Transcript Click to add title - CALIFORNIA ASSOCIATION OF REALTORS&#174

C.A.R. RESEARCH HIGHLIGHTS
June 5, 2008
Joel Singer
Executive Vice President
California Association of REALTORS®
2008 Membership Survey
Number of Closed Escrows
-2007REALTORS® closed 5.6 escrows in 2007 on
average (median = 4)
66%
Five or fewer
23%
6 to 10
11 to 15
More than 15
7%
4%
Q:How many escrows did you close in 2007?
Number of Closed Escrows
-Historical Trend-
2007
5.6
2006
2005
7.4
7.2
2004
10.3
2003
10.2
2002
Q: How many escrows did you close in 2006?
9.8
Years in Real Estate
-Historical Average-
10.3
2008
8.9
2007
2006
8.7
2005
2004
2003
2002
Q: About how many years have you been licensed to
sell residential real estate?
10.0
13.8
14.3
14.3
Proportion of New Members
-2008 Membership Survey-
2005
2006
2007
2008
22%
35%
35%
% New (Licensed
3 Yrs or Less)
25%
78%
% Experienced
(Licensed 4 Yrs or
More)
65%
65%
75%
SOURCE: 2008 Membership Survey
Q: About how many years have you been licensed to
sell residential real estate?
Membership in Industry Associations
96%
C.A.R
85%
Local AOR
74%
NAR
Women's Council of REALTORS®
17%
DRE
5%
SRES
5%
Q: What industry (real estate) associations or other
organizations do you belong to?
Membership in Industry Associations
2003
2004
2005
2006
2007
2008
96%
C.A.R.
85%
Local AOR
74%
NAR
17%
Women's Council of
REALTORS®
0%
20%
Q: What industry (real estate) associations or other
organizations do you belong to?
40%
60%
80%
100%
Unaided Awareness:
C.A.R. Membership Benefits
-Historical Trend -- All Members -
Legal advice, notices, Hotline
Economics, real estate forecasting,
industry predictions
CRE Magazine
Education
Forms
Lobbying
Web site
Newsletter, marketing updates
Protects, supports insurance availability
Protects industry
Protects REALTORS® from lawyers
and/or special interests
Professional standards and ethics
Advertising
2001
2002
2003
2004
2005
2006
2007
2008
79%
79%
80%
78%
77%
77%
77%
80%
n/a
57%
62%
52%
28%
33%
20%
n/a
10%
64%
59%
61%
49%
27%
34%
22%
n/a
n/a
76%
58%
62%
52%
25%
33%
21%
n/a
34%
78%
52%
61%
49%
24%
33%
21%
26%
25%
76%
61%
57%
50%
25%
32%
23%
25%
29%
72%
66%
58%
66%
32%
34%
27%
23%
31%
64%
52%
50%
36%
32%
33%
27%
23%
20%
67%
54%
52%
35%
35%
31%
28%
22%
22%
n/a
21%
76%
n/a
20%
73%
n/a
20%
75%
24%
18%
63%
32%
18%
65%
34%
18%
18%
19%
19%
18%
20%
20%
17%
Q: What benefits do you get from membership in the
California Association of REALTORS®?
Unaided Awareness:
C.A.R. Membership Benefits
Newer Agents (4.8 benefits)
Experienced Agents (5.4 benefits)
82%
Legal advice, notices, hot line
Economics, real estate forecasting, industry
predictions
CRE Magazine
74%
73%
46%
Education
Lobbying
Forms
Web site
Newsletter, marketing updates
17%
22%
33%
35%
34%
35%
32%
35%
53%
55%
57%
50%
Select list of highest frequency mentions
Q: What benefits do you get from membership in the
California Association of REALTORS®?
