER

34 and
younger 35 to 49 50 to 59 60 to 68 69 to 89
40%
52%
41%
39%
28%
35%
24
24
29
22
25
18
17
12
13
11
29
24
10
9
15
14
10
16
13
9
14
10
7
17
4
9
11
1
6
20
32%
32
19
9
14
39%
31
19
11
10
28%
31
19
13
15
27%
30
22
7
17
27%
33
20
6
16
28%
39
12
5
17

Exhibit 2-3
TYPE OF HOME PURCHASED
AGE OF HOME BUYER

34 and younger 35 to 49 50 60
to
69 to
59
to 68
89
81%
80%
85%
81% #
8
7
6 8
72%
5
4
5 7
64%
2
1
2 3
All85%
Buyers
79%
8
6
90%
80%
Detached
single-family home
79%
80%
Townhouse/row
house
Apartment/condo in building
70%5 or more units
with
Duplex/apartment/condo in 2 to
4 60%
unit building
Other
50%
2
6
6 #
40%
30%
20%
10%
86
6 5
10
8 7
50 to 59
60 to 68
10 11 11
5
0%
All Buyers
34 and younger
35 to 49
Detached single-family home

Apartment/condo in building with 5 or more units
Other
69 to 89
Townhouse/row house
Duplex/apartment/condo in 2 to 4 unit building

Exhibit 2-4
LOCATION OF HOME PURCHASED
60%
56%
60%
All Buyers
50%
20
16
11
3
50%
49%
Suburb/Subdivision
50%
Small town
Urban area/Central city
40%
Rural area
Resort/Recreation area
30%
20%
34 and younger
49%
17
21
13
1
17
11
10%
3
50 to 59 60 to 68 69 to 89
56%
48%
41%
18
19
23
41%
11
12
13
14
18
18
1
4
6
19
18
16 15
13
11
35 to 49
48%
60%
16
15
9
1
23
21
20
16
AGE OF HOME BUYER
14
18
18
13
12
0%
All Buyers
34 and
younger
Suburb/Subdivision
Small town
35 to 49
50 to 59
60 to 68
Rural area
69 to 89

Exhibit 2-5
SENIOR RELATED HOUSING BY TYPE OF HOME PURCHASED AND LOCATION
Share who purchased a home in senior related

housing
AGE OF HOME BUYER
All buyers over

49
50 to 59
60 to 68
69 to 89
13%
5%
17%
23%
59%
8
12
9
13
71%
8
6
6
8
64%
7
10
9
11
47%
8
16
11
17
48%
20
12
6
14
47%
15
13
15
11
48%
19
8
6
19
48%
23
17
5
8
Buyers over 50 who purchased senior related housing:

Type of home purchased
Townhouse/row house
Apartment/condo in building with 5 or more units
Other
Location
Suburb/ Subdivision
Small town
Urban/ Central city
Rural area
Resort/ Recreation area

Exhibit 2-6
DISTANCE BETWEEN HOME PURCHASED AND PREVIOUS RESIDENCE
(Median Miles)
30
Miles
30
All Buyers
34 and younger
35 to
2549
50 to 59
60 to
2068
69 to 89
15
12
10
10
14
30
20
20
14
12
10
10
10
5
0
All Buyers
34 and
younger
35 to 49
50 to 59
60 to 68
69 to 89

Exhibit 2-7
FACTORS INFLUENCING NEIGHBORHOOD CHOICE
AGE OF HOME BUYER
Quality of the neighborhood

Convenient to job
Overall affordability of homes
Convenient to friends/family
Convenient to shopping
Quality of the school district
Design of neighborhood
Convenient to schools
Convenient to entertainment/leisure
activities
Convenient to parks/recreational
facilities
Availability of larger lots or acreage
Convenient to health facilities
Home in a planned community
Convenient to public transportation
Convenient to airport
Other
All Buyers
69%
52
47
43
31
30
28
25
34 and
younger
75%
74
58
49
25
44
26
34
35 to 49
69%
62
44
35
29
43
24
41
25
29
24
21
27
21
23
19
15
10
8
7
6
28
23
7
6
9
4
4
24
21
9
9
8
7
6
18
19
14
10
6
10
11
21
16
28
17
8
10
9
17
10
37
18
6
8
6
50 to 59 60 to 68 69 to 89
65%
65%
64%
53
20
8
43
42
39
36
47
52
34
39
42
16
7
6
29
34
30
12
4
3

Exhibit 2-8
PRICE OF HOME PURCHASED
AGE OF HOME BUYER

Less than $75,000
$75,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$200,000 to $249,999
$250,000 to $299,999
$300,000 to $349,999
$350,000 to $399,999
$400,000 to $499,999
$500,000 or more
Median price
All Buyers
6%
6
7
10
9
8
14
10
8
6
8
9
$216,000
34 and younger
6%
8
8
13
11
8
15
9
7
5
7
5
$189,900
35 to 49
4%
4
6
7
7
8
14
10
9
8
9
14
$250,000
50 to 59 60 to 68 69 to 89
8%
6%
7%
6
7
5
6
7
7
7
10
9
9
8
11
9
7
12
14
14
12
13
11
12
5
9
8
5
6
4
7
5
9
10
10
5
$216,000 $215,000 $190,100

Exhibit 2-9
PURCHASE PRICE COMPARED WITH ASKING PRICE
AGE OF HOME BUYER

Percent of asking price:
Less than 90%
90% to 94%
95% to 99%
100%
101% to 110%
More than 110%
Median (purchase price
as a percent of asking
price)
All Buyers
10%
16
36
25
11
2
34 and younger
8%
15
34
27
14
2
35 to 49
10%
16
36
24
12
4
50 to 59
12%
16
38
25
8
2
60 to 68
12%
16
38
25
7
2
69 to 89
14%
20
34
24
6
2
98%
98%
98%
98%
97%
97%

Exhibit 2-10
SIZE OF HOME PURCHASED
AGE OF HOME BUYER

All Buyers
1,000 sq ft or less
1,001 to 1,500 sq ft
1,501 to 2,000 sq ft
2,001 to 2,500 sq ft
2,501 to 3,000 sq ft
3,001 to 3,500 sq ft
3,501 sq ft or more
Median (sq ft)
1%
15
28
24
14
9
8
1,870
34 and younger
1%
19
31
24
12
7
6
1,720
35 to 49
1%
11
22
24
18
12
14
2,100
50 to 59
1%
14
30
23
14
10
8
1,890
60 to 68
1%
16
30
25
13
9
7
1,800
69 to 89
*
18
28
28
13
8
5
1,800

Exhibit 2-11
One bedroom
Two bedrooms
Three bedrooms or more
Median number of bedrooms
One full bathroom
Two full bathrooms
Three full bathrooms or more
Median number of full bathrooms
All Buyers
34 and
younger
2%
16
82
3
16
62
22
2
2%
15
84
3
24
60
16
2
AGE OF HOME BUYER

35 to 49
1%
9
89
3
12
57
31
2
50 to 59
1%
15
84
3
15
63
22
2
60 to 68
3%
24
73
3
13
64
23
2
69 to 89
1%
29
70
3
10
72
18
2

Exhibit 2-12
YEAR HOME BUILT
(Median)
2013
2010 through 2012
2007 through 2009
2002 through 2006
1987 through 2001
1960 through 1986
1913 through 1961
1750 through 1912
Median
All Buyers
16%
3
7
12
21
22
17
3
1993
34 and younger
14%
3
6
9
18
24
23
4
1985
AGE OF HOME BUYER

35 to 49
50 to 59 60 to 68
17%
16%
18%
3
2
3
8
9
7
12
13
13
21
19
24
20
23
22
15
17
12
3
2
2
1995
1994
1995
69 to 89
17%
1
8
14
26
24
8
1
1997

Exhibit 2-13
ENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED "VERY IMPORTANT"
AGE OF HOME BUYER

40%
39%
34 and younger 35
50to
to49
59
60 to 68
36
34%
35%
40%
36%
35%
32
39
36
19
32
23
18
24
27
39
All Buyers
40%
36% cooling costs
Heating and
34%
Commuting
costs
35%
32
Energy efficient appliances
Energy
30% efficient lighting
Environmentally friendly community
features
23
25%
22
Landscaping for energy
conservation
20%panels installed on home
Solar
15%
22
14
10
18 19
22
26 11
25
25
27
11
25
13
19
2
14
9
7 7
2
12
11
10
10%
5%
24
22
19
7
10
11
0%
All Buyers
34 and younger
Heating and cooling costs
Energy efficient appliances
Environmentally friendly community features
Solar panels installed on home
35 to 49
50 to 59
60 to 68
Commuting costs
Energy efficient lighting
Landscaping for energy conservation
13

