Transcript 2015 CALIFORNIA HOME BUYERS SURVEY Survey Methodology 700 telephone interviews and 567 online surveys conducted in February – April 2015 Respondents are home buyers.

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2015 CALIFORNIA HOME BUYERS
SURVEY
2
Survey Methodology
700 telephone interviews and 567 online surveys conducted in
February – April 2015
Respondents are home buyers who purchased a home Feb. 2014
– Feb. 2015
Maximum sampling error: ±4.1% at a 95% confidence level.
(Subsets of the total sample will have a higher sampling error.)
3
THE BUYING EXPERIENCE
4
Residence Location
Other CA 32%
NorCal 14%
Q. County of most recent home purchase?
SoCal 54%
5
Geographical Distribution of Purchases
SoCal
NorCal
Other CA
70%
60%
50%
40%
30%
20%
10%
0%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Q. County of most recent home purchase?
6
Distressed Sales Continue Decline
Regular/Equity
REO/Bank Owned
Short
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2009
2010
2011
2012
2013
2014
Q. Was the home you recently bought a Regular Sale, REO/Bank Owned Property, Short Sale, or another type of sale?
2015
7
Most Purchases are Single Family Homes
Condo/townhou
se 13%
Single family
87%
Q. Was the home …?
8
Vacation/2nd Home Purchases Increase
Primary residence
100%
2%
1%
1%
4%
Investment
1%
2%
Vacation/2nd home
2%
1%
4%
7%
3%
4%
80%
60%
94%
98%
40%
98%
91%
95%
92%
20%
0%
2010
Q What was the intended use of the property?