Unaided Awareness:
C.A.R. Products & Services
-Historical TrendHelping you stay current on trends in
real estate
Legal Services
Ca.realtor.com (HomeStore.com)
California Real Estate Magazine (CRE)
Standard forms
One-on-one legal hot line
Government Affairs
DRE courses
Publications
Develop, introduce, and advocate CARsponsored legislation
Oppose legislation and regulatory efforts
adverse to real estate business interests
Protects/Supports insurance availability
C.A.R. Online (www.car.org)
Protects REALTORS® from trial lawyers
Educational Services
Fight special interests working against
REALTORS®
2001
2002
2003
2004
2005
2006
2007
2008
49%
69%
85%
40%
78%
50%
4%
55%
23%
51%
75%
88%
37%
79%
50%
6%
56%
24%
67%
70%
73%
59%
70%
47%
4%
57%
23%
69%
71%
69%
49%
62%
48%
9%
43%
25%
70%
75%
71%
48%
64%
51%
15%
41%
25%
70%
78%
70%
52%
63%
49%
10%
35%
25%
70%
70%
65%
49%
47%
47%
36%
36%
35%
74%
72%
66%
60%
49%
47%
38%
37%
34%
8%
7%
6%
6%
7%
7%
21%
31%
2%
n/a
n/a
n/a
45%
5%
n/a
n/a
n/a
46%
3%
n/a
n/a
3%
43%
17%
48%
33%
22%
28%
16%
56%
40%
31%
29%
16%
61%
46%
29%
26%
24%
44%
23%
21%
22%
30%
26%
23%
21%
20%
n/a
n/a
10%
22%
21%
19%
14%
16%
Q: What information, events, services or products does
the California Association of REALTORS offer
REALTORS like yourself?
Product And Services You Would Like C.A.R. To Offer
-Historical Trend-
Forecasts on residential real estate sales
Insight on where mortgage interest rates are going
Strategies for dealing with a slowing market
Promote, support minimum services
standards/legislation
Strategies on how to handle unrealistic seller
expectations
More projections on where and why the market is going
Tips for handling seller expectations
Discounted (unspecified) services
Help with Internet marketing
Medical insurance
Help with wireless Internet, wireless
e-mail services
Q: What types of product/services would you like the
California Association of REALTORS® to offer to help
you in your real estate business?
2006
24%
40%
18%
2007
49%
36%
31%
2008
50%
35%
34%
0%
28%
31%
30%
36%
33%
11%
0%
0%
25%
29%
22%
13%
11%
11%
27%
26%
20%
13%
13%
9%
0%
3%
3%
Frequency Of Contact With C.A.R.
2007
Daily
2008
0%
0%
4%
6%
Weekly
Monthly
13%
20%
35%
More than once a year, but less than monthly
43%
24%
23%
Yearly
17%
15%
Less than once a year
Never
0%
0%
Unsure
0%
0%
Q:How often do you contact (via email, telephone, or
other) the California Association of REALTORS®?
Email Communication From C.A.R
10-point scale. “10” is you received way too much e-mail communication from C.A.R., a “5” if you
received just enough, and a “1” if you think you receive way too little email communication.
8.4
Total
Newer Agents
Experienced
Agents
Q: Do you feel you receive too much, too little, or just
enough e-mail communication from the California
Association of REALTORS®?
8.2
8.4
Frequency Of Using C.A.R. Online
To Obtain Information
Monthly
2007
2008
3%
3%
More than once a
year, but less than
monthly
8%
7%
39%
Yearly
41%
45%
Less than once a
year
Never
Q:How often do you use C.A.R. online?
39%
5%
10%
Attendance at C.A.R. Events
-Historical Trend-
2004
2005
2006
2007
2008
Presentation by a C.A.R.
Representative
77%
79%
71%
77%
80%
C.A.R. Booth at Local
Association trade show
or other event
26%
26%
23%
18%
17%
C.A.R. EXPO
15%
16%
16%
15%
16%
n.a.
n.a.
10%
9%
8%
Web Seminar by a
C.A.R. Representative
Q:Which of the following have you attended or visited
in the last year?
Greatest Challenges Facing REALTORS® IN 2008
54%
Slow market
30%
Reduced number of transactions,
sales
Too many agents for reduced
transaction volume
25%
14%
Increasing inventory
14%
Lower income
More difficult to get buyers
qualified for a mortgage
Low cost, discount agents
Sellers not understanding,
appreciating new market
Foreclosures
Q:What do you consider to be your biggest challenge or
opportunity in real estate over the next one year?