Exhibit 2-14
CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED
Price of home
Size of home
Condition of home
Distance from job
Lot size
Style of home
Distance from friends or family
Quality of the neighborhood
Quality of the schools
Distance from school
None - Made no compromises
Other compromises not listed
All Buyers
34 and
younger
23%
20
18
16
16
14
7
5
4
2
33
8
24%
24
19
19
22
18
9
6
7
2
23
7
AGE OF HOME BUYER

35 to 49
24%
19
18
18
16
16
6
5
5
4
29
9
50 to 59
21%
19
17
12
13
15
7
4
1
1
37
9
60 to 68
18%
17
16
4
11
14
6
4
*
*
45
7
69 to 89
22%
15
15
1
11
10
7
6
*
*
48
8

Exhibit 2-15
EXPECTED LENGTH OF TENURE IN HOME PURCHASED
All Buyers
1 year or less
2 to 3 years
4 to 5 years
6 to 7 years
8 to 10 years
11 to 15 years
16 or more years
Don't Know
Median
2%
3
9
3
14
5
25
39
12
34 and younger
1%
3
14
5
18
5
22
32
10
AGE OF HOME BUYER

35 to 49
50 to 59
2%
2%
3
2
9
7
3
2
15
13
5
6
27
30
36
39
10
15
60 to 68
3%
1
4
1
10
5
29
47
20
69 to 89
3%
1
3
1
10
8
18
58
15

Exhibit 2-16
FACTORS THAT COULD CAUSE BUYER TO MOVE
50%
All
Buyers
46%
44%
23
18
45%
44%
Move
45% with life changes*
Never moving-forever home
Move
40% with job or career change
May desire better
area/neighborhood
35%
May outgrow home
Will flip home
30%
Other
26
25%
20%
9
7
2
6
24
23
18
10%
5%
7
1
1
11
8
6
13
11
10
36%
15
11 12
7
6069toto6889
44
36%
40
2
17
15
15%
AGE OF HOME BUYER

34 and
47%
younger 35 to 49 50 to 59
45%
46%
47%
11
17 40
25
26
24
15
36%
12
10
8
15
6
2
2
2
1
3
4
6
25
5
2
11
0%
All Buyers
34 and younger
Move with life changes*

Move with job or career change
May outgrow home
Other
35 to 49
50 to 59
60 to 68
69 to 89
Never moving-forever home

May desire better area/neighborhood
Will flip home
*Life changes: addition to family, marriage, children move out, retirement, etc.
THE HOME SEARCH PROCESS

Exhibit 3-1
Exhibit 3-2
Exhibit 3-3
Exhibit 3-4
Exhibit 3-5
Exhibit 3-6
Exhibit 3-7
Exhibit 3-8
Exhibit 3-09
Exhibit 3-10
Exhibit 3-11
FIRST STEP TAKEN DURING THE HOME BUYING PROCESS

INFORMATION SOURCES USED IN HOME SEARCH
LENGTH OF SEARCH
WHERE BUYER FOUND THE HOME THEY PURCHASED
BUYER INTEREST IN PURCHASING A HOME IN FORECLOSURE
MOST DIFFICULT STEPS OF HOME BUYING PROCESS
USE OF INTERNET TO SEARCH FOR HOMES
ACTIONS TAKEN AS A RESULT OF INTERNET HOME SEARCH
VALUE OF WEB SITE FEATURES
MOBILE SEARCH BY FIRST-TIME AND REPEAT BUYERS
SATISFACTION IN BUYING PROCESS

Exhibit 3-1
FIRST STEP TAKEN DURING THE HOME BUYING PROCESS
All
Buyers
Looked online for properties for sale
Contacted a real estate agent
Looked online for information about the home
buying process
Talked with a friend or relative about home buying
process
Contacted a bank or mortgage lender
Drove-by homes/neighborhoods
Visited open houses
Looked up information about different
neightborhoods or areas (schools, local
lifestyle/nightlife, parks, public transpo
Contacted builder/visited builder models
Contacted a home seller directly
Looked in newspapers, magazines, or home buying
guides
Attended a home buying seminar
Read books or guides about the home buying
process
Other
AGE OF HOME BUYER

34 and
43%
15
12
44%
10
17
46%
12
13
43%
19
8
41%
21
7
32%
28
6
10
6
6
3
3
8
3
2
2
7
6
3
4
6
8
3
3
3
10
4
3
4
10
4
1
2
1
1
1
1
1
1
1
*
2
2
1
4
1
1
3
1
3
1
*
1
*
1
1
*
*
*
*
*
*

Exhibit 3-2
INFORMATION SOURCES USED IN HOME SEARCH
Online website
Real estate agent
Mobile or tablet website or application
Mobile or tablet search engine
Yard sign
Open house
Online video site
Home builder
Print newspaper advertisement
Home book or magazine
Billboard
Television
Relocation company
AGE OF HOME BUYER
All Buyers
34 and
younger
88%
87
50
48
94%
89
66
62
35 to 49
92%
87
59
57
50 to 59
88%
87
41
37
60 to 68
84%
87
30
28
69 to 89
65%
86
17
20
48
44
52
52
44
50
44
26
18
21
14
4
4
3
41
22
14
16
11
4
3
3
50
25
21
20
15
5
4
5
45
28
19
24
15
5
4
5
41
30
19
25
17
4
2
1
44
31
20
30
16
5
5
2

Exhibit 3-3
LENGTH OF SEARCH
(Median)
AGE OF HOME BUYER

Number of Weeks Searched
Number of Weeks Searched
Before Contacting an Agent
Number of homes viewed
All Buyers
10
2
10
34 and younger 35 to 49 50 to 59 60 to 68
11
11
8
8
3
10
3
10
2
10
2
10
69 to 89
8
2
8

Exhibit 3-4
WHERE BUYER FOUND THE HOME THEY PURCHASED
All Buyers
Internet
43%
Real estate agent
33
Yard sign/open house sign
9
Friend, relative or neighbor
6
Home builder or their agent
5
Directly from sellers/Knew the sellers
3
1
Home book or magazine
*
Other
1
34 and younger
51%
31
7
5
4
2
*
*
1
AGE OF HOME BUYER

35 to 49
50 to 59 60 to 68 69 to 89
49%
39%
34%
24%
28
36
39
37
8
8
8
17
4
6
6
11
6
5
8
5
3
3
2
3
1
1
2
3
*
*
1
*
1
*
1
1

Exhibit 3-5
BUYER INTEREST IN PURCHASING A HOME IN FORECLOSURE
AGE OF HOME BUYER

All
Buyers
Did not consider purchasing a home in foreclosure
53%
Considered purchasing a home in foreclosure, but did not:
Could not find the right home
27
The process was too difficult or complex
13
The home was in poor condition
12
The home price was too high
4
The neighborhood was undesirable
4
Financing options were not attractive
3
34 and
41%
50%
54%
68%
79%
35
15
17
5
5
5
29
15
10
5
3
4
24
15
11
4
5
2
19
8
7
3
3
2
14
5
7
1
2
2

Exhibit 3-6
MOST DIFFICULT STEPS OF HOME BUYING PROCESS
All Buyers
Finding the right property
Paperwork
Understanding the process and steps
Getting a mortgage
Saving for the down payment
Appraisal of the property
No difficult steps
Other
AGE OF HOME BUYER

34 and
younger 35 to 49 50 to 59 60 to 68
69 to 89
53%
24
58%
27
54%
25
48%
23
49%
21
48%
18
16
14
12
5
16
6
27
16
22
6
9
5
15
14
15
6
12
5
8
14
5
5
20
7
7
12
3
3
24
6
7
9
1
4
30
5

Exhibit 3-7
USE OF INTERNET TO SEARCH FOR HOMES
100%
All Buyers
34 and
younger 12%
90%
35 to 49
80%
50 to 59
60 to 70%
68
69 to 60%
89
50%
40%
80%
11%
84%
12%
79%
15%
FrequentlyOccasionally
80%
12%
84%
11%
79%
12%
15%
22%73%
62%
22%
46%
18%
18%
73%
62%
30%
46%
20%
10%
0%
All Buyers
34 and
younger
35 to 49
50 to 59
Frequently
Occasionally
60 to 68
69 to 89

Exhibit 3-8
ACTIONS TAKEN AS A RESULT OF INTERNET HOME SEARCH
(Percent of Respondents Among Buyers Who Used the Internet)
Drove by or viewed home

Walked through home viewed online
Found the agent used to search for or buy home
Requested more information
Looked for more information on how to get a
mortgage and general home buyers tips
Pre-qualified for a mortgage online
Contacted builder/developer
Applied for a mortgage online
Found a mortgage lender online
All
34 and
Buyers younger
76%
80%
64
66
26
25
22
28
13
13
8
8
7
21
13
7
9
9
AGE OF HOME BUYER

