2014 Profile of Home Buyers and Sellers Florida Report

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1 2014 Profile of Home and Sellers Report Prepared for: REALTORS Prepared by: NATIONAL ASSOCIATION OF REALTORS Research Division December Profile of Home and Sellers NATIONAL ASSOCIATION OF REALTORS

2 2014 Profile of Home and Sellers Report Table of Contents Introduction... 2 Highlights... 3 Methodology..6 Report Prepared by: Jessica Lautz Nadia Evangelou Brandi Snowden Profile of Home and Sellers NATIONAL ASSOCIATION OF REALTORS 1

3 2014 Profile of Home and Sellers Report Introduction For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS of recent primary residence home buyers and sellers helps to gain insight into detailed information about their experiences with this important transaction. The information provided supplies understanding, from the consumer level, of the trends that are transpiring and the changes seen. The survey covers information on demographics, housing characteristics and the experience of consumers in the housing market. and sellers also provide valuable information on the role that real estate professionals play in home sales transactions. continue to face tighter credit standards than seen in previous years. A notable finding from this year s report was the drop in first-time home buyers to a share not reported since in this year s report showed incomes of buyers continuing to increase and buyers this year more likely to have the financial capability to own more than one property. Additionally, there is a continuation of trends seen last year of an elevated share of married couples and suppressed levels of single buyers. Married couples who purchased a home have the advantage of more buying power and added financial stability their typical household incomes are higher than single households. Tightened inventory is affecting the home search process of buyers and the homes that buyers are purchasing. Due to suppressed inventory levels in many areas of the country, buyers are typically buying more expensive homes as prices increase. The number of weeks a buyer is searching fell in this year s report. Buyer s continue to report the most difficult task for them in the home buying process is just finding the right home to purchase. need the help of a real estate professional to help them find the right home for them, negotiate terms of sale, and help with price negotiations. Sellers, as well, turn to professionals to help market their home to potential buyers, sell within a specific timeframe, and price their home competitively. For-sale-by-owner sales remain at historic lows, while the use of the agent to sell the home stays at historic highs. Likewise on the buyer use of the agent is at historic highs as buyers purchasing directly from a previous owner or through a builder falls. This report provides real estate professionals with insights into the needs and expectations of their clients. What do consumers want when choosing a real estate professional? How do home buyers begin the process of searching for a home? Why do some sellers choose to forego the assistance of an agent? The answers to these questions, along with other findings in this report, will help real estate professionals better understand the housing market and also provide the information necessary to address the needs of America s real estate consumers Profile of Home and Sellers NATIONAL ASSOCIATION OF REALTORS 2

4 2014 Profile of Home and Sellers Report Highlights Characteristics of Home 24 percent of home buyers were first-time buyers in, compared to a national level of 33 percent, which is still at a suppressed level of the historical norm of 40 percent. Thirteen percent of buyers nationally purchased a multi-generational home due to children over the age of 18 moving back into the house, cost savings, and health and caretaking of aging parents. In this was 14 percent. In, the typical buyer was 54-years-old, while the typical first-time buyer was 33 and the typical repeat buyer was 59. Nationally the typical buyer was 44-years-old, while the typical first-time buyer was 31 and the typical repeat buyer was 53. The 2013 median household income of buyers was $84,500 nationally and $80,700 in. The median income was $68,300 among first-time buyers and $95,000 among repeat buyers nationally, and in this was $62,900 and $80,700 respectively. Sixty-five percent of recent home buyers were married couples. 67 percent of recent home buyers were married couples in. Nationally, for 24 percent of recent home buyers, the primary reason for the recent home purchase was a desire to own a home. Compared to at 20 percent of recent home buyers. Characteristics of Homes Purchased New home purchases continue to drag at a share of 16 percent of all recent home purchases on a national level. In, this share is 18 percent. The typical home purchased was 1,870 square feet in size, was built in 1993, and had three bedrooms and two bathrooms. In, the typical home purchased was 1,900 square feet, built in 1998, and also had three bedrooms and two bathrooms. Seventy-nine percent of home buyers purchased a detached single-family home nationally; in, that figure was 81 percent. Thirteen percent of recent buyers over the age of 50 bought a home in senior-related housing, and 21 percent over the age of 50 made a similar purchase in. When considering the purchase of a home, heating and cooling costs were at least somewhat important to 86 percent of buyers nationally and 81 percent in. Commuting costs were considered at least somewhat important by 70 percent of buyers nationally and 60 percent in. The Home Search Process For 43 percent of home buyers nationally, the first step in the home-buying process was looking online for properties and 12 percent of home buyers first looked online for information about the home buying process. In this was 40 percent for properties and 12 percent for information. Ninety-two percent of buyers used the internet in some way in their home search process and 50 percent of buyers use a mobile website or application in their home search nationally; and 91 percent of buyers used the internet in some way in their home search process and 12 percent of buyers use a mobile website or application in their home search in Profile of Home and Sellers NATIONAL ASSOCIATION OF REALTORS 3