2011
2012
2013
2014
2015
9
Majority of Homes Listed > $400k
$1,000k+
7.3%
$750$999k
4.2%
$500-749k
16%
$400$499k
$300$399k
$200$299k
14%
21%
19%
<$199k
18%
0%
5%
Q. What was the price of the home you purchased?
10%
15%
20%
25%
10
Listing Price Declines 7.9% YTY
Median
$400,000
$355,000
$380,000
$350,000
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
2013
Q. What was the initial listing price of the home you purchased?
2014
2015
11
Majority of Homes Sold for More
than $300k
$1,000k+
5.9%
$750$999k
4.7%
$500-749k
16%
$400$499k
$300$399k
$200$299k
14%
21%
19%
<$199k
20%
0%
5%
Q. What was the price of the home you purchased?
10%
15%
20%
25%
12
Median Sale Price Declines 6.7% YTY
$500,000
$450,000
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
Q. What was the price of the home you purchased?
$375,000
$350,000
13
Sale/Listing Prices Equal
Median
$350,000
$350,000
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
Listing
Q. What was the price of the home you purchased?
Purchase
14
Listing vs. Sale Price Converge
Median Price
Sale
$500,000
$450,000
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
Q. What was the initial listing price of the home you purchased?
Q. What was the price of the home you purchased?
Listing
15
Many Listing > Purchase Prices
100%
90%
80%
70%
60%
36%
28%
45%
4%
5%
50%
28%
Listing = Purchase
Listing > Purchase
40%
30%
Listing < Purchase
60%
49%
20%
44%
10%
0%
2013
2014
Q. What was the initial listing price of the home you purchased?
Q. What was the price of the home you purchased?
2015
16
Many Homes are in the Suburbs
40%
Suburban
34%
Urban
Within walking distance of
shopping/restaurants/entertainment
28%
Within walking distance of supermarket
26%
Close to public transportation
26%
15%
Rural
0%
Q. Please describe the location of the home. Select all that apply.
10%
20%
30%
40%
50%
17
Repeat Buyers Prefer Suburbs, First-time Buyers
Prefer Urban Location
Repeat buyers
First-time buyers
Suburban
35%
29%
Urban
Within walking distance of
shopping/restaurants/entertainment
44%
41%
29%
26%
Within walking distance of supermarket
23%
28%
27%
24%
Close to public transportation
Rural
12%
18%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
Q. Please describe the location of the home. Select all that apply.
18
Nearly 1/2 Buyers Were Previous Home Owners
Rented
39%
Owned
47%
Q. What was the living arrangement immediately before your recent home purchase?
Lived with
Parents
12%
Other
2%
19
More Buyers Previously Lived with Parents
Owned
100%
3%
90%
Rented
7%
Lived w/parents
2%
40%
48%
54%
60%
12%
6%
80%
70%
Other
38%
39%
50%
40%
30%
20%
49%
50%
59%
38%
47%
10%
0%
2011
2012
2013
Q. What was the living arrangement immediately before your recent home purchase?
2014
2015
20
Buyers Spending Less Time Considering Purchase
Before Contacting Agent
25
Average Weeks
20
15
10
5
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Q. How many weeks did you consider buying a home before contacting a real estate agent? (Asked if agent was used)
21
Buyers Spending Less Time Investigating Homes &
Neighborhoods Before Contacting Agent
Average Weeks
30
25
Weeks
20
15
10
5
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Q. How many weeks did you spend investigating homes and neighborhoods before contacting a real estate agent?
22
The Home Search is Longer than It’s Ever Been
Average Weeks
14
12
10
8
6
4
2
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
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)
23
Decrease in Homes Viewed Reflects Tight
Inventory
Median
25
20
15
10
5
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Q. How many different homes did you preview and visit with your agent prior to making a purchase?
24
Buyers Made Fewer Offers on Other Homes
Average
4
3.6
3.5
3
3
2.6
2.5
2
1.5
1
0.5
0
2013
Q. How many offers did you make on other homes?
2014
2015
25
Top 5 Reasons for Buying
Tired of renting
15%
To have a place to live
14%
Desired larger home
12%
Changed jobs/relocated
Desired better/other location
Q. What were your main reasons for buying your home?
11%
8.4%
26
Repeat Buyers Purchased Mainly for Job Change
First-time Buyers Were Tired of Renting
Repeat buyers
First-time buyers
Changed jobs/relocated
15%
5.4%
12%
11.4%
11%
Desired larger home
Desired better/other location
4.0%
To have a place to live
10%
Tired of renting
9.9%
7.8%
Desired smaller home
2.6%
21%
7.6%
6.2%
2.0% 5.2%
4.5%
11%
3.4%
9.8%
1.4%
2.6%
0.5%
1.2%
Investment/tax advantages
Desired different home features
Change in family status
Affordable price
Favorable financing
Flip for profit
0%
Q. What were your main reasons for buying your home?
19%
5%
10%
15%
20%
25%
27
Buyers Didn’t Purchase Sooner Because…
No real buying urgency
22%
Waited until finances improved
21%
Not many good housing options
13%
Waited to see when prices would
stabilize
13%
Needed to save for down payment
12%
Needed to sell current home
Difficulty qualifying for mortgage
Q. Why didn’t you buy a home sooner?
8%
5%
28
Repeat Buyers Didn’t Purchase Sooner Because they Didn’t Need
To, First-time Buyers Needed to Save for Down Payment
Repeat buyers
No need
First-time buyers
10%
2.3%
9.4%
No real buying urgency
14%
Waited to see when prices would
stabilize
8.1%
Couldn't afford
8.1%
Waited until finances improved
18%
12%
5.4%
18%
Needed to save for down payment
3.3%
24%
Q. Why didn’t you buy a home sooner?
29
Most Buyers Feel their Home is Worth the Price Paid
No, price too
high 14%
No, price too
low 1.4%
Yes 85%
Q. Do you feel the home you purchased is worth the price you paid?
30
Majority of Buyers Found Home through Agent
Agent
55%
18%
Website
For sale sign
11%
Open house
8.5%
0%
Q. How did you find the home you purchased?
20%
40%
60%
31
Majority of Buyers Found Home through Agent
Agent
100%
90%
Website
For Sale Sign
3%
4%
13%
4%
3%
2%
16%
80%
Open House
3%
11%
37%
70%
9%
39%
60%
18%
50%
40%
30%
20%
10%
0%
80%
80%
61%
54%
2011
Q. How did you find the home you purchased?
2012
2013
2014
55%
2015
32
Buyers Plan to Keep Homes Longer
Average Years
25
20
20
15
10
8.8
6
5
0
2013
Q. How long do you plan to keep the property?
2014
2015
33
Buyers Optimistic About Long Term Direction of
Home Prices
Up
67%
71%
Flat
24%
13%
Down
3%
4%
Unsure
7%
11%
1 Year
5 Years
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?