35 to 49
77%
66
24
21
13
14
8
8
8
50 to 59 60 to 68 69 to 89
79%
68%
67%
68
63
59
21
30
36
20
19
21
7
13
9
10
7
7
14
12
9
6
4
11
9
5
5

Exhibit 3-09
VALUE OF WEB SITE FEATURES
(Percentage Ranking Feature "Very Useful" Among Buyers Who Used the Internet)
Photos
Detailed information about properties for
sale
Interactive maps
Virtual tours
Neighborhood information
Pending sales/contract status
Real estate agent contact information
Detailed information about recently sold
properties
Information about upcoming open houses
Videos
Real estate news or articles
AGE OF HOME BUYER
All
Buyers
83%
34 and
younger
88%
35 to 49
86%
50 to 59
86%
60 to 68
81%
69 to 89
74%
79
41
40
37
34
33
83
46
36
40
40
29
80
46
41
38
36
30
83
42
42
32
33
34
76
33
45
33
25
39
70
23
45
32
24
46
33
33
38
34
29
23
21
19
6
23
18
6
24
20
6
19
19
7
16
19
5
11
22
4

Exhibit 3-10
MOBILE SEARCH BY FIRST-TIME AND REPEAT BUYERS
(Percent of Respondents Among those Who Used Mobile Search)
All
34 and
Buyers younger
Searched with an iPhone
Search with an iPad
Searched with an Android
Found my home with a mobile application
Search with a different tablet
Searched with a Windows based mobile device
FoundQR
myCode
agent
with
a mobile
Used
that
lead
me to application
more information
on the property
AGE OF HOME BUYER

35 to 49
50 to 59 60 to 68 69 to 89
52%
46
27
27
10
58%
45
32
31
10
52%
46
28
26
10
49%
51
19
20
9
35%
49
14
19
7
18%
36
9
14
9
6
4
3
5
4
3
7
5
2
6
3
6
7
2
6
15
5
5

Exhibit 3-11
SATISFACTION IN BUYING PROCESS
70%
Very Satisfied
56%
60%
Somewhat Satisfied
Somewhat Dissatisfied
50%
Very
Dissatisfied
40%
68%
AGE OF HOME BUYER
68 to 89
59%53%
59%
52%
59%
59% 68%
37
35
28
30 24
53%
8
8
9
7
5
3
4
4
4
3
All Buyers
56%
52% 33
8
4
37
35
33
30
28
30%
24
20%
10%
8
4
8
4
7
4
0%
All Buyers
34 and younger
Very Satisfied
35 to 49
Somewhat Satisfied
50 to 59
60 to 68
69 to 89
Very Dissatisfied
HOME BUYING AND REAL ESTATE PROFESSIONALS

Exhibit 4-1
Exhibit 4-2
Exhibit 4-3
Exhibit 4-4
Exhibit 4-5
Exhibit 4-6
Exhibit 4-7
Exhibit 4-8
Exhibit 4-9
Exhibit 4-10
Exhibit 4-11
Exhibit 4-12
Exhibit 4-13
Exhibit 4-14
Exhibit 4-15
METHOD OF HOME PURCHASE

AGENT REPRESENTATION DISCLOSURE
BUYER REPRESENTATIVE ARRANGEMENT WITH AGENT
WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS
BENEFITS PROVIDED BY REAL ESTATE AGENT DURING HOME PURCHASE PROCESS
HOW BUYER FOUND REAL ESTATE AGENT
HOW TIMES CONTACTED AGENT BEFORE RECEIVED RESPONSE AND ORIGINAL FORM OF
CONTACT
NUMBER OF REAL ESTATE AGENTS INTERVIEWED
BUYER USE OF ONLINE AGENT RECOMMENDATIONS, BY MILES MOVED
MOST IMPORTANT FACTORS WHEN CHOOSING AN AGENT
AGENT SKILLS AND QUALITIES CONSIDERED 'VERY IMPORTANT'
IMPORTANCE OF AGENT COMMUNICATIONS
SATISFACTION WITH REAL ESTATE AGENT SKILLS AND QUALITIES
WOULD BUYER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS
HOW MANY TIMES BUYER RECOMMENDED TYPICAL AGENT

Exhibit 4-1
METHOD OF HOME PURCHASE
AGE OF HOME BUYER

Through a real estate agent or broker
Directly from builder or builder's agent
Directly from the previous owner
Knew previous owner
Did not know previous owner
All Buyers 34 and younger 35 to 49 50 to 59 60 to 68 69 to 89

88%
90%
88%
87%
86%
84%
7
5
6
7
9
9
5
4
6
7
5
6
3
2
4
5
3
3
2
2
2
2
2
3

Exhibit 4-2
AGENT REPRESENTATION DISCLOSURE
Disclosure Statement Signed?

Yes, at first meeting
Yes, when contract was written
Yes, at some other time
No
Dont know
All Buyers
27%
20
12
24
17
34 and younger
22%
19
14
26
19
AGE OF HOME BUYER

35 to 49 50 to 59 60 to 68
25%
31%
30%
21
22
22
15
11
9
26
19
22
14
17
17
69 to 89
34%
20
5
26
16

Exhibit 4-3
BUYER REPRESENTATIVE ARRANGEMENT WITH AGENT
Yes, a written arrangement

Yes, an oral arrangement
No
Don't know

40%
37%
19
19
29
27
13
18
AGE OF HOME BUYER

35 to 49
50 to 59
43%
41%
17
18
28
31
12
10
60 to 68
40%
17
31
11
69 to 89
32%
23
37
8

Exhibit 4-4
WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS
All Buyers
Help find the right home to purchase
Help buyer negotiate the terms of sale
Help with the price negotiations
Determine what comparable homes were selling
for
Help with paperwork
Help determining how much home buyer can
afford
Help find and arrange financing
Help teach buyer more about neighborhood or
area (restaurants, parks, public transportation)
Other
53%
12
11
8
6
4
3
2
1
AGE OF HOME BUYER

34 and
younger 35 to 49 50 to 59 60 to 68
53%
48%
53%
58%
12
13
14
12
10
14
9
9
69 to 89
59%
9
9
7
8
9
6
9
6
8
4
12
4
5
2
5
3
4
3
2
4
1
3
2
2
2
2
2
1
2
2
1
1

Exhibit 4-5
BENEFITS PROVIDED BY REAL ESTATE AGENT DURING HOME PURCHASE
PROCESS
AGE OF HOME BUYER
Helped buyer understand the process

Pointed out unnoticed features/faults with property
Improved buyer's knowledge of search areas
Negotiated better sales contract terms
Provided a better list of service providers
Negotiated a better price
Shortened buyer's home search
Expanded buyer's search area
Provided better list of mortgage lenders
Narrowed buyer's search area
None of the above
Other
All
Buyers
34 and
younger
63%
59
48
48
41
39
32
22
22
16
1
1
75%
64
46
51
42
36
31
23
26
15
1
1
*Less than 1 percent
35 to 49
62%
57
47
49
37
39
27
23
23
16
1
2
50 to 59 60 to 68 69 to 89
55%
56%
51%
58
55
53
49
52
45
44
48
42
45
48
38
39
41
42
37
33
36
22
24
19
21
20
15
17
17
19
*
*
*
1
2
2

Exhibit 4-6
HOW BUYER FOUND REAL ESTATE AGENT
All Buyers
Referred by (or is) a friend, neighbor or relative
Used agent previously to buy or sell a home
Internet Web site (without a specific reference)
Visited an open house and met agent
Saw contact information on For Sale/Open House
sign
Referred by another real estate agent/broker
Personal contact by agent (telephone, e-mail,
etc.)
Referred through employer or relocation company
Walked into or called office and agent was on
duty
Search engine
Newspaper, Yellow Pages or home book ad
Advertising specialty (calendar, magnet, etc.)
Crowdsourcing through social media/knew the
person through social media
Direct mail (newsletter, flyer, postcard, etc.)
Mobile or tablet application
Saw the agent's social media page without a
connection
Other
AGE OF HOME BUYER

34 and
40%
12
10
5
50%
7
11
5
39%
14
10
5
33%
15
8
5
31%
15
11
7
31%
14
9
5
5
5
3
5
5
4
6
5
6
5
9
7
2
1
1
*
1
1
*
*
2
1
*
*
3
1
1
*
4
2
1
*
3
1
2
*
*
*
*
*
*
1
*
*
*
*
1
*
*
*
*
*
1
1
*
11
*
10
*
11
*
12
*
12
1
11