5 Real estate agents were viewed as a useful information source by 98 percent of buyers who used an agent while searching for a home. In this share was 97 percent. The typical home buyer searched for 10 weeks and viewed 10 homes nationally; in this was also 10 weeks and 10 homes. Approximately nine in 10 recent buyers were at least somewhat satisfied with the home buying process. In, 87 percent of buyers were satisfied with the process. Home Buying and Real Estate Professionals Nationally, 88 percent of buyers purchased their home through a real estate agent or broker a share that has steadily increased from 69 percent in In, this share was 85 percent. Forty percent of buyers found their agent through a referral from a friend or family member nationally, and 35 percent in. Twelve percent used an agent they had used before to buy or sell a home nationally, with that figure being 10 percent in. Two-thirds of recent buyers only interviewed one agent before they found the agent they worked with, compared to at 54 percent. Eighty-eight percent of buyers nationally would use their agent again or recommend to others. 89 percent of buyers in would do the same. Financing the Home Purchase Eighty-eight percent of home buyers financed their recent home purchase on a national level and 77 percent in. Among those who financed their home purchase, nationally buyers typically financed 90 percent and in it was 91 percent. The share of first-time buyers who financed their home purchase was 95 percent compared to 84 percent of repeat buyers; in the share was 95 percent of first-time buyers and 71 percent of repeat buyers. Forty-six percent of home buyers reported they have made some sacrifices such as reducing spending on luxury items, entertainment or clothing. In 44 percent of home buyers reported they have made some sacrifices. Twenty-six percent of buyers reported the mortgage application and approval process was somewhat more difficult than expected nationally, and 25 percent of buyers reported the same thing in. Eighteen percent reported it was much more difficult than expected on a national level and 24 percent in. Twelve percent of buyers overall cited saving for a downpayment was the most difficult task in the home buying process. Among those buyers, 48 percent report credit card debt, 44 percent reported student loan debt, and 36 percent car loans delayed them saving from a downpayment. In, 8 percent of buyers cited saving for a downpayment was difficult and 36 percent reported student loans, 61 percent credit card debt and 39 percent car loans as getting in the way. Eight in ten buyers believe their home is a good financial investment. In 82 percent of buyers believe their home is a good financial investment. Home Sellers and Their Selling Experience The typical seller lived in their home for ten years, up from 2007 when the typical tenure in home was only six years. The median tenure has increased in recent years. In, the typical seller lived in their home for 11 years. Eighty-eight percent of sellers were assisted by a real estate agent when selling their home nationally; in, that figure was 87 percent. Recent sellers typically sold their homes for 97 percent of the listing price, and 45 percent reported they reduced the initial asking price at least once. In, sellers typically 2014 Profile of Home and Sellers NATIONAL ASSOCIATION OF REALTORS 4

6 sold their homes for 97 percent of the listing price and 50 percent reduced the asking price at least once. Seventeen percent of recent sellers had to delay or stall selling their home because the value of their home was worth less than their mortgage on a national level. This share was 15 percent in. Thirty-six percent of sellers offered incentives to attract buyers, most often assistance with home warranty policies and closing costs overall. In, 29 percent of sellers offered incentives. Home Selling and Real Estate Professionals Nationally, thirty-eight percent of sellers who used a real estate agent found their agents through a referral by friends or family, and 22 percent used the agent they worked with previously to buy or sell a home. In, 35 percent of sellers found their agent through a referral and 21 percent used the agent they had worked with previously. Seventy percent of home sellers, nationally, only contacted one agent before selecting the one to assist with their home sale, a trend that is also true in where 65 percent of sellers only contacted one agent. Ninety-one percent of sellers reported that their home was listed or advertised on the multiple listing (MLS) website overall and also 92 percent in. Among recent sellers who used an agent, 83 percent reported they would definitely (68 percent) or probably (15 percent) use that real estate agent again or recommend to others. In, 81 percent reported they would definitely (68 percent) or probably (13 percent) use the agent again. For-Sale-by-Owner (FSBO) Sellers The share of home sellers who sold their home without the assistance of a real estate agent was nine percent nationally, and twelve percent in. Forty-four percent overall and 33 percent in knew the buyer prior to home purchase. Among sellers who did not know the buyer of the home previously, 15 percent were contacted by a buyer they did not know to buy the home. In 8 percent were contacted by a buyer they did not know to buy the home. The primary reason that sellers choose to sell their home without the assistance of a real estate agent to a buyer they did not know was that they did not want to pay a fee or commission (47 percent nationally, 50 percent in ). FSBOs typically have a lower median selling price: $208,700 compared to $235,000. Thus, the typical agent-assisted home sale typically has a 13 percent higher sales price than the typical FSBO sale. In the median selling price of FSOB sales is $170,000 compared to agent-assisted sales at $230,000. Thus, in Cleveland the typical agentassisted home sale typically has a 35 percent higher sales price than the typical FSBO sale Profile of Home and Sellers NATIONAL ASSOCIATION OF REALTORS 5

7 Methodology In July 2014, NAR mailed out a 127-question survey using a random sample weighted to be representative of sales on a geographic basis to 72,206 recent home buyers. The recent home buyers had to have purchased a home between July of 2013 and June of A total of 6,572 responses were received from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 9.4 percent. For there were 460 responses, accounting for a response rate of 8.5 percent. Consumer names and addresses were obtained from Experian, a firm that maintains an extensive database of recent home buyers derived from county records. Information about sellers comes from those buyers who also sold a home. All information in this Profile is characteristic of the 12-month period ending June 2014, with the exception of income data, which are reported for In some sections comparisons are also given for results obtained in previous surveys. Not all results are directly comparable due to changes in questionnaire design and sample size. Some results are presented for the four Census regions: Northeast, Midwest, South and West. The median is the primary statistical measure used throughout this report. Due to rounding and omissions for space, percentage distributions may not add to 100 percent Profile of Home and Sellers NATIONAL ASSOCIATION OF REALTORS 6

8 2014 Profile of Home and Sellers Prepared by: NATIONAL ASSOCIATION OF REALTORS Research Division December 2014