9%
8%
7%
6%
Greatest Challenges Facing REALTORS®
-Historical TrendSoftening market/Slow market
Reduced number of transactions,
sales
Too many agents for reduced
transaction Volume
Increasing inventory
Lower income
Difficulty in quilifying a buyer for a
mortgage
Low cost, discount agents
Sellers not understanding or
appreciating new market conditions
Foreclosures
Maintaining commission levels
Rising mortgage interest rates
Marketing costs
New, inexperienced agents
Negotiated commissions/Split
Insurance availability issues
Risk management
Tight inventory
Protecting income
2000
0%
2001
0%
2002
0%
2003
0%
2004
0%
2005
0%
2006
54%
2007
37%
2008
54%
0%
0%
0%
0%
0%
0%
0%
0%
30%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
17%
0%
0%
12%
0%
25%
14%
14%
0%
0%
0%
0%
0%
0%
0%
4%
0%
29%
0%
47%
0%
24%
0%
19%
9%
8%
0%
0%
68%
0%
16%
0%
8%
0%
40%
28%
14%
0%
0%
82%
0%
39%
0%
6%
0%
47%
6%
22%
0%
0%
80%
0%
42%
0%
5%
0%
45%
8%
24%
0%
0%
80%
0%
26%
0%
47%
5%
49%
10%
28%
0%
0%
74%
0%
21%
0%
28%
40%
22%
41%
29%
0%
0%
76%
0%
18%
15%
28%
42%
18%
11%
30%
35%
0%
28%
11%
6%
8%
7%
0%
0%
0%
10%
27%
0%
18%
8%
7%
6%
6%
0%
0%
0%
6%
7%
6%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Q:What do you consider to be your biggest challenge or
opportunity in real estate over the next one year?
Importance Of Federal And State Issues
-Historical TrendMinimum service standard (new for 2006)
Raising Fannie Mae/Freddie Mac Loan
Limits, Designating CA as a "High Cost
State"
Foreclosure Issues (new for 2007)
Predatory lending (new for 2007)
Mortgage fraud*
E&O insurance
Natural disaster insurance (new for 2007)
Private transfer taxes (new for 2007)
Efforts to address Housing Affordability
FHA Reform (new for 2007)
Business license taxes (new for 2007)
Growth Control/Urban Growth Boundaries
Banks in Real Estate
*New in 2008
Q:Please rate the following Federal and State issues on
a 10 pt. Scale in order of their importance.
2003 2004 2005 2006 2007 2008
NA
NA
NA
8.1
8.2
8.1
8.5
NA
NA
NA
NA
NA
NA
6.3
NA
NA
6.8
5.9
8.4
NA
NA
NA
NA
NA
NA
5.8
NA
NA
6.3
5.0
8.4
NA
NA
NA
6.6
NA
NA
5.0
NA
NA
5.2
4.3
7.8
NA
NA
NA
6.9
NA
NA
4.7
NA
NA
5.0
3.9
7.7
7.5
7.4
NA
7.3
6.9
6.3
6.3
5.6
5.5
5.5
5.3
8.0
8.0
7.8
7.7
7.6
7.4
6.6
6.0
6.0
5.4
5.4
5.2
Agreement With MLS Issue
78%
Yes
17%
No
Unsure
6%
Q: .Are you in favor of having your local association or MLS join with the
California Association Of REALTORS®. MLS, in which access to
statewide data is available through your local association?
Satisfaction With C.A.R.
10-point scale. 10 is excellent. 5 is average. 1 is very poor.
Value of your membership
Legal services
Overall satisfaction
Real estate market analysis and statistics
Annual REALTOR® EXPO
CRE Magazine
Government affairs and political action
Technology and Internet services
Standard forms products
Other C.A.R. publications
Continuing Education Programs
WINForms software
E-mail newsletters
Q: Now, I would like you to rate the California
Association of REALTORS® on a series of attributes
on a scale of 1 to 10.
8.7
8.7
8.6
8.4
8.4
8.3
8.3
7.9
6.9
6.8
6.7
6.3
4.6
Satisfaction with C.A.R. Web Site
10-point scale. 10 is excellent. 5 is average. 1 is very poor.
2005
2006
2007
2008
7.7
7.5
Overall
7.7
8.0
7.2
7.3
7.5
Content
7.4
Ease of use
6.8
6.7
6.8
7.2
Q: Now, I would like you to rate the California
Association of REALTORS® on a series of attributes
on a scale of 1 to 10.
Satisfaction With C.A.R.