Exhibit 4-7
HOW TIMES CONTACTED AGENT BEFORE RECEIVED RESPONSE AND ORIGINAL FORM OF CONTACT
(Median, Percentage Distribution)
Phone call
E-mail
Contacted friend/family
Web form on home listing website
Text message
Through agent's website
Social Media (FaceBook, Twitter, LinkedIn, etc.)
Other
Number of Times Contacted (median)
All Buyers
56%
21
7
5
3
3
2
4
1
AGE OF HOME BUYER

34 and
48%
52%
59%
63%
71%
26
22
16
14
11
6
6
7
7
7
6
5
4
5
2
4
4
3
1
*
3
3
1
4
2
2
2
1
*
*
5
6
8
6
7
1
1
1
1
1

Exhibit 4-8
NUMBER OF REAL ESTATE AGENTS INTERVIEWED
All Buyers
34 and younger
67%
68%
68%
20
65%21
8
8
4
3
80%
One
67%
Two70%
Three
Four
or more
60%
AGE OF HOME BUYER

35 to 49
50 to 59 60 to 68
65%
68%
68%
68%
68%
21
20
20
9
8
8
6
4
5
69 to 89
72%
72%
18
8
2
50%
40%
30%
21
20
21
20
20
18
20%
10%
8
4
8
2
0%
All Buyers
34 and younger
35 to 49
One
Two
50 to 59
Three
Four or more
60 to 68
69 to 89

Exhibit 4-9
BUYER USE OF ONLINE AGENT RECOMMENDATIONS, BY MILES MOVED
(Percent Of Respondents)
Used online recommendations and it

influenced choice of agent
Used online recommendations and it did
not affect my agent choice
Did not use online recommendations but
would consider doing so next time
Did not use online recommendations and
would not consider using
AGE OF HOME BUYER
All
Buyers
34 and
younger
35 to 49
50 to 59
60 to 68
69 to 89
10%
10%
12%
10%
9%
9%
11
12
12
38
49
41
34
27
21
43
36
38
49
51
58

Exhibit 4-10
MOST IMPORTANT FACTORS WHEN CHOOSING AN AGENT
Agent is honest and trustworthy

Reputation of agent
Agent is friend or family member
Agents knowledge of the neighborhood
Agent has caring personality/good listener
Agent is timely with responses
Agent seems 100% accessible because of use
of technology like tablet or smartphone
Agents association with a particular firm
Professional designations held by agent
Other
All
Buyers
23%
23
15
13
8
7
AGE OF HOME BUYER

34 and
younger 35 to 49 50 to 59 60 to 68
26%
24%
19%
21%
21
22
26
22
17
14
17
12
11
15
13
20
8
8
8
7
8
7
7
6
69 to 89
17%
25
17
14
7
8
4
1
1
3
1
1
3
2
1
6
1
*
4
2
*
8
1
*

Exhibit 4-11
AGENT SKILLS AND QUALITIES CONSIDERED 'VERY IMPORTANT'
Honesty and integrity

Knowledge of purchase process
Responsiveness
Knowledge of real estate market
Communication skills
Negotiation skills
People skills
Knowledge of local area
Skills with technology

97%
98%
93
95
94
95
91
91
86
87
83
83
80
78
78
73
45
42
AGE OF HOME BUYER

35 to 49 50 to 59
60 to 68
97%
99%
97%
93
92
92
95
96
94
91
92
91
87
89
85
85
85
78
81
81
83
78
81
84
43
45
48
69 to 89
95%
89
89
91
79
76
79
83
48

Exhibit 4-12
IMPORTANCE OF AGENT COMMUNICATIONS
All Buyers
Calls personally to inform of activities
Sends postings as soon as a property is
listed/the price changes/under contract
Sends emails about specific needs
Can send market reports on recent listings
and sales
Sends property info and communicates via
text message
Has a web page
Has a mobile site to show properties
Sends an email newsletter
Advertises in newspapers
Is active on Facebook
Has a blog
79%
AGE OF HOME BUYER

34 and
younger 35 to 49 50 to 59 60 to 68
75%
77%
82%
85%
69 to 89
82%
69
59
71
60
71
62
72
62
64
54
60
49
51
51
54
55
46
47
45
29
25
10
6
6
1
51
29
26
9
3
7
1
46
32
27
8
5
7
2
47
31
26
10
8
5
1
39
27
21
11
9
3
*
30
27
22
15
14
3
2

Exhibit 4-13
SATISFACTION WITH REAL ESTATE AGENT SKILLS AND QUALITIES
(Percent Ranking 'Very Satisfied')
Honesty and integrity

Knowledge of purchase process
Knowledge of real estate market
Responsiveness
People skills
Communication skills
Knowledge of local area
Skills with technology
Negotiation skills
All Buyers
87%
87
85
85
84
82
82
78
73
34 and
younger
86%
86
83
84
81
81
79
76
70
AGE OF HOME BUYER

35 to 49
85%
84
83
83
83
80
80
77
70
50 to 59
89%
86
87
86
86
83
83
77
74
60 to 68
89%
90
88
87
87
86
88
80
77
69 to 89
93%
92
89
90
91
89
87
81
84

Exhibit 4-14
WOULD BUYER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS
(Percentage distribution)
80%
73%

71%
70%
73%
70%
15
18
5
6
5
5
1
1
Definitely
70%
Probably
Probably Not
60%
Definitely Not
Don't Know
80%
80%
AGE OF HOME BUYER
74%
35 to 49 50 to 59 60 to 68
71%
74%
80%
15
15
12
6
5
4
5
5
4
2
1
1
69 to 89
80%
12
4
3
1
50%
40%
30%
20%
10%
18
15
15
6 5
6 5
5 5
15
12
5 5
1
12
4 4
4 3
0%
All Buyers
34 and younger
Definitely
Probably
35 to 49
Probably Not
50 to 59
Definitely Not
60 to 68
Don't Know
69 to 89

Exhibit 4-15
HOW MANY TIMES BUYER RECOMMENDED TYPICAL AGENT
All Buyers
None
One time
Two times
Three times
Four or more times
Times recommended
since buying (median)
37%
17
18
11
17
34 and younger
36%
19
18
11
17
AGE OF HOME BUYER

35 to 49
50 to 59
36%
37%
16
15
18
20
13
9
17
19
1
60 to 68
41%
20
19
8
13
69 to 89
44%
14
16
11
17
FINANCING THE HOME PURCHASE

Exhibit 5-1
Exhibit 5-2
Exhibit 5-3
Exhibit 5-4
BUYERS WHO FINANCED THEIR HOME PURCHASE

PERCENT OF HOME FINANCED
SOURCES OF DOWNPAYMENT
EXPENSES THAT DELAYED SAVING FOR A DOWNPAYMENT OR SAVING FOR A HOME PURCHASE, BY
AGE
Exhibit 5-5 SACRIFICES MADE TO PURCHASE HOME
Exhibit 5-6 DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESS
Exhibit 5-7 BUYERS WHO HAD MORTGAGE APPLICATION REJECTED BY LENDER
Exhibit 5-8 BUYER PREVIOUSLY SOLD A DISTRESSED PROPERTY (SHORT SALE OR FORECLOSURE)
Exhibit 5-9 TYPE OF MORTGAGE
Exhibit 5-10 TYPE OF LOAN
Exhibit 5-11 BUYERS' VIEW OF HOMES AS A FINANCIAL INVESTMENT

Exhibit 5-1
BUYERS WHO FINANCED THEIR HOME PURCHASE
100%
88%
All Buyers
90%
34 and younger
35 to80%
49
50 to 59
60 to70%
68
69 to 89
60%
97%
96%
88%
97%
96%
85%
72%
61%
85%
72%
61%
50%
40%
30%
20%
10%
0%
All Buyers
34 and younger
35 to 49
50 to 59
60 to 68
69 to 89

Exhibit 5-2
PERCENT OF HOME FINANCED
All Buyers
Less than 50%
50% to 59%
60% to 69%
70% to 79%
80% to 89%
90% to 94%
95% to 99%
100% Financed the entire
purchase price with a mortgage
Median percent financed
9%
3
5
12
23
15
21
14
34 and younger
4%
1
2
8
22
18
30
15
90%
93%
AGE OF HOME BUYER

35 to 49 50 to 59 60 to 68
5%
10%
19%
1
4
8
4
6
7
12
16
15
26
26
21
17
12
8
22
15
10
12
12
12
90%
86%
80%
69 to 89
20%
10
11
12
18
7
7
16
78%

