2013 Survey of California Home Buyers - PowerPoint PPT Presentation

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2013 Survey of California Home Buyers
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2013 Survey of California Home Buyers

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  1. 2013 Survey of CaliforniaHome Buyers

  2. Survey Methodology • 1,400 telephone interviews conducted in March 2013 • Respondents are home buyers who 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 2013 California Buyer

  5. Buyer Gender Remains a Fairly Equal Male/Female Split

  6. Average Age: 38 Q. What is your age?

  7. Percentage of Younger Buyers Drops

  8. Buyers Age Rises Slightly

  9. Minorities are the Majority Filipino 4% Chinese 4% Other 1% Other Asian 7% Indian 8% Black 8% Hispanic 26% Q. How would you describe your ethnic background?

  10. Ethnic Background of Buyers Resembles CA Population *Source: U.S. Census Bureau 2011 American Community Survey

  11. Singles Made Up 37% of Buyers in 2013

  12. More than Half of Buyers have College Degrees Q. What is the highest level of education you have completed?

  13. Most Buyers are Well Educated

  14. Nearly 2/3 of Buyers have an Annual Household Income > $100K Q. Which of the following categories best represents you total annual income from all sources?

  15. Buyers’ Annual Household Income Remains Steady Q. Which of the following categories best represents you total annual income from all sources?

  16. Residence Location

  17. Geographical Distribution of Purchases has Remained Steady

  18. The Buying Experience

  19. Median Distance from Previous Residence: 27 Miles Q. How many miles away was your previous residence from the home you bought?

  20. Half of Buyers Were Previous Owners Q. What was the living arrangement immediately before your recent home purchase?

  21. More than 7 out of 10 1st-time Buyers Were Renters Q. What was the living arrangement immediately before your recent home purchase?

  22. More Buyers Owned Previous Residence

  23. Decision Factors

  24. Average Buyer Spent 6 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)

  25. Buyers Spending More Time Considering a Purchase Before Contacting Agent Average Weeks Q. How many weeks did you consider buying a home before contacting a real estate agent? (Asked if agent was used)

  26. Average Buyer Investigates Homes/Neighborhoods More than 9 Months 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)

  27. Buyers Spending More Time Investigating Homes & Neighborhoods Before Contacting Agent Average Weeks Q. How many weeks did you spend investigating homes and neighborhoods before contacting a real estate agent? (Asked if agent was used)

  28. 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)

  29. 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)

  30. All Buyers Viewed at Least 8 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?

  31. Drop in Homes Viewed Reflects Tight Inventory Median Q. How many different homes did you preview and visit with your agent prior to making a purchase?

  32. 85% of Buyers Made Offers on Other Homes Q. How many offers did you make on other homes?

  33. 1/3 of Buyers Settled on Best Available Home Q. Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes?

  34. Price Decreases Were Primary Reason for Buying Q. What were your main reasons for buying your home?

  35. Buyers Didn’t Purchase Sooner Because… Q. Why didn’t you buy a home sooner?

  36. Average Buyer Plans to Keep Home for 6 Years Q. How long do you plan to keep the property?

  37. Most Buyers Found Home through Agent Q. How did you find the home you purchased?

  38. More Buyers are Finding Homes Online Q. How did you find the home you purchased?

  39. Most Homes Were Listed on MLS Q. Was the home you purchased listed on a multiple listing service?

  40. 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?

  41. Buyer Optimism About Future Home Prices Improved Q Do you think home prices in the neighborhood where you purchased will go up in one year, in five years?

  42. Internet Use

  43. Nearly All Buyers Use the Internet Q. Did you use the Internet as an important part of your home-buying and selection process?

  44. Buyers Primarily Accessed Internet by Phone Q. How did you primarily access the internet during the home buying process?

  45. Multitude of Mobile Device Uses Q. How did you use your mobile device in the home buying process?

  46. Realtor.com & Zillow are Most Useful Websites in Buying Process Brokerage Agent Q. What was the single most useful website that you visited during your home buying process?

  47. Top 3 Most Useful Websites Unchanged

  48. Most Buyers Found Home on Realtor.com or Zillow Q. On which website did you find your home?

  49. Realtor.com & Trulia Helped More Buyers Find Homes Q. On which website did you find your home?

  50. Social Media Use on the Rise Q. Did you use social media (such as Facebook, Twitter, YouTube, etc.) in your home buying process?