34
Fewer Buyers Believe Prices Will Rise in 5 Years
Up in 1 Yr
Up in 5 Yrs
90%
81%
80%
71%
70%
60%
60%
46%
50%
40%
60%
41%
35%
30%
36%
20%
23%
21%
2010
2011
10%
0%
67%
52%
25%
8%
2009
2012
2013
2014
Q Do you think home prices in the neighborhood where you purchased will go up in one year, in five years?
2015
35
School Quality More Important to First-time
Buyers in Choosing a Neighborhood
Category
Safety
Walkability
Quality of schools
Entertainment/cultural activities nearby
Short commute to work
Great restaurants nearby
All Buyers
First-time
Repeat
8.3
6.5
6.1
5.9
5.6
5.5
8.3
6.9
7.2
6.4
6.8
6.0
8.2
6.3
5.8
5.8
5.4
5.5
Q Please rate the importance of the following in your decision to purchase a home in the neighborhood where you
purchased. (Scale 1-10, 1=not at all important, 10=extremely important)
36
Ideal Neighborhood is Suburban for 1/3 Buyers
34%
Suburban
Pedestrian-oriented (high walkability)
21%
Cul-de-sac
21%
Gated community
21%
19%
Rural
17%
Historic
15%
Urban pioneer (up & coming)
12%
Urban core (downtown)
11%
Resort area
5.6%
Ethnic
0%
5% 10% 15% 20% 25% 30% 35%
Q 21. Please select which of the following characteristics describe your ideal neighborhood. Select all that apply.
37
More First-time Buyers Prefer Ethnic
Neighborhood
Repeat buyers
First-time buyers
34%
34%
Suburban
21%
21%
Pedestrian-oriented (high walkability)
18%
19%
Rural
17%
17%
Historic
11%
10%
Resort area
3.7%
Ethnic
0%
8.2%
5% 10% 15% 20% 25% 30% 35%
Q 21. Please select which of the following characteristics describe your ideal neighborhood. Select all that apply.
38
Majority of Buyers are Satisfied with Purchase
Satisfied
12%
13%
Selected best house given
limited supply in desired
neighborhood
75%
Selected best house in
affordable neighborhood;
prices too high in
preferred neighborhood
Q Are you satisfied with the home you purchased or do you feel like you had to compromise?