Exhibit 5-3
SOURCES OF DOWNPAYMENT
(Percent of Respondents Among those who Made a Downpayment)
AGE OF HOME BUYER
Savings
Proceeds from sale of primary residence
Gift from relative or friend
Sale of stocks or bonds
401k/pension fund including a loan
Inheritance
Loan from relative or friend
Individual Retirement Account (IRA)
Equity from primary residence buyer continue to
own
Proceeds from sale of real estate other than
primary residence
Loan or financial assistance from source other
than employer
Loan from financial institution other than a
mortgage
Loan or financial assistance through employer
Other
All
Buyers
34 and
younger
65%
33
14
9
9
4
4
3
83%
14
25
11
7
4
6
2
35 to 49
72%
30
15
8
14
2
3
3
50 to 59
49%
43
8
8
11
4
3
4
60 to 68
52%
43
3
9
9
3
2
5
69 to 89
49%
50
1
8
2
4
*
3
1
1
4
1
1
3
*
1
5
1
1
3
1
*
3
2
*
3

Exhibit 5-4
EXPENSES THAT DELAYED SAVING FOR A DOWNPAYMENT OR SAVING FOR A HOME PURCHASE, BY AGE
(Percent of Respondents Who Reported Saving for a Down Payment was Difficult)
AGE OF HOME BUYER

35 to 49 50 to 59
All Buyers
34 and younger
Share Saving for Downpayment was

Most Difficult Task in Buying Process:
Debt that Delayed Saving:
12%
22%
15%
Student Loans
Credit card debt
Car loan
Child care expenses
Health care costs
Other
46%
50
38
17
12
8
54%
35
30
10
7
15
23%
41
25
19
11
24
60 to 68
69 to 89
5%
3%
1%
11%
37
16
5
14
42
7%
21
9
4
13
58
1%
12
5
2
15
68

Exhibit 5-5
SACRIFICES MADE TO PURCHASE HOME
All Buyers
Cut spending on luxury items or non-essential items
Cut spending on entertainment
Cut spending on clothes
Canceled vacation plans
Earned extra income through a second job
Sold a vehicle or decided not to purchase a vehicle
Other
Did not need to make any sacrifices
72%
56
45
24
13
12
4
54
AGE OF HOME BUYER

34 and
younger 35 to 49 50 to 59 60 to 68
45%
37%
26%
17%
36
28
18
11
29
21
15
10
10
14
11
8
8
7
4
3
7
5
5
6
2
3
2
2
42
49
64
72
69 to 89
8%
6
5
6
2
2
1
85

Exhibit 5-6
DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESS
(Percentage Distribution Among those who Financed their Home Purchase)
34 AGE OF HOME BUYER

45
All Buyers an 35 to 49
50 to 60
59 to69
68to 89
42
18% ##
17% 19% 23%39
21%
26 30
26
24 21 16
42 40
45
42 39 44
15 15
13
16 17 20
45%
42
Much more difficult than expected40
Somewhat
more difficult than expected
40%
Not difficult/No more difficult than expected
35%than expected
Easier
30
30%
26
26
24
25%
20%
23%
19%
18%
15
15%
15
17%
21
44
21%
17
16
20
16
13
15%
10%
5%
0%
All Buyers
34 and younger
35 to 49
50 to 59
60 to 68
Much more difficult than expected
Somewhat more difficult than expected
Not difficult/No more difficult than expected
Easier than expected
69 to 89

Exhibit 5-7
BUYERS WHO HAD MORTGAGE APPLICATION REJECTED BY LENDER
(Percenage Distribution)
100%
Was rejected
by a90%
lender
(s)
Did 80%
not have
application
70%
rejected
60%
All Buyers
96
4%
AGE OF HOME BUYER

100
34 and
younger
35
59 60 to 68 69 to 89
96 to 49 50 to 97
95
5%
4%
3%
*
*
96
95
96
97
100
100
100
50%
40%
30%
20%
10%
4%
5%
4%
3%
0%
0%
0%
All Buyers
34 and younger
35 to 49
Was rejected by a lender (s)
50 to 59
60 to 68
Did not have application rejected
69 to 89

Exhibit 5-8
BUYER PREVIOUSLY SOLD A DISTRESSED PROPERTY (SHORT SALE OR FORECLOSURE)
Sold distressed property

Year sold distressed property (median)
All Buyers
8%
2009
34 and younger
4%
2010
AGE OF HOME BUYER

35 to 49 50 to 59 60 to 68
11%
9%
7%
2010
2009
2009
69 to 89
7%
2009

Exhibit 5-9
TYPE OF MORTGAGE
Fixed-rate mortgage
Fixed- then adjustable-rate mortgage
Adjustable-rate mortgage
Don't know
Other
All Buyers
92%
5%
3
*
1
34 and younger
93%
4%
2
*
*
AGE OF HOME BUYER

35 to 49 50 to 59 60 to 68
92%
92%
89%
4%
6%
6%
4
3
4
*
*
*
1
*
1
69 to 89
89%
7%
4
*
1

Exhibit 5-10
TYPE OF LOAN
AGE OF HOME BUYER

35 to 49
50 to 59 69%
64%
60%
64%
23
19
11
13
3
2
3
2
All Buyers
34 and younger
61%
56%
60%
22
28
56%
12
8
4
5
2
3
70%
Conventional
61%
FHA
VA60%
Don't Know
Other
50%
70%
60 to 68 69 to 89
69%
70%
14
5
15
21
1
4
1
1
40%
28
30%
23
22
12
10%
21
19
20%
8
4
13
11
3 3
14 15
5
2 2
1 1
4
1
0%
All Buyers
34 and younger
Conventional
35 to 49
FHA
50 to 59
VA
Don't Know
60 to 68
Other
69 to 89

Exhibit 5-11
BUYERS' VIEW OF HOMES AS A FINANCIAL INVESTMENT
AGE OF HOME BUYER

All Buyers
Good financial investment
Better than stocks
About as good as stocks
Not as good as stocks
Not a good financial investment
Don't know
79%
40
27
12
7
14
34 and younger
84%
42
30
12
4
12
35 to 49 50 to 59
82%
77%
39
40
30
26
13
12
6
8
12
15
60 to 68
77%
39
26
12
9
14
69 to 89
72%
38
20
15
9
19
HOME SELLERS AND THEIR SELLING EXPERIENCE

Exhibit 6-1
Exhibit 6-2
Exhibit 6-3
Exhibit 6-4
Exhibit 6-5
Exhibit 6-6
Exhibit 6-7
Exhibit 6-8
Exhibit 6-9
Exhibit 6-10
Exhibit 6-11
Exhibit 6-12
Exhibit 6-13
Exhibit 6-14
Exhibit 6-15
Exhibit 6-16
Exhibit 6-17
Exhibit 6-18
Exhibit 6-19
Exhibit 6-20
Exhibit 6-21
Exhibit 6-22
Exhibit 6-23
AGE OF HOME SELLERS

HOUSEHOLD INCOME OF HOME SELLERS
ADULT COMPOSITION OF HOME SELLER HOUSEHOLDS
NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOME SELLER HOUSEHOLD
RACE/ETHNICITY OF HOME SELLERS
PRIMARY LANGUAGE SPOKEN IN HOME SELLER HOUSEHOLD
FIRST-TIME OR REPEAT SELLER
PROXIMITY OF HOME SOLD TO HOME PURCHASED
LOCATION OF HOME SOLD
TYPE OF HOME SOLD
SIZE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
PRICE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
PRIMARY REASON FOR SELLING PREVIOUS HOME
SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE
TENURE IN PREVIOUS HOME
DISTANCE BETWEEN HOME PURCHASED AND HOME RECENTLY SOLD
METHOD USED TO SELL HOME
SALES PRICE COMPARED WITH LISTING PRICE
NUMBER OF WEEKS RECENTLY SOLD HOME WAS ON THE MARKET
NUMBER OF TIMES ASKING PRICE WAS REDUCED
INCENTIVES OFFERED TO ATTRACT BUYERS, BY NUMBER OF WEEKS HOME WAS ON THE
MARKET
SATISFACTION WITH THE SELLING PROCESS

Exhibit 6-1
AGE OF HOME SELLERS
Millennials/Generation Y/Gen Next:

Generation X:
Younger Boomers:
Older Boomers:
Silent Generation:
Year Born:
1980-1995
1965-1979
1955-1964
1946-1954
1925-1945
Age in 2014:
34 and younger
35 to 49
50 to 59
60 to 68
69 to 89
Percent in
Category
15%
27
20
23
16
Median
Age in
Group
31
41
55
64
73