9 CHARACTERISTICS OF HOME BUYERS Exhibit 1-1 AGE OF HOME BUYERS, BY REGION Exhibit 1-2 HOUSEHOLD INCOME OF HOME BUYERS, BY REGION, 2013 Exhibit 1-3 ADULT COMPOSITION OF HOME BUYER HOUSEHOLDS, Exhibit 1-4 NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOUSEHOLD Exhibit 1-5 HOME PURCHASED WAS A MULTI-GENERATIONAL HOME (WILL HOME ADULT SIBLINGS, ADULT CHILDREN, PARENTS, AND/OR GRANDPARENTS) Exhibit 1-6 RACE/ETHNICITY OF HOME BUYERS, BY REGION Exhibit 1-7 RACE/ETHNICITY OF HOME BUYERS, BY ADULT COMPOSITION OF HOUSEHOLD Exhibit 1-8 PRIMARY LANGUAGE SPOKEN IN HOME BUYER HOUSEHOLD, BY REGION Exhibit 1-9 NATIONAL ORIGIN OF HOME BUYERS, BY REGION Exhibit 1-10 FIRST-TIME HOME BUYERS Exhibit 1-11 FIRST-TIME HOME BUYERS, BY REGION Exhibit 1-12 FIRST-TIME AND REPEAT HOME BUYERS BY HOUSEHOLD TYPE Exhibit 1-13 FIRST-TIME AND REPEAT HOME BUYERS BY CHILDREN IN HOUSEHOLD Exhibit 1-14 AGE OF FIRST-TIME AND REPEAT BUYERS Exhibit 1-15 HOUSEHOLD INCOME OF FIRST-TIME AND REPEAT BUYERS, 2013 Exhibit 1-16 RACE/ETHNICITY OF FIRST-TIME AND REPEAT BUYERS Exhibit 1-17 PRIMARY LANGUAGE SPOKEN IN FIRST-TIME AND REPEAT BUYER HOUSEHOLDS Exhibit 1-18 NATIONAL ORIGIN OF FIRST-TIME AND REPEAT BUYERS Exhibit 1-19 PRIOR LIVING ARRANGEMENT OF FIRST-TIME AND REPEAT BUYERS Exhibit 1-20 PRIOR LIVING ARRANGEMENT, BY ADULT COMPOSITION OF HOUSEHOLD Exhibit 1-21 PRIMARY REASON FOR PURCHASING A HOME, FIRST-TIME AND REPEAT BUYERS Exhibit 1-22 PRIMARY REASON FOR PURCHASING A HOME, BY ADULT COMPOSITION OF HOUSEHOLD Exhibit 1-23 PRIMARY REASON FOR THE TIMING OF HOME PURCHASE, FIRST-TIME AND REPEAT BUYERS Exhibit 1-24 OTHER HOMES OWNED, BY AGE

10 CHARACTERISTICS OF HOME BUYERS Number of Total Respondents = 460 Exhibit 1-1 AGE OF HOME BUYERS, BY REGION BUYERS WHO PURCHASED A HOME IN THE Northeast Midwest South West 18 to 24 years 1% 3% 4% 5% 2% 2% 25 to 34 years to 44 years to 54 years to 64 years to 74 years years or older Median age (years)

11 CHARACTERISTICS OF HOME BUYERS Exhibit 1-2 HOUSEHOLD INCOME OF HOME BUYERS, BY REGION, 2013 BUYERS WHO PURCHASED A HOME IN THE Northeast Midwest South West Less than $25,000 4% 3% 3% 5% 3% 3% $25,000 to $34, $35,000 to $44, $45,000 to $54, $55,000 to $64, $65,000 to $74, $75,000 to $84, $85,000 to $99, $100,000 to $124, $125,000 to $149, $150,000 to $174, $175,000 to $199, $200,000 or more Median income (2013) $80,700 $84,500 $87,100 $77,700 $85,000 $88,700

12 CHARACTERISTICS OF HOME BUYERS Exhibit 1-3 ADULT COMPOSITION OF HOME BUYER HOUSEHOLDS, Married couple 67% Single female 18 Single male 10 Unmarried couple 5 Other Married couple 68% 59% 62% 61% 61% 62% 61% 60% 58% 64% 65% 66% 65% Single female Single male Unmarried couple Other % 70% 60% 68% 59% 62% 61% 61% 62% 61% 60% 58% 64% 65% 66% 65% 50% 40% 30% 20% 10% 0% Married couple Single female Single male Unmarried couple Other

13 CHARACTERISTICS OF HOME BUYERS Exhibit 1-4 NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOUSEHOLD (Percentage Distribution of Households) One 13% Two 13% Three or more 4% None 71% NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOUSEHOLD (Percentage Distribution of Households) WISC One, 13% Two, 13% None, 71% Three or more, 4% One 15% Two 14% Three or more 7% None 65% NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOUSEHOLD (Percentage Distribution of Households) One, 15% Two, 14% None, 65% Three or more, 7%

14 CHARACTERISTICS OF HOME BUYERS Exhibit 1-5 HOME PURCHASED WAS A MULTI-GENERATIONAL HOME (WILL HOME ADULT SIBLINGS, ADULT CHILDREN, PARENTS, AND/OR GRANDPARENTS) (Percent of Respondents) ADULT COMPOSITION OF HOUSEHOLD CHILDREN IN HOME Married couple Single female Single male Unmarried couple Children under 18 in home No children in home All Other Multi-generational household 14% 14% 13% 26% * 60% 17% 12% Reasons for purchase: Children over 18 moving back into the house 23% 28% 23% 10% * 25% 33% 18% Cost Savings * Health/Caretaking of aging parents * * * To spend more time with aging parents * * Other * ADULT COMPOSITION OF HOUSEHOLD CHILDREN IN HOME Married couple Single female Single male Unmarried couple Children under 18 in home No children in home All Other Multi-generational household 13% 13% 13% 16% 7% 40% 15% 12% Reasons for purchase: Cost Savings 24% 21% 24% 31% 36% 36% 24% 24% Children over 18 moving back into the house Health/Caretaking of aging parents To spend more time with aging parents * 15 7 Other `

15 CHARACTERISTICS OF HOME BUYERS Exhibit 1-6 RACE/ETHNICITY OF HOME BUYERS, BY REGION (Percent of Respondents) BUYERS WHO PURCHASED A HOME IN THE Northeast Midwest South West White/Caucasian 84% 85% 89% 90% 85% 77% Hispanic/Latino/Mexican/ Puerto Rican Asian/Pacific Islander Black/African-American Other Note: Respondents were permitted to select as many races and ethnicities as they felt applicable. The percentage distribution may therefore sum to more than 100 percent.

16 CHARACTERISTICS OF HOME BUYERS Exhibit 1-7 RACE/ETHNICITY OF HOME BUYERS, BY ADULT COMPOSITION OF HOUSEHOLD (Percent of Respondents) ADULT COMPOSITION OF HOUSEHOLD CHILDREN IN HOME All Married couple Single female Single male Unmarried couple Other Children under 18 in home No children in home White/Caucasian 84% 85% 80% 86% 87% 75% 73% 89% Black/African-American Hispanic/Latino * 16 6 Asian/Pacific Islander * * 2 1 Other * * * 2 1 * Less than 1 percent ADULT COMPOSITION OF HOUSEHOLD CHILDREN IN HOME All Married couple Single female Single male Unmarried couple Other Children under 18 in home No children in home White/Caucasian 85% 85% 85% 82% 85% 74% 79% 88% Hispanic/Latino/Mexican/ Puerto Rican Asian/Pacific Islander Black/African-American Other Note: Respondents were permitted to select as many races and ethnicities as they felt applicable. The percentage distribution may therefore sum to more than 100 percent.