39
Technology Use
40
Zillow & Realtor.com are Most Useful Websites in
Buying Process
33%
17%
13%
10%
Agent
10%
0%
5%
10%
15%
20%
Q. What was the single most useful website that you visited during your home buying process?
25%
30%
35%
41
Realtor.com & Zillow Most Useful Websites
Zillow
realtor.com
Brokerage
Redfin
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
2007
2008
2009
2010
2011
2012
Q. What was the single most useful website that you visited during your home buying process?
2013
2014
2015
42
Buyers Using Mobile
100%
90%
91%
85%
85%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2013
Q. Did you use a mobile device in the home buying process?
2014
2015
43
85% of Buyers Used Mobile Device in Buying Process
95%
28%
20%
14%
13%
10%
• Research homes
• Communicate
• Research neighborhoods
• Take photos of homes/amenities/neighborhoods
• Email
• Make calls
Q. How did you use your mobile device in the home buying process? N = 1269
44
Zillow is Most Useful App
16%
22%
40%
Q. What was the most useful app that you used during the home buying process?
45
Zillow Remains Most Useful App
Zillow
realtor.com
45%
40%
40%
35%
Trulia
34%
30%
25%
22%
22%
15%
16%
2014
2015
20%
15%
10%
5%
0%
Q. What was the most useful app that you used during the home buying process?
46
½ Buyers Who Found Home Online Found it on
Zillow or Redfin
29%
21%
13%
9.4%
0.0%
Q. On which website did you find your home?
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
47
Zillow Remains #1 Website where Buyers Found
Home
realtor.com
Zillow
Trulia
Redfin
35%
33%
33%
30%
28%
26%
25%
30%
28%
29%
26%
21%
20%
15%
17%
13%
10%
13%
12%
13%
9%
5%
5%
7%
0%
2011
Q. On which website did you find your home?
2012
2013
2014
2015
48
35% of Buyers use Social Media in Buying Process
35%
Home buying info
Buying tips, suggestions from friends
31%
Neighborhood info
30%
Agent referrals
27%
Agent's Facebook page
26%
Agents' YouTube
17%
0% 5% 10% 15% 20% 25% 30% 35% 40%
Q. How did you use social media (such as Facebook, Twitter, YouTube, etc.) in your home buying process?
49
Buying Tips & Neighborhood Info Remain Popular
on Social Media
Buying tips
200%
Neighborhood info
Agents' Facebook
Agent referals from friends
Agent videos
180%
160%
140%
120%
100%
80%
60%
40%
20%
0%
2011
2012
2013
2014
Q. How did you use social media (such as Facebook, Twitter, YouTube, etc.) in your home buying process?
2015
50
35% of Buyers Used Social Media in Buying
Process
30%
61%
36%
Q. Which social media websites did you use during your home buying process?
51
36% of Buyers Searched for Agent Ratings
14%
Zillow
10%
Yelp
9.1%
Trulia
0%
2%
4%
6%
8%
Q. On which agent rating sites did you search for your agent’s ratings?
10%
12%
14%
16%
52
28% of Buyers Rated their Agent Online
14%
Zillow
10%
Yelp
8.5%
Trulia
0%
2%
4%
6%
Q. On which agent rating sites did you rate your agent?
8%
10%
12%
14%
16%
53
Financing
54
More Buyers Obtained Financing
100%
80%
74%
77%
60%
40%
20%
0%
2014
2015
Q. Did you obtain financing for your home purchase?
55
Nearly ¼ Buyers Paid Cash
Cash, 23%
Financing 77%
Q. How did you pay for the home you purchased?
56
Most Cash Buyers Used Personal Savings or Proceeds
from Sale of Previous Residence
40%
Personal savings
Proceeds from sale of previous
residence
28%
Proceeds from sale/refi of another
property
18%
17%
Borrowed/gifted
Sale of personal assets
13%
Inheritance
12%
0% 5% 10% 15% 20% 25% 30% 35% 40%
Q. If all cash, where did the funds come from? N = 367
57
Most Cash Buyers Used Personal Savings or Proceeds
from Sale of Previous Residence
Repeat buyers
First-time buyers
34%
Personal savings
49%
Proceeds from sale of previous…
18%
Proceeds from sale/refi of another…
19%
16%
6.8%
Borrowed/gifted
33%
14%
11%
Sale of personal assets
7.5%
Inheritance
0%
Q. If all cash, where did the funds come from? N = 367
34%
10%
19%
20%
30%
40%
50%
58
Average Down Payment Remains Above 20%
Average
35%
30%
25%
20%
15%
10%
5%
0%
2009
2010
2011
2012
2013
Q. What was your down payment for the home purchased, in percent of the home value?
2014
2015
59
Most Buyers Obtain Fixed Rate Loans
Fixed 83%
Unsure 3.5%
Other 1.1%
Adjustable 13%
Q. What type of loan do you have?
60
Fixed Rate Loans Remain Majority
Fixed
Adjustable
100%
90%
15%
31%
16%
Other
7%
Unsure
8%
8%
13%
80%
70%
60%
50%
40%
79%
69%
84%
93%
91%
92%
83%
30%
20%
10%
0%
2009
2010
Q. What type of loan do you have?
2011
2012
2013
2014
2015
61
¾ Loans are for 30 Years
Unsure
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
15%
Other
13%
15 Year
15%
30 Year
14%
17%
85%
87%
85%
86%
75%
2011
Q. What was the duration of your loan?
2012
2013
2014
2015
62
Buyers Have Less Difficulty With Financing
Average
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
8.1
8.5
8.0
8.5
8.6
7.1
4.1
2009
2010
2011
2012
2013
2014
2015
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.