Exhibit 6-2
HOUSEHOLD INCOME OF HOME SELLERS
AGE OF HOME SELLER

Less than $25,000
$25,000 to $34,999
$35,000 to $44,999
$45,000 to $54,999
$55,000 to $64,999
$65,000 to $74,999
$75,000 to $84,999
$85,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$200,000 or more
Median income (2013)
All Sellers
3%
5
5
6
7
8
9
10
15
10
7
4
12
$96,700
34 and younger
1%
4
3
6
8
8
14
11
21
11
5
5
4
$94,400
35 to 49
1%
1
2
3
5
6
6
12
17
14
8
5
20
$121,400
50 to 59
3%
4
3
5
6
5
8
9
13
13
11
5
15
$115,300
60 to 68
3%
5
8
10
10
11
9
9
13
7
5
2
9
$78,900
69 to 89
6%
12
9
11
10
9
9
11
10
5
2
1
5
$66,700

Exhibit 6-3
ADULT COMPOSITION OF HOME SELLER HOUSEHOLDS
88%
All Sellers
74%
14
7
4
1
90%
Married couple
80%
74%
Single female
Single male
70%
Unmarried
couple
Other
60%
34 and younger
88%
75%6
2
5
1
AGE OF HOME SELLER

35 to 49 50 to 59 60 to 68
75%
70%
69%
9
18
22
70% 7
9
6
6
3
2
1
3
1
69 to 89
74%
15
69% 8
1
2
74%
50%
40%
30%
20%
10%
22
18
15
14
7
9 9
6
1
3 3
2 1
0%
All Sellers
34 and younger
35 to 49
Married couple
Single female
50 to 59
Single male
60 to 68
Unmarried couple
Other
69 to 89

Exhibit 6-4
NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOME SELLER HOUSEHOLD
(Percentage Distribution of Home Seller Households)
100%
All Sellers
None
67%
90%
One
11
Two 80%
15
Three or more
7
67%
70%
AGE OF HOME SELLER

35%
30%
83%
97%
83%
24
19
11
2
30
35
6
1
12
16
1
0
98%
97%
69 to 89
98%
1
1
1
60%
50%
35%
40%
35
30%
30
30%
24
19
20%
15
16
12
11
11
10%
0%
All Sellers
34 and younger
35 to 49
None
One
50 to 59
Two
Three or more
60 to 68
69 to 89

Exhibit 6-5
RACE/ETHNICITY OF HOME SELLERS
AGE OF HOME SELLER

All Sellers
White/Caucasian
92%
Black/African-American
3
Asian/Pacific Islander
4
Hispanic/Latino
2
Other
2
34 and younger
93%
1
2
5
1
35 to 49
87%
2
6
5
2

Note: Respondents were permitted to select as many races and ethnicities as they felt applicable.
The percentage distribution may therefore sum to more than 100 percent.
50 to 59
91%
3
3
4
3
60 to 68
95%
1
1
2
1
69 to 89
97%
1
1
2
*

Exhibit 6-6
PRIMARY LANGUAGE SPOKEN IN HOME SELLER HOUSEHOLD
100%
English
90%
Other
AGE OF HOME
97%SELLER
100%
98%
All Sellers
98%
2
34 and younger
100%
*
35 to 49
97%
3
50 to 59
98%
2
98%
60 to 68 69 to 89
100%
98%
*
2
100%
98%
80%
70%
60%
50%
40%
30%
20%
10%
0%
All Sellers
34 and younger
35 to 49
English
50 to 59
Other
60 to 68
69 to 89

Exhibit 6-7
FIRST-TIME OR REPEAT SELLER
100% seller
First-time
Repeat seller
90%
All Sellers
30%
70
34 and younger
75%
25
AGE OF HOME SELLER

35 to 49 50 to 59 60 to 68
43%
20%
8%
57
81
92
69 to 89
11%
89
92
89
81
75%
80%
70
70%
57
60%
50%
43%
40%
30%
25
30%
20%
20%
8%
11%
10%
0%
All Sellers
34 and younger
35 to 49
First-time seller
50 to 59
Repeat seller
60 to 68
69 to 89

Exhibit 6-8
PROXIMITY OF HOME SOLD TO HOME PURCHASED
80%
All Sellers
Same state
68%
68%
Same
15
70%region
Other region
17
34 and younger
72%
72%
14
14
AGE OF HOME
77% SELLER
35 to 49 50 to 59 60 to 68 69 to 89
77%
67%
59%
65%
12
16
2067%
16
12
17
22
20
65%
59%
60%
50%
40%
30%
20%
15
20
17
14
14
16
12
17
22
20
16
12
10%
0%
All Sellers
34 and younger
35 to 49
Same state
50 to 59
Same region
Other region
60 to 68
69 to 89

Exhibit 6-9
LOCATION OF HOME SOLD
Suburb/Subdivision
Small town
Rural area
All Sellers
34 and younger
53%
17
14
14
3
49%
15
22
13
1
AGE OF HOME SELLER

35 to 49
50 to 59
61%
15
13
9
1
58%
17
12
12
1
60 to 68
69 to 89
49%
16
13
18
5
41%
24
13
18
6

Exhibit 6-10
TYPE OF HOME SOLD
All Sellers 34 and younger

Townhouse/row house
Apartment/condo in a building with 5 or more units
Other
81%
6
5
2
6
82%
7
5
2
4
AGE OF HOME SELLER

35 to 49
50 to 59
60 to 68
83%
6
6
2
3
84%
4
3
1
7
77%
8
5
3
8
69 to 89
77%
5
6
2
11

Exhibit 6-11
SIZE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
(Median Square Feet)
34 and younger
35 to 49
50 to 59
60 to 68
69 to 89
Size of home sold
Size of home purchased
1,680
1,950
2,140
2,000
2,000
2,270
2,400
2,100
1,840
1,850
Difference
590
450
-40
-160
-150

Exhibit 6-12

One bedroom
Two bedrooms
Three bedrooms or more
Median number of bedrooms
One full bathroom
Two full bathrooms
Three full bathrooms or more
Median number of full bathrooms
1%
13
86
3
16
58
26
2
3%
13
84
3
24
63
13
2
AGE OF HOME SELLER

35 to 49
50 to 59
1%
13
86
3
16
56
27
2
1%
11
89
3
14
49
37
2
60 to 68
69 to 89
2%
15
83
3
14
59
27
2
1%
14
85
3
11
68
22
2

Exhibit 6-13
PRICE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
(Median)
34 and younger
35 to 49
50 to 59
60 to 68
69 to 89
Price of home sold
Price of home purchased
$171,800
$235,000
$267,000
$238,400
$240,000
$245,000
$304,000
$258,000
$225,900
$210,000
Difference
$73,200
$69,000
-$9,000
-$12,500
-$30,000

Exhibit 6-14
PRIMARY REASON FOR SELLING PREVIOUS HOME
AGE OF HOME SELLER

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)
Home is too large
Moving due to retirement
Upkeep of home is too difficult due to health or financial
limitations
Want to move closer to current job
Can not afford the mortgage and other expenses of
owning home
To avoid possible foreclosure
Other

28%
15%
25
15
9
14
14
10
10
9
1
10
1
8
5
1
4
4
4
1
*
*
7
6
35 to 49
29%
21
4
11
50 to 59
6%
19
9
11
60 to 68
6%
5
23
8
69 to 89
5%
1
28
6
14
4
1
14
13
5
7
15
19
6
16
11
1
7
5
5
7
1
*
1
3
*
6
5
*
8
4
*
6
5
*
12

Exhibit 6-15
SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE
AGE OF HOME SELLER

All Sellers 34 and younger 35 to 49 50 to 59 60 to 68
16%
17%
23%
17%
11%
1
3
3
1
1
82
80
83
8075
75
82
89
100%
Yes, and lived in home
Yes, 90%
but rented home to83others
and lived elsewhere
80% home when I wanted
No, sold
to sell
70%
69 to 89
94
89 6%
*
94
60%
50%
40%
30%
20%
10%
23%
17%
16%
17%
11%
3
6%
1
0%
All Sellers
34 and younger
Yes, and lived in home
35 to 49
50 to 59
Yes, but rented home to others and lived elsewhere
60 to 68
69 to 89
No, sold home when I wanted to sell

Exhibit 6-16
TENURE IN PREVIOUS HOME
AGE OF HOME SELLER

All Sellers
1 year or less
2 to 3 years
4 to 5 years
6 to 7 years
8 to 10 years
11 to 15 years
16 to 20 years
21 years or more
Median
4%
9
12
11
20
20
9
16
10
34 and younger
4%
20
30
21
17
5
N/A
N/A
5
N/A- Not Available
35 to 49
5%
10
14
11
27
26
5
2
9
50 to 59
4%
5
9
10
17
21
14
20
11
60 to 68
2%
6
6
7
17
19
14
29
13
69 to 89
2%
7
6
7
16
23
10
30
13

