2012 Profile of Home Buyers and Sellers Press Highlights

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Presentation at the press release of the 2012 Profile of Home Buyers and Sellers

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  • Increased incrementally from 11% in 2010
  • 96% of buyers under 44 used internetMore than ½ started search online—looking at properties for sale or info about home buying process42% found the home they purchased online
  • 2012 Profile of Home Buyers and Sellers Press Highlights

    1. 1. Profile of Home Buyers and Sellers 2012 News Release November 10, 2012
    2. 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. 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. 4. Demographic Changes Since 2010 2012 Profile 2011 Profile 2010 ProfileMedian Age 42 45 39Gross HH Income $78,600 $80,900 $72,200Household 65% married 64% married 58% marriedComposition couples, couples, couples, 16% single females, 18% single females, 20% single females, 9% single males, 10% single males, 12% single males, 8% unmarried 7% unmarried 8% unmarried couples couples couplesChildren in Home 41% 36% 35%Own a 2nd Home 19% 19% 14%
    5. 5. Shift in Household Composition 2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Marriedcouple 68% 59% 62% 61% 61% 62% 61% 60% 58% 64% 65%Singlefemale 15 21 18 21 22 20 20 21 20 18 16Single male 7 11 8 9 9 9 10 10 12 10 9Unmarriedcouple 7 8 9 7 7 7 7 8 8 7 8Other 3 1 2 2 1 2 2 1 1 1 2
    6. 6. First-time Buyer Share Closer to Historical Norm60%55% 50%50% 47%45% 42% 40% 40% 40% 41%40% 39% 39% 36% 37%35%30%25%20% 2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
    7. 7. Desire to Own Home Remains Top Reason to Buy All Buyers First-time Buyers Repeat BuyersDesire to own a home of my own 30% 60% 11%Desire for larger home 11 3 16Job-related relocation or move 9 3 13Change in family situation 8 9 8Affordability of homes 7 11 5Desire to be closer to family/friends/relatives 6 1 9Desire for a home in a better area 6 3 7Retirement 4 1 7Desire for smaller home 4 0 6Desire to be closer to job/school/transit 4 2 5Establish household 2 3 1Desire for a newly built or custom-built home 2 1 2Financial security 1 1 1Desire for vacation home/investment property 1 0 1Purchased home for family member or relative 1 1 1Tax benefits 1 1 1Greater number of homes on the market forsale/better choice 1 1 1Other 4 2 5
    8. 8. Increased Purchases in Senior-related Housing All buyers over 50Share who purchased a home in senior-related housing 14%Among buyers over 50 who purchased senior related housingType of home purchased: Detached single-family home 63% Townhouse/row house 8 Apartment/condo in building with 5 or more units 12 Duplex/apartment/condo in 2 to 4 unit building 7 Other 11Location: Suburb/ Subdivision 45% Small town 21 Urban/ Central city 10 Rural area 7 Resort/ Recreation area 17
    9. 9. Expected Tenure Remains High AGE OF HOME BUYER All Buyers 18 to 24 25 to 44 45 to 64 65 or older1 year or less 1% 2 1% 1% 2%2 to 3 years 2 2 2 1 24 to 5 years 7 14 10 4 26 to 7 years 2 1 4 1 08 to 10 years 13 17 15 12 911 to 15 years 6 8 5 5 716 or moreyears 26 18 27 32 18Dont Know 43 39 37 43 61Median 15 10 12 20 15
    10. 10. Actual Tenure Among Sellers Remains High 10 9 9 9 8 8Years in Home 7 7 6 6 6 6 6 6 6 5 4 3 2 1 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
    11. 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. 12. Use of the Internet Increased
    13. 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. 14. Agent Assisted Sales High100 4 1 4 4 4 4 2 3 3 3 4 3 3 2 7 8 90 80 70 60 77 82 80 81 77 83 82 85 84 85 84 85 88 87 88 50 79 40 30 20 10 19 17 15 18 16 13 14 14 13 12 12 13 11 9 10 9 0 1991 1993 1995 1997 1999 2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 All FSBO (For-sale-by-owner) Agent-assisted Other
    15. 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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