17 CHARACTERISTICS OF HOME BUYERS Exhibit 1-8 PRIMARY LANGUAGE SPOKEN IN HOME BUYER HOUSEHOLD, BY REGION BUYERS WHO PURCHASED A HOME IN THE Northeast Midwest South West English 94% 96% 96% 97% 96% 94% Other

18 CHARACTERISTICS OF HOME BUYERS Exhibit 1-9 NATIONAL ORIGIN OF HOME BUYERS, BY REGION BUYERS WHO PURCHASED A HOME IN THE Northeast Midwest South West Born in 88% 89% 91% 94% 91% 83% Not born in

19 CHARACTERISTICS OF HOME BUYERS Exhibit 1-10 FIRST-TIME HOME BUYERS (Percent of all Home ) Year Percentage % % % % % % % % % % % % 2014 US 33% % 80% 75% 70% 65% 60% 55% 50% 45% 40% 35% 30% 25% 20% 42% 40% 40% 40% FIRST-TIME HOME BUYERS (Percent of all Home ) 36% 39% 41% 47% 50% 37% 39% 38% % 24%

20 CHARACTERISTICS OF HOME BUYERS Exhibit 1-11 FIRST-TIME HOME BUYERS, BY REGION (Percent of all Home ) 24% 33% Northeast 41% Midwest 36% South 30% West 32% 80% 75% 70% 65% 60% 55% 50% 45% 40% 35% 30% 25% 20% 24% FIRST-TIME HOME BUYERS, BY REGION (Percent of all Home ) 33% 41% 36% 30% 32% Northeast Midwest South West

21 CHARACTERISTICS OF HOME BUYERS Exhibit 1-12 FIRST-TIME AND REPEAT HOME BUYERS BY HOUSEHOLD TYPE (Percentage Distribution of Households) Married couple 54% Married couple 71% Single female 22% Single female 16% Single male 13% Single male 9% Unmarried couple 10% Unmarried Other, 2% Unmarried couple 4% Other 2% couple, 10% WISC Other 1% Single male, 13% FIRST-TIME HOME BUYERS Married couple, 54% Single male, 9% Single female, 16% REPEAT HOME BUYERS Unmarried couple, 4% Other, 1% Single female, 22% Married couple, 71% Married couple 54% Married couple 70% Single female 18% Single female 16% Single male 11% Single male 8% Unmarried couple 15% Other, 2% Unmarried couple 4% Unmarried Other 2% Other 2% couple, 15% Single male, 11% FIRST-TIME HOME BUYERS Married couple, 54% Single male, 8% Single female, 16% REPEAT HOME BUYERS Unmarried couple, 4% Other, 2% Single female, 18% Married couple, 70%

22 CHARACTERISTICS OF HOME BUYERS Exhibit 1-13 FIRST-TIME AND REPEAT HOME BUYERS BY CHILDREN IN HOUSEHOLD (Percentage Distribution of Households) FIRST-TIME HOME BUYERS One 20% One 10% Two 22% Two 10% Three or more 4% Three or more 4% None 55% None 76% WISC One, 20% REPEAT HOME BUYERS One, 10% Two, 10% None, 55% Two, 22% None, 76% Three or more, 4% Three or more, 4% FIRST-TIME HOME BUYERS One 63% One 66% Two 20% Two 12% Three or more 12% Three or more 15% None 6% None 7% Three or more, 12% None, 6% Three or more, 15% REPEAT HOME BUYERS None, 7% U. S. Two, 20% One, 63% Two, 12% One, 66%

23 CHARACTERISTICS OF HOME BUYERS Exhibit 1-14 AGE OF FIRST-TIME AND REPEAT BUYERS All First-time Repeat 18 to 24 years 1% 3% 0% 25 to 34 years to 44 years to 54 years to 64 years to 74 years years or older 6 * 8 Median age (years) Married couple Single female Single male Unmarried couple Other All First-time Repeat 18 to 24 years 3% 9% * 25 to 34 years to 44 years to 54 years to 64 years to 74 years years or older 4 * 6 Median age (years) Married couple Single female Single male Unmarried couple Other * Less than 1 percent

24 CHARACTERISTICS OF HOME BUYERS Exhibit 1-15 HOUSEHOLD INCOME OF FIRST-TIME AND REPEAT BUYERS, 2013 All First-time Repeat Less than $25,000 4% 4% 4% $25,000 to $34, $35,000 to $44, $45,000 to $54, $55,000 to $64, $65,000 to $74, $75,000 to $84, $85,000 to $99, $100,000 to $124, $125,000 to $149, $150,000 to $174, $175,000 to $199,999 2 * 3 $200,000 or more Median income (2013) $80,700 $62,900 $80,700 Married couple $93,000 $77,500 $98,100 Single female $54,500 $45,000 $63,800 Single male $65,000 $67,500 $63,800 Unmarried couple $55,000 $47,500 $55,000 Other $77,500 $65,000 $70,000 * Less than 1 percent All First-time Repeat Less than $25,000 3% 4% 3% $25,000 to $34, $35,000 to $44, $45,000 to $54, $55,000 to $64, $65,000 to $74, $75,000 to $84, $85,000 to $99, $100,000 to $124, $125,000 to $149, $150,000 to $174, $175,000 to $199, $200,000 or more Median income (2013) $84,500 $68,300 $95,000 Married couple $98,300 $79,400 $107,800 Single female $54,800 $47,900 $60,600 Single male $65,800 $60,100 $71,800 Unmarried couple $80,800 $68,300 $97,200 Other $63,500 $56,200 $80,700

25 CHARACTERISTICS OF HOME BUYERS Exhibit 1-16 RACE/ETHNICITY OF FIRST-TIME AND REPEAT BUYERS (Percent of Respondents) All First-time Repeat White/Caucasian 84% 71% 88% Black/African-American Asian/Pacific Islander Hispanic/Latino Other * Less than 1 percent All First-time Repeat White/Caucasian 85% 78% 88% Hispanic/Latino/Mexican/Pu Asian/Pacific Islander Black/African-American Other Note: Respondents were permitted to select as many races and ethnicities as they felt applicable. The percentage distribution may therefore sum to more than 100 percent.