Exhibit 6-17
DISTANCE BETWEEN HOME PURCHASED AND HOME RECENTLY SOLD
(Median Miles)
AGE OF HOME SELLER

35
Distance
All Sellers
20
34 and younger
15
35 to 49
12
50 to 59
20
35
60 to 68
35
35
69 to 89
35
30
25
20
20
20
15
15
12
10
0
All Sellers
34 and younger
35 to 49
50 to 59
60 to 68
69 to 89

Exhibit 6-18
METHOD USED TO SELL HOME
AGE OF HOME SELLER

Sold home using an agent or broker
Seller used agent/broker only
Seller first tried to sell it themselves, but then used an agent
For-sale-by-owner (FSBO)
Seller sold home without using a real estate agent or broker
First listed with an agent, but then sold home themselves
Sold home to a homebuying company
Other
All Sellers
88%
87
2
9
8
1
1
2
87%
89%
86%
89%
90%
86
87
85
88
88
1
2
1
1
2
12
9
11
9
9
10
8
9
8
7
1
1
1
1
2
1
*
1
*
*
1
2
3
2
1

Exhibit 6-19
SALES PRICE COMPARED WITH LISTING PRICE
(Percentage Distribution of Sales Price as a Percent of List Price)
AGE OF HOME SELLER

Less than 90%
90% to 94%
95% to 99%
100%
101% to 110%
More than 110%
Median (sales price as a
percent of listing price)
All Sellers
11%
17
40
22
9
2
34 and younger
8%
16
42
23
9
1
35 to 49
8%
17
45
20
9
1
50 to 59
9%
15
37
26
10
2
60 to 68
15%
15
39
18
10
3
69 to 89
14%
22
34
21
6
3
97%
97%
98%
98%
97%
97%

Exhibit 6-20
NUMBER OF WEEKS RECENTLY SOLD HOME WAS ON THE MARKET
AGE OF HOME SELLER

Less than 1 week
1 to 2 weeks
3 to 4 weeks
5 to 6 weeks
7 to 8 weeks
9 to 10 weeks
11 to 12 weeks
13 to 16 weeks
17 to 24 weeks
25 to 36 weeks
37 to 52 weeks
53 or more weeks
Median weeks
All Sellers
6%
33
12
7
6
4
7
5
6
6
4
4
4
34 and younger
5%
36
14
5
9
5
7
4
6
3
4
2
4
35 to 49
5%
36
15
8
5
4
9
4
6
3
3
2
4
50 to 59
10%
31
12
7
7
4
5
5
4
7
4
4
4
60 to 68
7%
32
10
5
5
4
8
6
6
8
5
4
6
69 to 89
6%
31
8
9
8
4
5
5
5
8
5
8
6

Exhibit 6-21
NUMBER OF TIMES ASKING PRICE WAS REDUCED
AGE OF HOME SELLER

None, did not reduce the asking price
One
Two
Three
Four or more
55%
25
11
5
4
55%
27
9
5
4
35 to 49
50 to 59
60 to 68
69 to 89
59%
24
10
4
4
58%
23
10
6
3
53%
23
14
6
4
50%
30
11
3
5

Exhibit 6-22
INCENTIVES OFFERED TO ATTRACT BUYERS, BY NUMBER OF WEEKS HOME WAS ON THE MARKET
AGE OF HOME SELLER

None
Home warranty policies
Assistance with closing costs
Credit toward remodeling or repairs
Other incentives, such as a car, flat screen TV, etc.
Assistance with condo association fees
Other
All Sellers
64%
19
18
6
4
1
3
34 and younger
55%
23
27
7
4
*
3
35 to 49 50 to 59 60 to 68
67%
66%
63%
18
19
20
18
15
15
7
5
6
3
4
5
1
1
*
2
3
3
69 to 89
68%
15
13
5
5
1
2

Exhibit 6-23
SATISFACTION WITH THE SELLING PROCESS
AGE OF HOME SELLER

All Sellers 34 and younger 35 to 49 50 to 59 60 to 68 69 to 89
58%
55%
56%
60%
59%
64%
30
35
34 60%
28
27 59% 25
7
6
7
7
10
5
56%
55%
5
4
4
4
5
6
70%
Very Satisfied
Somewhat Satisfied
58%
Somewhat
Dissatisfied
60%
Very Dissatisfied
64%
50%
40%
35
34
30
28
30%
27
25
20%
10%
10
0%
All Sellers
34 and younger
Very Satisfied
35 to 49
Somewhat Satisfied
50 to 59
60 to 68
Very Dissatisfied
69 to 89
HOME SELLING AND REAL ESTATE PROFESSIONALS

Exhibit 7-1
Exhibit 7-2
Exhibit 7-3
Exhibit 7-4
Exhibit 7-5
Exhibit 7-6
Exhibit 7-7
Exhibit 7-8
Exhibit 7-9
Exhibit 7-10
METHOD USED TO FIND REAL ESTATE AGENT

NUMBER OF AGENTS CONTACTED BEFORE SELECTING ONE TO ASSIST WITH SALE OF
HOME
DID SELLER USE THE SAME REAL ESTATE AGENT FOR THEIR HOME PURCHASE?
HOME LISTED ON MULTIPLE LISTING SERVICE
LEVEL OF SERVICE PROVIDED BY THE REAL ESTATE AGENT
WHAT SELLERS MOST WANT FROM REAL ESTATE AGENTS, BY LEVEL OF SERVICE
PROVIDED BY THE AGENT
MOST IMPORTANT FACTOR IN CHOOSING A REAL ESTATE AGENT TO SELL HOME, BY LEVEL
OF SERVICE PROVIDED BY THE AGENT
METHODS REAL ESTATE AGENT USED TO MARKET HOME
NEGOTIATING THE COMMISSION RATE OR FEE WITH THE REAL ESTATE AGENT
WOULD SELLER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS

Exhibit 7-1
METHOD USED TO FIND REAL ESTATE AGENT
AGE OF HOME SELLER
Referred by (or is) a friend, neighbor or relative

Used agent previously to buy or sell a home
Visited an open house and met agent
Internet website (without a specific reference
Personal contact by agent (telephone, email, etc.)
Referred by another real estate or broker
Saw contact information on For Sale/Open House
sign
All 34 and
Sellers younger 35 to 49 50 to 59 60 to 68 69 to 89
38%
45%
38%
34%
38%
40%
22
23
26
23
21
17
5
5
3
5
7
5
4
5
6
3
4
2
4
4
3
5
5
2
4
4
4
4
3
3
3
Referred through employer or relocation company

Direct mail (newsletter, flyer, postcard, etc.)
3
2
5
1
4
2
4
2
*
2
*
2
Walked into or called office and agent was on duty

Newspaper, Yellow pages or home book ad
Advertising specialty (calendar, magnet, etc.)
Crowdsourcing through social media/knew the
person through social media
Saw the person's social media page without a
connection
Other
2
1
1
2
*
*
1
1
*
2
*
1
2
1
1
3
2
*
*
14
*
5
*
9
1
14
*
12
1
20

Exhibit 7-2
NUMBER OF AGENTS CONTACTED BEFORE SELECTING ONE TO ASSIST WITH SALE OF HOME
AGE OF HOME SELLER

One
Two
Three
Four
Five or more
All Sellers
70%
17
8
3
2
34 and younger
72%
22
6
1
*
35 to 49
72%
17
7
3
1
50 to 59
72%
14
7
4
4
60 to 68
67%
17
11
2
3
69 to 89
71%
17
10
2
1

Exhibit 7-3
DID SELLER USE THE SAME REAL ESTATE AGENT FOR THEIR HOME PURCHASE?
(Percentage Distribution Among Sellers Who Used an Agent to Purchase a Home)
AGE OF HOME SELLER

70%
Yes
No 60%
All Sellers
51%
49
51%
49
50%
34 and younger
57%
57%
43
35
63%to 49
63%
37
50 to 59
47%
53
60 to 68
42%
58
53
69 to 89
40%
58
60
60
47%
43
42%
37
40%
40%
30%
20%
10%
0%
All Sellers
34 and younger
35 to 49
50 to 59
Yes
No
60 to 68
69 to 89

Exhibit 7-4
HOME LISTED ON MULTIPLE LISTING SERVICE
AGE OF HOME SELLER

All Sellers
34 and younger
90%
91%
89%
89%
5
5
4
7
100%
Yes
No 90%
Don't know
80%
91%
35 to 49 50 to 59
90%89%
89%
4
6
6
5
60 to 68
90%
90%
6
4
69 to 89
90%
90%
5
5
70%
60%
50%
40%
30%
20%
10%
0%
All Sellers
34 and younger
35 to 49
Yes
No
50 to 59
Don't know
60 to 68
69 to 89

