Download presentation
Presentation is loading. Please wait.
Published byLoren Blake Modified over 9 years ago
1
2012 Survey of California Home Buyers
2
Survey Methodology 800 telephone interviews conducted in August 2012 Respondents are home buyers that purchased in previous 6 months Maximum sampling error: ±3.5% at two standard deviations (a 95% confidence level). (Subsets of the total sample will have a higher sampling error.)
3
About the Buyer
4
Typical 2012 California Buyer
5
Buyer Gender Remains a Fairly Equal Male/Female Split
6
Average Age: 35 Q. What is your age?
7
The Increase of Younger Buyers Continues
8
Buyers Continue Getting Younger
9
Whites & Hispanics Make Up Majority of Buyers Q. How would you describe your ethnic background?
10
Ethnic Background of Buyers Resembles CA Population *Source: U.S. Census Bureau 2010 American Community Survey
11
Singles Made Up 46% of Buyers in 2012
12
60% of Buyers are College Graduates Q. What is the highest level of education you have completed?
13
Most Buyers are Well Educated
14
99% of Buyers Have an Annual Household Income Over $75K Q. Which of the following categories best represents you total annual income from all sources?
15
Buyers’ Annual Household Income Continues Increasing Q. Which of the following categories best represents you total annual income from all sources?
16
Investment Buyers are on the Rise Annual Housing Market Survey Question: Was the buyer a first-time buyer?
17
Residence Location
18
Geographical Distribution of Purchases has Remained Steady
19
About the Home
20
Location is Most Important to Buyers Q. What was most important to you in buying the home you did?
21
Location & Price are More Important to Buyers Q. What was most important to you in buying the home you did?
22
The Buying Experience
23
Most Buyers Were Renters Q. What was the living arrangement immediately before your recent home purchase?
24
More than 8 out of 10 1 st -time Buyers Were Renters Q. What was the living arrangement immediately before your recent home purchase?
25
Fewer Buyers Owned Previous Residence
26
Decision Factors
27
Average Buyer Spent Over 3 Months Considering Purchase Before Contacting Agent Q. How many weeks did you consider buying a home before contacting a real estate agent? (Asked if agent was used)
28
Buyers Spent 1 Month Less than Last Year Considering Buying Before Contacting Agent Q. How many weeks did you consider buying a home before contacting a real estate agent? (Asked if agent was used) Average Weeks
29
Average Buyer Investigates Homes & Neighborhoods for Over 6 Weeks Before Contacting an Agent Q. How many weeks did you spend investigating homes and neighborhoods before contacting a real estate agent? (Asked if agent was used)
30
Buyers Spending More Time Investigating Homes & Neighborhoods Before Contacting Agent Q. How many weeks did you spend investigating homes and neighborhoods before contacting a real estate agent? (Asked if agent was used) Average Weeks
31
Price Decreases Were Primary Reason for Buying Q. What was the primary reason for buying your home?
32
Property Tax & Mortgage Interest Deductions are Important to Buyers Q As you may know, homeowners can deduct mortgage interest and property taxes from their taxable income. Please rate the importance of these deductions in your decision to become a homeowner. Not at All Important Extremely Important Mean = 4.8
33
Deductions Consistently Important in Buying Decision Q As you may know, homeowners can deduct mortgage interest and property taxes from their taxable income. Please rate the importance of these deductions in your decision to become a homeowner.
34
Most Buyers Found Home through Agent Q. How did you find the home you purchased?
35
More Buyers are Finding Homes Online Q. How did you find the home you purchased?
36
Average Buyer Searched for a Home for 2 Months with Agent 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)
37
The Home Search is Getting Lengthier 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)
38
8 out of 10 Buyers Viewed at Least 6 Homes Before Buying Average = 9 Homes Median = 10 Homes Q. How many different homes did you preview and visit with your agent prior to making a purchase?
39
Drop in Homes Viewed Reflects Tight Inventory Q. How many different homes did you preview and visit with your agent prior to making a purchase? Median
40
Majority of Escrows Don’t Close on Time Q. Did escrow close on time?
41
Slightly More Escrows Closing on Time Q. Did escrow close on time?
42
Buyers Slightly Less Satisfied with Home Finding Process 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”.
43
What Buyers Would Change About the Home Buying Experience 1. Agent negotiate better (26%)2. Better agent communication (24%)3. Better market direction understanding (20%)4. Faster agent response (18%)5. Escrow close on time (9%) Q. If there was one thing you could change about the home buying experience, what would it be?
44
Buyers Optimistic About Long Term Direction of Home Prices 1 Year5 Years10 Years Up25%41%73% Flat49%35%20% Unsure27%23%7% 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, in ten years?
45
Buyers Optimistic About Long Term Direction of Home Prices 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, in ten years?
46
Buyer Optimism About Future Home Prices Relatively Unchanged Q Do you think home prices in the neighborhood where you purchased will go up in one year, in five years, in ten years?
47
Internet Use
48
Q. Did you use the Internet as an important part of your home-buying and selection process? Nearly All Buyers Use the Internet
49
Realtor.com Remains Most Widely Used Website Among Buyers Real estate company website Real estate agent website Q. Which websites did you use as part of your home buying process?
50
Top 3 Websites Q. Which websites did you use as part of your home buying process?