26 CHARACTERISTICS OF HOME BUYERS Exhibit 1-17 PRIMARY LANGUAGE SPOKEN IN FIRST-TIME AND REPEAT BUYER HOUSEHOLDS All First-time Repeat English 94% 90% 96% Other All First-time Repeat English 96% 92% 97% Other 4 8 2

27 CHARACTERISTICS OF HOME BUYERS Exhibit 1-18 NATIONAL ORIGIN OF FIRST-TIME AND REPEAT BUYERS All First-time Repeat Born in 88% 84% 90% Not born in All First-time Repeat Born in 89% 86% 9% Not born in

28 CHARACTERISTICS OF HOME BUYERS Exhibit 1-19 PRIOR LIVING ARRANGEMENT OF FIRST-TIME AND REPEAT BUYERS All First-time Repeat Rented an apartment or house 41% 75% 30% Owned previous residence Lived with parents, relatives or friends Rented the home buyer ultimately purchased * Less than 1 percent All First-time Repeat Rented an apartment or house 42% 75% 26% Owned previous residence Lived with parents, relatives or friends Rented the home buyer ultimately purchased Note: After selling their previous home, buyers may have rented a home or apartment before purchasing their next home. A first-time buyer could have acquired ownership of their previous home (as an inheritance or gift, for example) without having been the buyer of the home. Thus, a first-time buyer could have owned a home prior to their first home purchase.

29 CHARACTERISTICS OF HOME BUYERS Exhibit 1-20 PRIOR LIVING ARRANGEMENT, BY ADULT COMPOSITION OF HOUSEHOLD All Married couple Single female Single male Unmarried couple Other CHILDREN IN HOME Children No under 18 children in home in home Rented an apartment or house 41% 40% 41% 42% 48% 80% 53% 36% Owned previous residence Lived with parents, relatives or friends * 11 7 Rented the home buyer ultimately purchased 2 2 * 2 * * 2 1 All Married couple Single female Single male Unmarried couple Other CHILDREN IN HOME Children No under 18 children in home in home Rented an apartment or house 42% 40% 43% 46% 56% 49% 45% 41% Owned previous residence Lived with parents, relatives or friends Rented the home buyer ultimately purchased * 2 1 * Less than 1 percent Note: After selling their previous home, buyers may have rented a home or apartment before purchasing their next home. A first-time buyer could have acquired ownership of their previous home (as an inheritance or gift, for example) without having been the buyer of the home. Thus, a first-time buyer could have owned a home prior to their first home purchase. ADULT COMPOSITION OF HOUSEHOLD ADULT COMPOSITION OF HOUSEHOLD

30 CHARACTERISTICS OF HOME BUYERS Exhibit 1-21 PRIMARY REASON FOR PURCHASING A HOME, FIRST-TIME AND REPEAT BUYERS All First-time Repeat Desire to own a home 20% 37% 10% Job-related relocation or move 4 * 7 Desire for larger home 4 * 7 Desire to be closer to family/friends/relatives 2 * 3 Change in family situation * * * Desire for a home in a better area Retirement 8 * 13 Affordability of homes Tax benefits 6 16 * Desire to be closer to job/school/transit 2 * 3 Greater choice of homes on the market * * * Desire for smaller home 2 * 3 Desire for a newly built or custom-built home 2 * 3 Establish household * * * Financial security 2 5 * Purchased home for family member or relative * * * Desire for vacation home/investment property 2 * 3 Other All First-time Repeat Desire to own a home of my own 24% 53% 9% Job-related relocation or move Desire for a home in a better area Change in family situation Desire for larger home Affordability of homes Desire to be closer to family/friends/relatives Retirement 3 * 5 Establish a household Desire for smaller home 3 * 4 Financial security Desire for a newly built or custom-built home Tax benefits Desire to be closer to job/school/transit Greater number of homes on the market for sale/better choice * * * Other * Less than 1 percent

31 CHARACTERISTICS OF HOME BUYERS Exhibit 1-22 PRIMARY REASON FOR PURCHASING A HOME, BY ADULT COMPOSITION OF HOUSEHOLD All ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Other CHILDREN IN HOME Children No under 18 children in home in home Desire to own a home 20% 13% 50% 33% 17% * 29% 18% Job-related relocation or move 4 7 * * * * 7 3 Desire for larger home 4 7 * * * * 7 3 Desire to be closer to family/friends/relatives 2 3 * * * * * 3 Change in family situation * * * * * * * * Desire for a home in a better area 6 10 * * * * 14 3 Retirement * * * * 12 Affordability of homes 6 10 * * * * 7 6 Tax benefits * * * * 9 Desire to be closer to job/school/transit 2 3 * * * * 7 * Greater choice of homes on the market * * * * * * * * Desire for smaller home 2 3 * * * * * 3 Desire for a newly built or custom-built home 2 3 * * * * * 3 Establish household * * * * * * * * Financial security 2 * * 17 * * * 3 Purchased home for family member or relative * * * * * * * * Desire for vacation home/investment property 2 3 * * * * * * Other * All Married couple Single female Single male Unmarried couple Other CHILDREN IN HOME Children No under 18 children in home in home Desire to own a home of my own 24% 19% 37% 23% 48% 41% 23% 25% Job-related relocation or move * 12 7 Desire for a home in a better area Change in family situation (e.g. marriage, birth of child, d Desire for larger home 7 9 * * 4 * 14 2 Affordability of homes Desire to be closer to family/friends/relatives * 2 4 Retirement * * * 5 Establish a household 3 4 * * 4 * 2 4 Desire for smaller home 3 4 * * * * 1 4 Financial security * 1 4 Desire for a newly built or custom-built home Tax benefits * Desire to be closer to job/school/transit 2 2 * * * * 4 1 Greater number of homes on the market for sale/better c * * 2 * * * * * Other * Less than 1 percent ADULT COMPOSITION OF HOUSEHOLD