63
Repeat Buyers Have Less Difficulty Obtaining
Financing
Average
5.0
4.0
4.6
3.7
4.1
3.0
2.0
1.0
0.0
Repeat
First-time
All buyers
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.
64
Nearly 2/3 Buyers Think Interest Rates Have
Bottomed
No 37%
Yes 63%
Q. Do you think mortgage interest rates have bottomed?
65
BUYER/AGENT RELATIONSHIP
66
Most Buyers Find Agents through Relationship/Contacts
Relationships/Contacts
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Q. How did you find your real estate agent?
Advertising
Internet
Other
67
Majority of Buyers Interviewed > 1 Agent
45%
42%
40%
35%
30%
25%
17%
20%
12%
15%
9%
10%
4%
5%
3%
3%
4%
3%
3%
9
10
0%
1
2
3
4
5
6
7
# of Agents Interviewed
8
Q. How many agents did you interview prior to selecting the agent you used in your recent home purchase?
68
Buyers Continue Interviewing Multiple Agents
3.5
Average
3.0
2.5
2.0
3.2
3.1
2.8
2.3
2.3
2.4
2.5
2.5
2.4
2.4
2.2
2.2
1.8
1.5
1.0
0.5
0.0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Q. How many agents did you interview prior to selecting the agent you used in your recent home purchase?
69
Being Responsive is Important to Buyers in
Selecting an Agent
Seemed most reponsive
20%
Previously used agent
Trustworthy
10%
8%
Negotiating ability
8%
Knowledgeable/experienced
7%
Q. What was the single most important reason for selecting the agent that you used in your recent home purchase?.
70
Fewer Buyers Googling their Agent
80%
70%
60%
50%
40%
30%
20%
10%
0%
2007
2008
Q. Did you Google your agent?
2009
2010
2011
2012
2013
2014
2015
71
Agents Communicate According to Buyer
Preference
Preferred
49% 52%
22% 21%
12% 12%
Telephone
13% 13%
2% 2%
Email
Text Message
Q. What was your preferred method of communicating with your agent?
Q. How did your agent actually communicate with you?
In Person
Social media
Actual
72
Fewer Buyers Expect Instant Response from
Agents
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Q. What was the typical response time you expected from your agent to return any form of communication to you?
73
Agent Response Time Meets Buyer Expectations
Expected
Actual
60%
50%
42%
37%
40%
30%
29%
26%
20%
11% 12%
10%
16%
9.0%
10%
7%
0%
Instantly
Within 1 hr.
Within 2 hrs.
Within 4 hrs.
Within 1
business day
Q. On average, what was the actual response time of your agent to return any form of communication to you?
Q. What was the typical response time you expected from your agent to return any form of communication to you?
74
Agent Satisfaction Ratings Improve
-Average Ratings on 1-5 Scale -
2014
2015
Your real estate agent’s negotiating skills
3.4
4.3
Overall process of finding a home
3.3
4.1
Overall satisfaction with your real estate agent
3.3
4.4
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”.
75
Buyer Satisfaction Improves
Process of Finding a Home
Satisfaction with Agent
5
4.5
4
3.5
3
2.5
2
1.5
1
2005 2006 2007 2008 2009 2010
2011
2012
2013
2014
2015
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”.