Exhibit 7-5
LEVEL OF SERVICE PROVIDED BY THE REAL ESTATE AGENT
AGE OF HOME SELLER

All Sellers
A broad range of services and
management of most aspects of the home
sale
A limited set of services as requested by the
seller
The agent listed the home on the MLS and
performed few if any additional services
79%
77%
76%
80%
80%
84%
13
10
12
10
14
11
13

Exhibit 7-6
WHAT SELLERS MOST WANT FROM REAL ESTATE AGENTS, BY LEVEL OF SERVICE PROVIDED BY THE
AGENT
Help seller market home to potential buyers

Help sell the home within specific timeframe
Help price home competitively
Help find a buyer for home
Help seller find ways to fix up home to sell it for
more
Help with negotiation and dealing with buyers
Help with paperwork/inspections/preparing for
settlement
Help seller see homes available to purchase
Help create and post videos to provide tour of my
home
Other
All Sellers
23%
20
19
14
AGE OF HOME SELLER

34 and
15%
23%
21%
26%
28%
21
22
25
16
20
25
20
16
18
15
12
12
16
15
19
13
5
16
5
12
6
15
4
12
4
7
5
3
2
4
3
3
2
2
1
3
4
5
1
*
*
*
*
1
*
*
*
1
1
*
1

Exhibit 7-7
MOST IMPORTANT FACTOR IN CHOOSING A REAL ESTATE AGENT TO SELL HOME, BY LEVEL OF SERVICE
PROVIDED BY THE AGENT
AGE OF HOME SELLER
Reputation of agent
Agent is honest and trustworthy
Agents knowledge of the neighborhood
Agent is friend or family member
Agent has caring personality/good listener
Agents association with a particular firm
Agent's commission
Agent seems 100% accessible because of use
of technology like tablet or smartphone
Professional designations held by agent
Other
All Sellers
36%
19
15
13
4
4
4
34 and
younger
40%
20
10
14
3
2
4
35 to 49
33%
23
13
13
4
2
7
50 to 59
36%
18
13
14
5
4
3
60 to 68
34%
17
18
13
4
5
2
69 to 89
40%
14
20
9
4
6
2
3
2
2
5
1
3
2
2
1
3
1
1
3
2
2
1
2
2

Exhibit 7-8
METHODS REAL ESTATE AGENT USED TO MARKET HOME
(Percent of Respondents Among Sellers Who Used an Agent)
AGE OF HOME SELLER

All Sellers
Multiple Listing (MLS) website
Yard sign
Real estate agent website
Open house
Real estate company website
Realtor.com
Third party aggregators
Direct mail (flyers, postcards, etc.)
Video
Newspaper website
Social networking websites (e.g.
Facebook, Twitter, etc.)
Other Web sites with real estate listings
(e.g. Google, Yahoo)
Real estate magazine
Online Classified Ads
Real estate magazine website
Video hosting Web sites (e.g. Youtube,
etc.)
Television
Other
89%
71
51
47
44
43
33
13
12
11
9
90%
91%
89%
89%
87%
72
70
74
71
69
56
49
54
51
44
39
45
52
46
53
43
47
49
44
36
43
51
44
38
34
40
40
35
32
16
9
11
11
15
20
14
12
12
11
12
5
10
12
12
14
7
8
7
10
12
14
13
11
8
7
7
6
9
5
4
6
6
5
6
5
11
7
9
5
9
9
8
8
7
10
11
9
3
1
3
3
2
1
3
1
2
4
2
3
2
1
4
2
1
3

Exhibit 7-9
NEGOTIATING THE COMMISSION RATE OR FEE WITH THE REAL ESTATE AGENT
All Sellers
Real estate agent initiated discussion of
compensation
Client brought up the topic and the real estate
agent was able and willing to negotiate their
commission or fee
Client brought up the topic and the real estate
agent was unwilling or unable to negotiate
their commission or fee
Client did know commissions and fees could
be negotiated but did not bring up the topic
Client did not know commissions and fees
could be negotiated
AGE OF HOME SELLER

34 and
46%
46%
46%
44%
48%
47%
21
14
23
25
21
22
10
11
12
13
10
10
15
23
12
14
14
11

Exhibit 7-10
WOULD SELLER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS
AGE OF HOME SELLER
80%

68%
63%
69%
15
20
63%
8
8
7
7
2
3
Definitely 68%
70%
Probably
Probably Not
Definitely
Not
60%
Don't Know/ Not Sure
35 to 49
68% 69%
15
7
7
2
50 to 59 60 to 68
69 to73%
89
68%
68% 73%
68%
14
15
13
9
6
7
7
9
7
2
2
1
50%
40%
30%
20
20%
10%
15
15
8 7
87
7 7
3
15
14
7
13
6
7 7
2
0%
All Sellers
34 and younger
Definitely
Probably
35 to 49
Probably Not
50 to 59
Definitely Not
60 to 68
69 to 89
Don't Know/ Not Sure

Exhibit 7-13
HOW MANY TIMES SELLER RECOMMENDED TYPICAL AGENT
All Sellers
None
One time
Two times
Three times
Four or more times
Times recommended
since buying (median)
39%
15
18
10
18
34 and younger
38%
16
19
10
18
AGE OF HOME SELLER

35 to 49 50 to 59 60 to 68
33%
38%
42%
14
12
17
20
17
18
12
13
8
21
20
16
1
69 to 89
44%
16
19
8
13
1
Methodology
In July 2014, NAR mailed out a 127-question survey using a random sample weighted to be
representative of sales on a geographic basis to 72,206 recent home buyers. The recent home buyers
had to have purchased a home between July of 2013 and June of 2014. A total of 6,572 responses were
received from primary residence buyers. After accounting for undeliverable questionnaires, the survey
had an adjusted response rate of 9.4 percent.
Consumer names and addresses were obtained from Experian, a firm that maintains an extensive
database of recent home buyers derived from county records. Information about sellers comes from
those buyers who also sold a home.
All information in this Profile is characteristic of the 12-month period ending June 2014, with the
exception of income data, which are reported for 2013. In some sections comparisons are also given for
results obtained in previous surveys. Not all results are directly comparable due to changes in
questionnaire design and sample size. Some results are presented for the four U.S. Census regions:
Northeast, Midwest, South and West. The median is the primary statistical measure used throughout this
report. Due to rounding and omissions for space, percentage distributions may not add to 100 percent.
The definitions of the generations used to distinguish home buyers and sellers were based on a study
published in the REALTOR Universitys Center for Real Estate Studies journal article titled, Generational
Trends in Homeownership: An Era of Renters? by Glenn E. Crellin. Additional splitting of older baby
boomer age groups and younger baby boomer age groups was modeled on research from the Pew
Research Center, Generations 2010.
Millennials/Gen Y/Gen Next:

Gen X:
Younger Boomers:
Older Boomers:
Silent Generation:
Year Born:
1980-2000
1965-1979
1955-1964
1946-1954
1925-1945
Age in 2013:
34 and younger
35 to 49
50 to 59
60 to 68
69 to 89
114

2015 Home Buyer and Seller Generational Trends

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2015 Home Buyer and Seller Generational Trends

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2015 National Association of REALTORS

Home Buyer and Seller

NATIONAL ASSOCIATION OF REALTORS

2015 NATIONAL ASSOCIATION OF REALTORS

Characteristics of Homes Purchased

The Home Search Process

Home Buying and Real Estate Professionals

Financing the Home Purchase

Home Sellers and Their Selling Experience

Home Selling and Real Estate Professionals

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYERS

CHARACTERISTICS OF HOME BUYERS

Millennials/Gen Y/Gen Next:

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

All Buyers 68%

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

All Buyers 34 and younger

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

All Buyers96%34 and younger

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

Not born in U.S.

CHARACTERISTICS OF HOME BUYERS

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

All Buyers 34 and younger

* Less than 1 percent

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

CHARACTERISTICS OF HOMES PURCHASED

NEW AND PREVIOUSLY OWNED HOMES PURCHASED

CHARACTERISTICS OF HOMES PURCHASED

CHARACTERISTICS OF HOMES PURCHASED

AGE OF HOME BUYER

CHARACTERISTICS OF HOMES PURCHASED

AGE OF HOME BUYER

Detached single-family home

CHARACTERISTICS OF HOMES PURCHASED

AGE OF HOME BUYER

Urban area/Central city

CHARACTERISTICS OF HOMES PURCHASED

Share who purchased a home in senior related

AGE OF HOME BUYER

All buyers over

Buyers over 50 who purchased senior related housing:

CHARACTERISTICS OF HOMES PURCHASED

CHARACTERISTICS OF HOMES PURCHASED

AGE OF HOME BUYER

Quality of the neighborhood

CHARACTERISTICS OF HOMES PURCHASED