51
Realtor.com & Zillow are Most Useful Websites in Buying Process Q. What was the single most useful website that you visited during your home buying process? Brokerage Agent
52
Top 3 Most Useful Websites Unchanged
53
Most Buyers Found Home on Realtor.com or Zillow Q. On which website did you find your home? Agent Brokerage
54
Zillow & Trulia Helped More Buyers Find Homes Q. On which website did you find your home?
55
Previewing Homes Online is Very Important to Buyers - Avg. Rating on 1-10 Scale - Q.Please rate the importance of each of the following activities in using the internet as part of your home buying process on a scale of 1 to 10, with 1 being “not at all important, and 10 being extremely important
56
Photos are Most Important to Buyers in Online Home Viewing - average rating on 1-5 scale - Q.Using a 1-5 scale, where 1 = “not at all important” and 5 = “extremely important”, how important are each of these online features in home viewing?
57
Social Media Use on the Rise Q. Did you use social media (such as Facebook, Twitter, YouTube, etc.) in your home buying process?
58
Social Media Used for Neighborhood & Agent Scoop Q. How did you use social media (such as Facebook, Twitter, YouTube, etc.) in your home buying process?
59
90% of Buyers are Receptive to Receiving Information via Social Media Q. How receptive would you be to receiving information about the home buying process directly from your real estate agent via social media? Rate how receptive you would be on a 1-5 scale, where 1 = “not at all interested” and 5 = “extremely receptive”.
60
Buyers Remain Receptive to Receiving Information Via Social Media 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)
61
Financing
62
Majority Obtain Financing Q. Did you obtain financing for your home purchase?
63
Average Down Payment Remains Above Traditional 20% Q. What was your down payment for the home purchased, in percent of the home value?
64
Most Buyers Obtain Fixed Rate Loans Q. What type of loan do you have?
65
Fixed Rate Loans Continue to Increase
66
87% of Loans are for 30 Years Q. What was the duration of your loan?
67
Buyers Continue Having Difficulty With Financing 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.
68
Financing is Difficult to Obtain 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. EASYDIFFICULT
69
Buyer / Agent Experience
70
Nearly All Buyers Use an Agent Q. Did you use a real estate agent in your home buying process?
71
Most Buyers Find Agents Online Q. How did you find your real estate agent?
72
More than 7 out of 10 Buyers Interviewed at Least 2 Agents Q. How many agents did you interview prior to selecting the agent you used in your recent home purchase?
73
Buyers Interviewed More than 2 Agents on Average
74
Response Time is Important to Buyers in Selecting Agent Q. What was the single most important reason for selecting the agent that you used in your recent home purchase?.
75
Reputation is Most Important in Agent Selection - average on 1-5 scale - Q. Please rate the importance of the following agent characteristics in selecting your agent using a 1-5 scale, where 1 = “not at all important” and 5 = “extremely important”
76
More Buyers Google their Agent Q. Did you Google your agent…?
77
Gap in Phone & Text Communication Q. What was your preferred method of communicating with your agent? Q. How did your agent actually communicate with you?
78
Room for Improvement in Agent Response Time 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?
79
Fewer than 50% of Agents Met Buyer Response Time Expectations - Rating on 1 to 5 Scale - Q. Did your real estate agent meet your expectations on response time? Please rate your agent’s response time on a scale of one to five, with five being agent exceedingly surpassed expectations and one being agent fell way below expectations.
80
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 Agent
81
There’s Room for Improvement in Meeting Buyer Response Time Expectations Q. Did your agent meet your expectations on response time? Using a 1-5 scale where 1 = “way below expectations” and 5 = “exceedingly surpassed expectations”, please rate your agent’s response time.
82
Agent Satisfaction Ratings Relatively Unchanged - Average Ratings on 1-5 Scale - 20112012 Information on housing market conditions that your agent provided3.33.1 Your real estate agent’s negotiating skills3.23.4 Assistance your real estate agent provided in searching for a home3.43.3 Professional referrals your agent provided (i.e. lender, inspector, etc)3.13.5 Overall process of finding a home3.63.4 Value received for what you paid your real estate agent3.63.5 Overall satisfaction with your real estate agent3.4 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”.
83
Buyer Satisfaction Reflects Market Conditions 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”.
84
Reasons for Satisfaction With Agent Q. Why do you have that level of satisfaction with your agent?
85
Reasons for Dissatisfaction With Agent Q. Why do you have that level of satisfaction with your agent?
86
More Buyers Certain they Would Work With the Same Agent Again
87
Majority of Buyers Find Ratings Valuable in Agent Selection Q. How valuable would it have been to you to have ratings of agents prior to choosing your agent?
88
Buyers Increasingly Find Agent Ratings Beneficial Q. How valuable would it have been to you to have ratings of agents prior to choosing your agent?
89
Majority of Buyers Didn’t Rate their Agent, Yelp Was Most Popular Among those Who Did Q. Did you rate your agent on a public forum, like Yelp or Zillow? Q. (If so) On which platform did you rate your agent?
90
Buyers Who Had Bad Experience More Likely to Rate Agents Q. Would you be more likely to rate your agent on a public forum if you had a good experience, or if you had a bad experience?
91
Advice to Agents from Buyers Q. What advice would you give to real estate agents to improve the process or the level of service? Communicate according to client preference (50%)Gain better market direction understanding (45%)Be savvier about distressed properties (44%)Respond faster (43%)Have better understanding of interest rate direction (9%)Provide more assistance with mortgage approval (6%)Negotiate better (3%)
Similar presentations
© 2024 SlidePlayer.com. Inc.
All rights reserved.