76
Top 5 Reasons for Satisfaction With Agent
Q. Why do you have that level of satisfaction with your agent?
77
Reasons for Dissatisfaction With Agent
Q. Why do you have that level of satisfaction with your agent?
78
Most Buyers Would Work with Agent Again
Unsure
10%
2%
10%
3%
25%
30%
46%
3%
15%
No
22%
13%
Yes
6%
17%
11%
35%
11%
28%
26%
4%
11%
33%
12%
22%
4%
88%
87%
67%
50%
2004
2005
2006
2007
Q. Would you work with the same agent again?
61%
64%
2008 2009
85%
72%
2010
54%
60%
2011
2012
52%
2013
61%
2014
2015
79
Most Buyers Would Recommend Agent to Others
Unsure 4%
No 11%
Yes 85%
Q. Would you recommend your agent to others?
80
Buyers Need Most Agent Assistance in Negotiating
25%
Negotiate terms of sale
22%
Find the right home
18%
Price negotiation
15%
Paperwork
12%
Determine affordability
11%
Determine comps
0%
5%
10%
Q. In which part(s) of the transaction did you need the most assistance from your agent?
15%
20%
25%
81
Advice to Agents from Buyers
Communicate better (17%)
Communicate according to client preference (12%)
Negotiate better (9.3%)
Understand market better (9%)
Respond faster (7.6%)
Q. What advice would you give to real estate agents to improve the process or the level of service?
82
What Buyers Would Change About the Home
Buying Experience
1. I would have a better market understanding (14%)
2. Process would be faster & easier (9.1%)
3. I’d seek additional assistance with mortgage approval (7.5%)
4. Agent would negotiate better (6.7%)
5. Agent would respond faster (6.4%)
Q. If there was one thing you could change about the home buying experience, what would it be?
83
WHO IS THE 2014 BUYER?
Demographics
84
Typical CA Home Buyer
85
Typical CA Household
86
Percent of First-time Buyers Rebounds
54%
46%
38%
43%
42%
40%
25%25%
19%19%
15%
8% 7%
Q. Was this your first home purchase?
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
12%
87
Most Buyers have Not Experienced a Distressed Sale
Foreclosure 10%
Short sale 12%
Neither 78%
Q. Have you ever gone through a foreclosure or short sale?
88
79% of Distressed Sales Occurred After 2007
30
# of Distressed Sales
25
20
15
10
5
0
before
2008
2008
2009
2010
Year
Q. What year was the foreclosure or short sale?
2011
2012
2013
89
More Repeat Buyers Previously Under Water
23%
25%
20%
15%
12%
10%
4%
5%
0%
2013
2014
Q. Was the outstanding loan balance on your previous home higher than the sale price?
2015
90
Buyer Gender
Male
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Q. What is your gender?
Female
91
25-34
35-44
45-54
55-64
65+
2015
Under 25
2013
Majority of Buyers are Over 35
100%
80%
60%
40%
20%
Q. What is your age?
2014
2012
2011
2010
2009
2002
2003
2004
2005
2006
2007
2008
0%
92
Buyer Age Slightly Declines
Average Age
Median Age
60
50
40
30
20
10
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Q. What is your age?
93
Majority of Buyers are White
White
64%
Hispanic
15%
Asian
9%
Black
7%
Other
5%
0%
10%
20%
Q. How would you describe your ethnic background?
30%
40%
50%
60%
70%
94
Whites are Majority of Home Buyers
White
Black
Asian/Pacific Islander
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
*Source: U.S. Census Bureau 2013 American Community Survey
Q. How would you describe your ethnic background?
Hispanic
Other
95
Majority of Buyers are Married
Other 12%
Single 18%
married 70%
96
Married Buyers are the Majority
Married
Single
Other
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Q. What is your marital status?
97
More than Half of Buyers have College Degrees
Graduate
School
22%
4-Year
College
Grad
33%
Some
College
28%
High
School
16%
0%
5%
10%
15%
Q. What is the highest level of education you have completed?
20%
25%
30%
35%
98
Majority of Buyers are Well Educated
High School
Some College
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Q. What is the highest level of education you have completed?
College Grad
Post Grad
99
Majority of Buyers have Annual Household Income
> $75K
$200,000 +
16%
7%
$150,000-$199,999
$100,000-$149,999
19%
$75,000-$99,999
18%
$50-000-$74,999
22%
< $50,000
18%
0%
5%
10%
15%
Q. Which of the following categories best represents you total annual income from all sources?
20%
25%
100
Buyers’ Annual Household Income Declines
Under $50,000
$50-000-$74,999
$75,000-$99,999
$100,000-$149,999
$150,000-$199,999
$200,000 +
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Q. Which of the following categories best represents you total annual income from all sources?