-Historical Trend– All Members
2001 2002 2003 2004 2005 2006 2007 2008
Value of your membership compared to
what you pay
Legal services
Real estate market analysis and
statistics
Annual REALTOR® EXPO
CRE Magazine
Political action and government affairs
Technology and Internet services
Standard forms products
Other C.A.R. Publications
Continuing Education Programs
WINForms software
E-mail newsletters
Overall satisfaction
7.80 8.80 8.83 8.87 8.89 8.74 8.68 8.70
8.50 8.60 8.52 8.56 8.62 8.50 8.65 8.69
n/a
7.10
n/a
6.80
n/a
n/a
n/a
n/a
n/a
n/a
n/a
7.10
n/a
6.60
8.40
8.10
n/a
8.10
6.40
8.20
n/a
8.09
n/a
7.19
8.25
7.95
n/a
8.01
6.53
8.77
n/a
8.13
n/a
8.06
7.85
7.73
n/a
7.66
6.34
6.89
n/a
8.52
n/a
8.26
7.91
7.70
n/a
7.70
6.21
5.90
n/a
8.19
n/a
8.20
7.38
7.00
n/a
6.94
6.40
5.18
n/a
8.32
8.30
8.27
7.78
6.82
6.65
6.65
6.22
4.95
8.41
8.39
8.33
8.31
7.86
6.85
6.82
6.71
6.29
4.59
8.60 8.80 8.75 8.72 8.74 8.55 8.55 8.63
Q: Now, I would like you to rate the California Association of
REALTORS® on a series of attributes on a scale of 1 to 10.
Members Who Believe C.A.R.
Helps Them Sell Real Estate
100%
87%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Q:Do you feel that organized real estate, such as the
California Association of REALTORS, helps sell real
estate?
Survey of California
First-Time Home Buyers
Methodology
500 telephone surveys with California consumers who
had purchased a home within the past six months.
Surveys results are projectable at two standard
deviations (a 95%) confidence level which yields a
maximum sampling error of +/-4.5%.
Demographics of First-Time Buyers
Under 25 years
2%
Average Age – 35.7
45%
25 to 34 years
41%
35 to 44 years
11%
45 to 54 years
55 to 64 years
0%
65 years and older
0%
Married
Single
53%
47%
Income Category
$35,000 to $49,999
3%
$50,000 to $74,999
7%
$75,000 to $99,999
38%
$100,000 to $149,000
37%
$150,000 to $199,000
$200,000 or more
15%
0%
Type Of Home Purchased
Condominium
51%
Town home
Single-family
detached home
35%
14%
Median Home Price
$365,000 – All Homes
Share of Distressed Sales
All Homes
13%
Single Family
Detached Homes
22%
Condominiums
Townhomes
19%
1%
Months Spent Looking for a Home Prior to Finding
The Home You Bought
Mean = 6.9; Median = 6.0
35%
32%
30%
25%
25%
21%
20%
14%
15%
8%
10%
5%
0%
3 months or
less
4-6 months
7-9 months
10-12 months
Over 12 months
“The” Primary Reason For Buying Your Home
23%
Price decreases allowed us to buy
22%
Tired of renting
16%
Desired better/other location
12%
Obtained favorable price/ financing
Job promotion, pay raise
11%
9%
Change in family status
Investment/Tax advantages
7%
Role Market Conditions Played In
Your Decision To Buy Your Home
67%
Price decreases motivated us
Low interest rates helped us move to a
better location, neighborhood
39%
Likelihood that interest rates will move up
motivated us
23%
Concern that interest rates are going to
go up motivated us to buy
Unsure
20%
1%
Down Payment As a Percent of Home Price
Mean = 15%, Median = 15%
50%
39%
40%
30%
25%
18%
20%
10%
9%
8%
0%
5% or less
6-10%
11-15%
16-20%
21-25%
Level of Difficulty to Obtain Financing
Mean = 8.15 Median = 9
Scale: “1” = very easy, “10” = very difficult
30%
28%
28%
9
10
25%
20%
15%
11%
10%
6%
5%
0%
0%
0%
0%
1
2
3
4
12%
10%
5%
5
6
7
8
How You Found Your Real Estate Agent
(Internet) Internet listing of a home that
you were interested in
46%
22%
(Internet) Agent's web site
12%
For Sale signs in neighborhood
(Internet) Listing on an aggregate web
site (e.g., Realtor.com)
Agent's farming materials
Referral from friends, relatives,
neighbors, or other contacts
9%
7%
4%
Number of Agents Interviewed Before Selecting One
Mean = 4.3 Median = 4
35%
32%
30%
25%
22%
20%
18%
16%
15%
10%
6%
5%
4%
2%
0%
1
2
3
4
5
6
7
Single Most Important Reason For Selecting Agent
Seemed like he/she would be the most
aggressive on my behalf
39%
Seemed the agent would get me the
lowest price
23%
12%
Best prepared
Referral from relatives/ friends/coworkers
10%
9%
Most knowledgeable
Rebated part of commission back
5%
Areas Needed The Most Help From Agent
43%
34%
Price negotiation
40%
56%
36%
33%
Determine what
comparable homes
were selling for
30%
43%
20%
Find the right home to
purchase
Negotiate the terms of
sale
All Homes
0%
32%
27%
2%
1%
1%
3%
Existing Resale Home
Brand New Home
Condo Conversion
Reasons for Overall Satisfaction
with Your Agent
58%
Worked hard on my behalf
56%
Always quick to respond
55%
Listened to what we needed
50%
Helped find the best home for me
Negotiated good deal on my behalf
42%
34%
Kept me up to date on transaction
Made sure changes, repairs were taken care of
25%
One Thing You Would Like To Change About Your
Home Buying Experience
Better understanding on where the market is
going (up/down/etc.)