32 CHARACTERISTICS OF HOME BUYERS Exhibit 1-23 PRIMARY REASON FOR THE TIMING OF HOME PURCHASE, FIRST-TIME AND REPEAT BUYERS It was just the right time, the buyer was ready to buy a home It was the best time because of affordability of homes First-time Repeat All 47% 51% 45% Did not have much choice, had to purchase It was the best time because of availability of homes for sale It was the best time because of mortgage financing options available Other The buyer wished they had waited 0 * 0 All First-time Repeat It was just the right time for me, I was ready to 48% 56% 43% buy a home I did not have much choice, I had to purchase when I did It was the best time for me because of affordability of homes It was the best time for me because of mortgage financing options available It was the best time for me because of availability of homes for sale Other I wish I had waited 1 1 2

33 CHARACTERISTICS OF HOME BUYERS Exhibit 1-24 OTHER HOMES OWNED, BY AGE AGE OF HOME BUYER All 18 to to to or older Recently purchased home only 77% 100% 82% 74% 75% One or more vacation homes 4 * One or more investment properties 11 * Primary residence 3 * Previous homes that buyer is trying to sell Other 3 * AGE OF HOME BUYER All 18 to to to or older Recently purchased home only 79% 95% 84% 74% 74% One or more investment properties Previous homes that buyer is trying to sell 5 * Primary residence One or more vacation homes 4 * Other 2 * * Less than 1 percent

34 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-1 NEW AND PREVIOUSLY OWNED HOMES PURCHASED, Exhibit 2-2 NEW AND PREVIOUSLY OWNED HOMES PURCHASED, BY REGION Exhibit 2-3 WHY NEW AND PREVIOUSLY OWNED HOMES PURCHASED Exhibit 2-4 TYPE OF HOME PURCHASED, BY LOCATION Exhibit 2-5 TYPE OF HOME PURCHASED BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES Exhibit 2-6 TYPE OF HOME PURCHASED, BY ADULT COMPOSITION OF HOUSEHOLD Exhibit 2-7 LOCATION OF HOME PURCHASED, BY REGION Exhibit 2-8 LOCATION OF HOME PURCHASED BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES Exhibit 2-9 LOCATION OF HOME PURCHASED VERSUS LOCATION OF HOME SOLD Exhibit 2-10 SENIOR RELATED HOUSING BY TYPE OF HOME PURCHASED AND LOCATION Exhibit 2-10 DISTANCE BETWEEN HOME PURCHASED AND PREVIOUS RESIDENCE Exhibit 2-11 FACTORS INFLUENCING NEIGHBORHOOD CHOICE, BY LOCATION Exhibit 2-12 FACTORS INFLUENCING NEIGHBORHOOD CHOICE, BY ADULT COMPOSITION OF HOUSEHOLD AND CHILDREN IN HOUSHOLD Exhibit 2-13 PRICE OF HOME PURCHASED, BY REGION Exhibit 2-14 PRICE OF HOME PURCHASED, NEW AND PREVIOUSLY OWNED HOMES Exhibit 2-15 PRICE OF HOME PURCHASED, FIRST-TIME AND REPEAT BUYERS Exhibit 2-16 PURCHASE PRICE COMPARED WITH ASKING PRICE, BY REGION Exhibit 2-17 SIZE OF HOME PURCHASED, FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES Exhibit 2-18 SIZE OF HOME PURCHASED, BY ADULT COMPOSITION OF HOUSEHOLD Exhibit 2-19 HOME SIZE AND PRICE PER SQUARE FOOT, BY REGION Exhibit 2-20 NUMBER OF BEDROOMS AND BATHROOMS, BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES Exhibit 2-21 NUMBER OF BEDROOMS AND BATHROOMS, BY ADULT HOUSEHOLD COMPOSITION AND CHILDREN IN HOUSEHOLD Exhibit 2-22 YEAR HOME BUILT, BY REGION Exhibit 2-23 IMPORTANCE OF COMMUTING COSTS Exhibit 2-24 IMPORTANCE OF HOME'S ENVIRONMENTALLY FRIENDLY FEATURES Exhibit 2-25 ENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED "VERY IMPORTANT", BY REGION Exhibit 2-26 Exhibit 2-27 Exhibit 2-28 Exhibit 2-29 Exhibit 2-30 Exhibit 2-31 Exhibit 2-32 Exhibit 2-33 ENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED "VERY IMPORTANT", BY YEAR HOME WAS BUILT CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED, BY LOCATION CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED, FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED, BY ADULT COMPOSITION OF HOUSEHOLD EXPECTED LENGTH OF TENURE IN HOME PURCHASED, FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES EXPECTED LENGTH OF TENURE IN HOME PURCHASED, BY AGE FACTORS THAT COULD CAUSE BUYER TO MOVE, BY AGE FACTORS THAT COULD CAUSE BUYER TO MOVE, BY ADULT COMPOSITION OF HOUSEHOLD

35 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-1 NEW AND PREVIOUSLY OWNED HOMES PURCHASED, NEW AND PREVIOUSLY OWNED HOMES PURCHASED 100% Previously New Owned % 82% 80% 60% 82% 40% 20% 18% 0% 2014 New Previously Owned New Previously Owned % 79% % 72% % 79% % 77% % 78% % 77% % 79% % 82% % 85% % 84% % 84% % 84% % 84% 100% 80% 60% 40% 20% 0% 21% 79% 28% 72% NEW AND PREVIOUSLY OWNED HOMES PURCHASED 79% 77% 78% 77% 79% 21% 23% 22% 23% 21% 18% 82% 85% 84% 84% 84% 84% 15% 16% 16% 16% 16% New Previously Owned

36 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-2 NEW AND PREVIOUSLY OWNED HOMES PURCHASED, BY REGION BUYERS WHO PURCHASED A HOME IN THE Northeast Midwest South West New 18% 16% 8% 9% 21% 16% Previously Owned

37 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-3 WHY NEW AND PREVIOUSLY OWNED HOMES PURCHASED (Percent of Respondents) New Home: 18% Avoid renovations or problems with plumbing or electricity 40% Ability to choose and customize design features 25 Amenities of new home construction communities 20 Lack of inventory of previously owned home 8 Green/energy efficiency 6 Other 12 Previously Owned Home: 82% Better price 32% Better overall value 36 More charm and character 13 Lack of inventory of new homes 9 Other 12 New Home: 16% Avoid renovations or problems with plumbing or electricity 40% Ability to choose and customize design features 24 Amenities of new home construction communities 17 Lack of inventory of previously owned home 10 Green/energy efficiency 9 Other 15 Previously Owned Home: 84% Better price 32% Better overall value 32 More charm and character 19 Lack of inventory of new homes 9 Other 14

38 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-4 TYPE OF HOME PURCHASED, BY LOCATION All Suburb/ Subdivision Small town Urban/ Central city Rural area Resort/ Recreation area Detached single-family home 81% 84% 76% 81% 82% 68% Townhouse/row house Apartment/condo in building with 5 or more units Duplex/apartment/condo in 2 to * 5 4 unit building Other * Less than 1 percent BUYERS WHO PURCHASED A HOME IN A All Suburb/ Subdivision Small town Urban/ Central city Rural area Resort/ Recreation area Detached single-family home 79% 83% 82% 61% 83% 67% Townhouse/row house Apartment/condo in building with 5 or more units Duplex/apartment/condo in 2 to * 4 4 unit building Other * Less than 1 percent BUYERS WHO PURCHASED A HOME IN A

39 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-5 TYPE OF HOME PURCHASED BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES All First-time Repeat New Homes BUYERS OF Previously Owned Homes Detached single-family home 81% 81% 81% 89% 79% Townhouse/row house Apartment/condo in building with 5 or more units * 7 Duplex/apartment/condo in 2 to 4 unit building * 2 Other * Less than 1 percent All First-time Repeat New Homes BUYERS OF Previously Owned Homes Detached single-family home 79% 75% 81% 84% 78% Townhouse/row house Apartment/condo in building with 5 or more units Duplex/apartment/condo in 2 to 4 unit building Other

40 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-6 TYPE OF HOME PURCHASED, BY ADULT COMPOSITION OF HOUSEHOLD All Married couple Single female Single male Unmarried couple Other Children under 18 in home No children in home Detached single-family home 81% 90% 62% 63% 65% 80% 90% 78% Townhouse/row house * 5 5 Apartment/condo in building with 5 or more units * 2 7 Duplex/apartment/condo in 2 to 4 unit building * 20 * 3 Other * 4 8 * Less than 1 percent ADULT COMPOSITION OF HOUSEHOLD CHILDREN IN HOME All ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Other CHILDREN IN HOME Children under 18 in home No children in home Detached single-family home 79% 85% 62% 67% 77% 73% 87% 74% Townhouse/row house Apartment/condo in building with 5 or more units Duplex/apartment/condo in 2 to 4 unit building Other

41 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-7 LOCATION OF HOME PURCHASED, BY REGION BUYERS WHO PURCHASED A HOME IN THE U.S Northeast Midwest South West Suburb/Subdivision 51% 79% 75% 79% 82% 75% Small town Urban area/central city Rural area Resort/Recreation area

42 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-8 LOCATION OF HOME PURCHASED BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES All First-time Repeat New Homes BUYERS OF Previously Owned Homes Suburb/Subdivision 51% 51% 51% 71% 47% Small town Urban area/central city Rural area Resort/Recreation area All First-time Repeat New Homes BUYERS OF Previously Owned Homes Suburb/Subdivision 50% 46% 52% 63% 48% Small town Urban area/central city Rural area Resort/Recreation area

43 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-9 LOCATION OF HOME PURCHASED VERSUS LOCATION OF HOME SOLD (Percentage Distribution Among those that Sold a Home) LOCATION OF HOME SOLD Suburb/ Subdivision LOCATION OF HOME PURCHASED Small town Urban/ Central city Rural area Resort/ Recreation area Suburb/Subdivision 60% 1% 7% 1% 1% Small town * Urban area/central city * * Rural area 4 1 * * 1 Resort/Recreation area 1 * * * * LOCATION OF HOME SOLD Suburb/ Subdivision LOCATION OF HOME PURCHASED Small town Urban/ Central city Rural area Resort/ Recreation area Suburb/Subdivision 36% 7% 3% 4% 2% Small town Urban area/central city * Rural area * Resort/Recreation area 1 * * * 1 * Less than 1 percent

44 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-10 SENIOR RELATED HOUSING BY TYPE OF HOME PURCHASED AND LOCATION All buyers over 50 Share who purchased a home in senior related housing 21% over 50 who purchased senior related housing: Type of home purchased Detached single-family home 69% Townhouse/row house 2 Apartment/condo in building with 5 or more units 7 Duplex/apartment/condo in 2 to 4 unit building 11 Other 11 Location Suburb/ Subdivision 46% Small town 17 Urban/ Central city 9 Rural area * Resort/ Recreation area 28 All buyers over 50 Share who purchased a home in senior related housing 13% over 50 who purchased senior related housing: Type of home purchased Detached single-family home 59% Townhouse/row house 8 Apartment/condo in building with 5 or more units 12 Duplex/apartment/condo in 2 to 4 unit building 9 Other 13 Location Suburb/ Subdivision 48% Small town 20 Urban/ Central city 12 Rural area 6 Resort/ Recreation area 14

45 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-10 DISTANCE BETWEEN HOME PURCHASED AND PREVIOUS RESIDENCE (Median Miles) Miles Northeast 10 Midwest 10 South 15 West DISTANCE BETWEEN HOME PURCHASED AND PREVIOUS RESIDENCE (Median Miles) Northeast Midwest South West