45%
26%
Have agent negotiate better on my behalf
21%
Escrow close on time
13%
Faster response from my agent
Better response from selling agent
11%
Less paperwork
1%
Better understanding of where interest rates are
going
1%
Advice to Give to Other
First-Time Home Buyers
All Homes
Resale Homes
New Homes
Do your own homework on the Internet
Get a good understanding of the type of mortgage you are
getting
50%
49%
50%
44%
44%
44%
Check the agent's references
Make sure the agent pre-qualifies homes before showing them to
you
40%
33%
47%
39%
32%
48%
Get pre-qualified for a mortgage by more than one lender
Find out how frequently the agent is going to be in contact with
you
34%
25%
52%
19%
19%
14%
Don't use the seller's agent
18%
20%
14%
Make any agent you use prove they will negotitate hard for you
16%
20%
13%
Get your financing locked in as soon as possible
12%
18%
0%
Find out how fast the agent is going to get back to you
9%
9%
11%
Get the most experienced agent possible
3%
4%
0%
Advice to Give to Real Estate Agents
to Improve Their Service
All Homes Resale Home New Home
Improve the quality of communications
52%
51%
53%
Provide references for lenders who will perform
33%
33%
31%
Provide “buyer” references
32%
35%
27%
Show how you can negotiate aggressively for the buyer
Provide references for lenders who will recommend the best
product for me
29%
18%
49%
29%
40%
8%
Improve the speed of communications
26%
27%
23%
Listen to my needs better
24%
24%
27%
Provide quality information on where the market is going and why
19%
19%
19%
Find out about listings before I do
15%
15%
14%
Pre-qualify homes before showing them
9%
8%
11%
Provide information on where interest rates are going
7%
4%
11%
2008 Home Buyer Survey
Internet Buyers Vs. Traditional Buyers
Percentage of All Homebuyers Surveyed
Internet Buyers
Traditional Buyers
90%
80%
70%
70%
72%
63%
60%
59%
55%
56%
62%
78%
72%
50%
40%
37%
30%
20%
41%
45%
44%
38%
30%
28%
28%
22%
10%
0%
2000
2001
2002
2003
2004
2005
2006
2007
2008
Time Spent on Various Activities
Internet Buyers
0
Wks Considered
Buying a Home
Before Contacting
Agent
Wks Spent Looking
for Home w/Agent
# of Homes
Previewed w/Agent
5
Traditional Buyers
10
15
20
25
8.2
3.6
8.3
10.3
12.7
23.3
30
Importance Of Online Features For Homebuyers
In The Home Viewing Process
(Percent ‘Very Important’ or ‘Extremely Important’)
Very Important
0%
Multiple Pictures/Slide Show
Virtual Tours
Extremely Important
20%
26%
60%
61%
48%
Map/Directions
31%
Agent Contact Option
29%
Neighborhood Profile
40%
39%
39%
49%
45%
35%
80%
100%
First Web Site Visited During the
Home Buying Process
Internet Buyers
Google
40%
Realtor.com
28%
Unsure
13%
Yahoo! Real Estate
Zillow
Internet listing of a home that I was
interested in
Craigslist
8%
5%
4%
3%
All Web Sites Visited As Part Of
Home Buying Process
87%
82%
Realtor.com
Individual real estate agent's web site
Internet listing of a home that I was interested
in
Real estate company web sites
65%
62%
36%
Zillow
34%
32%
Craigslist
Yahoo! Real Estate
HouseValues.com
Google
Newspaper web sites
ca.realtor.com
MSN Real Estate
13%
10%
9%
7%
4%
Most Useful Web Site Visited During the
Home Buying Process
33%
Individual real estate agent's web site
23%
Realtor.com
Internet listing of a home that I was
interested in
22%
11%
Zillow
8%
Real estate company web sites
Yahoo! Real Estate
4%
Percent of Homebuyers Who “Google” Agent Before
Final Selection
All Internet
Buyers
Internet Buyers
Who Were
First-Time
Buyers
Internet Buyers
Who Were
Repeat Buyers
16%
2%
20%
Homebuyers Who Looked at Newspaper/Magazine
Ads to Search for a Home
All buyers
Internet buyers
Traditional
buyers
20%
15%
35%
Publication Used to Search for a Home
Respondents Who Looked at Newspaper/Magazine Ads to Search for a Home
All Buyers
Local newspaper
for open houses
75%
Homes for sale
guide/ magazine
31%
Local newspaper
for homes for sale
22%
Local newspaper
in general
Don't recall
8%
1%
How Did You Find Your Real Estate Agent?
Unaided Multiple Responses
Internet Buyers
Internet
Traditional Buyers
90%
0%
9%
For Sale signs in neighborhood
Agent's farming materials
27%
1%
28%
0%
Previous transaction with real estate agent
Referral from friends, relatives, neighbors,
or other contacts
32%
0%
14%
About How Often Did You Receive
Communications From Your Real Estate Agent?
Every "x" Days
3.7
3.7
3.7
Internet buyers
4.3
4.4
4.5
6.3
6.2
6.3
6.1
5.9
6.0
Traditional
buyers
2003
2004
2005
2006
2007
2008
Typical Response Time Expected from Agent
Internet Buyers
Instantly
Within 30 Minutes
0%
22%
0%
Within 1 Hour
15%
Within 2 Hours
15%
13%
13%
Within 4 Hours
Traditional Buyers
31%
59%
Same day
1%
2%
1 business day
2%
14%
13%
Importance Of Agent’s Response Time
In the Selection Process
Internet Buyers
Traditional Buyers
71%
Extremely
Important
41%
20%
Very Important
21%
9%
Moderately
Important
25%
Not Very
Important
0%
Not At All
Important
0%
13%
0%
Single Most Important Reasons
For Selecting An Agent
Unaided Responses
Internet Buyers
Traditional Buyers
44%
43%
Seemed like he/she would be the most
responsive
19%
22%
20%
17%
Seemed like he/she would be the most
aggressive on my behalf
Most qualified
9%
11%
Most knowledgeable
First agent to respond to my inquiry/quickest
.response time
Agent was in the market area where I wanted to
.move
5%
3%
3%
4%
Satisfaction With Home Buying Process
All Buyers
Mean Score On A 5-point Scale
5 Is “Very Satisfied” And 1 Is “Very Dissatisfied”
Overall process of finding home
Overall satisfaction with agent
Value received for amount paid
Information on neighborhood
Information on housing market conditions
that your agent provided
Understanding home buying process
Agent's negotiating skills
Agent's aid in finding home
How well agent kept client informed
2005
4.5
4.6
4.3
4.5
2006
4.3
4.2
4.1
4.5
2007
4.2
4.1
4.0
4.4
2008
3.3
3.3
3.4
3.5
NA
4.4
4.4
4.4
4.3
NA
4.5
4.2
4.2
4.1
3.7
4.4
4.1
4.2
4.0
3.1
4.2
3.3
3.3
3.2
The Role Of Market Conditions
In The Decision To Purchase A Home
All Buyers
2008
67%
Price decreases motivated us
Low interest rates helped us move to a better
location, neighborhood
39%
Likelihood that interest rates will move up motivated
us
Low interest rates helped us buy a larger home
Moved to an area where it was more affordable
22%
10%
9%
One Thing You Would Change About The
Home Buying Experience
Better understanding on where the market is
going (up/down/etc.)
53%
21%
17%
Have agent negotiate better on my behalf
45%
19%
Escrow close on time
Faster response from my agent
34%
0%
55%
8%
Better response from selling agent
Less paperwork
Better understanding of where interest rates are
going
Internet Buyers
15%
2%
0%
1%
0%
Traditional Buyers
THANK YOU!