46 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-11 FACTORS INFLUENCING NEIGHBORHOOD CHOICE, BY LOCATION (Percent of Respondents) All BUYERS WHO PURCHASED A HOME IN A Suburb/ Subdivision Small town Urban/ Central city Rural area Resort/ Recreation area Quality of the neighborhood 69% 75% 65% * 52% 64% Convenient to job Overall affordability of homes * 33 Convenient to friends/family Quality of the school district * Design of neighborhood Convenient to shopping Convenient to schools Convenient to entertainment/leisure activities * Convenient to parks/recreational facilities Availability of larger lots or acreage * * 7 Convenient to health facilities Home in a planned community Convenient to public transportation Convenient to airport Other * Less than 1 percent All BUYERS WHO PURCHASED A HOME IN A Suburb/ Subdivision Small town Urban/ Central city Rural area Resort/ Recreation area Quality of the neighborhood 69% 77% 65% 64% 48% 64% Convenient to job Overall affordability of homes Convenient to friends/family Convenient to shopping Quality of the school district Design of neighborhood Convenient to entertainment/leisure activities Convenient to schools Convenient to parks/recreational facilities Availability of larger lots or acreage Convenient to health facilities Home in a planned community Convenient to public transportation Convenient to airport Other

47 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-12 FACTORS INFLUENCING NEIGHBORHOOD CHOICE, BY ADULT COMPOSITION OF HOUSEHOLD AND CHILDREN IN HOUSHOLD (Percent of Respondents) All Married couple Single female Single male Unmarried couple Other CHILDREN IN HOME Children No under 18 children in home in home Quality of the neighborhood 69% 72% 63% 63% 74% 60% 71% 69% Convenient to job * Overall affordability of homes Convenient to friends/family Quality of the school district * 54 7 Design of neighborhood Convenient to shopping Convenient to schools Convenient to entertainment/leisure activities Convenient to parks/recreational facilities * Availability of larger lots or acreage Convenient to health facilities Home in a planned community * Convenient to public transportation * 3 3 Convenient to airport * Other * * 3 7 * Less than 1 percent All ADULT COMPOSITION OF HOUSEHOLD ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Other CHILDREN IN HOME Children No under 18 children in home in home Quality of the neighborhood 69% 70% 68% 63% 68% 67% 71% 69% Convenient to job Overall affordability of homes Convenient to friends/family Convenient to shopping Quality of the school district Design of neighborhood Convenient to entertainment/leisure activities Convenient to schools Convenient to parks/recreational facilities Availability of larger lots or acreage Convenient to health facilities Home in a planned community Convenient to public transportation Convenient to airport Other

48 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-13 PRICE OF HOME PURCHASED, BY REGION BUYERS WHO PURCHASED A HOME IN THE Northeast Midwest South West Less than $75,000 9% 6% 5% 10% 6% 2% $75,000 to $99, $100,000 to $124, $125,000 to $149, $150,000 to $174, $175,000 to $199, $200,000 to $249, $250,000 to $299, $300,000 to $349, $350,000 to $399, $400,000 to $499, $500,000 or more Median price $190,000 $216,000 $219,000 $167,000 $207,000 $280,000

49 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-14 PRICE OF HOME PURCHASED, NEW AND PREVIOUSLY OWNED HOMES All New Home Previously Owned Home Less than $75,000 9% 3% 10% $75,000 to $99,999 6 * 7 $100,000 to $124, $125,000 to $149, $150,000 to $174, $175,000 to $199, $200,000 to $249, $250,000 to $299, $300,000 to $349, $350,000 to $399, $400,000 to $499, $500,000 or more Median price $190,000 $255,050 $179,500 * Less than 1 percent BUYERS WHO PURCHASED A BUYERS WHO PURCHASED A All New Home Previously Owned Home Less than $75,000 6% 1% 6% $75,000 to $99, $100,000 to $124, $125,000 to $149, $150,000 to $174, $175,000 to $199, $200,000 to $249, $250,000 to $299, $300,000 to $349, $350,000 to $399, $400,000 to $499, $500,000 or more Median price $216,000 $277,200 $200,000

50 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-15 PRICE OF HOME PURCHASED, FIRST-TIME AND REPEAT BUYERS All First-time Repeat Less than $75,000 9% 12% 8% $75,000 to $99, $100,000 to $124, $125,000 to $149, $150,000 to $174, $175,000 to $199, $200,000 to $249, $250,000 to $299, $300,000 to $349, $350,000 to $399, $400,000 to $499, $500,000 or more 5 * 6 Median price $190,000 $149,400 $219,000 Married couple $137,250 $167,900 $235,000 Single female $177,000 $129,000 $155,000 Single male $154,250 $171,250 $177,000 Unmarried couple $89,900 $111,500 $207,000 Other $169,700 $76,000 $89,900 * Less than 1 percent All First-time Repeat Less than $75,000 6% 9% 4% $75,000 to $99, $100,000 to $124, $125,000 to $149, $150,000 to $174, $175,000 to $199, $200,000 to $249, $250,000 to $299, $300,000 to $349, $350,000 to $399, $400,000 to $499, $500,000 or more Median price $216,000 $169,000 $240,000 Married couple $240,000 $185,000 $260,000 Single female $153,600 $135,000 $170,400 Single male $173,700 $161,500 $182,400 Unmarried couple $186,600 $155,000 $240,000 Other $187,000 $141,500 $233,300

51 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-16 PURCHASE PRICE COMPARED WITH ASKING PRICE, BY REGION BUYERS WHO PURCHASED A HOME IN THE Percent of asking price: Northeast Midwest South West Less than 90% 13% 10% 15% 12% 10% 6% 90% to 94% % to 99% % % to 110% More than 110% Median (purchase price as a percent of asking price) 97% 98% 97% 97% 98% 99%

52 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-17 SIZE OF HOME PURCHASED, FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES All First-time Repeat New Homes BUYERS OF Previously Owned Homes 1,000 sq ft or less 1% 1% 0% * 1% 1,001 to 1,500 sq ft ,501 to 2,000 sq ft ,001 to 2,500 sq ft ,501 to 3,000 sq ft ,001 to 3,500 sq ft ,501 sq ft or more Median (sq ft) 1,900 1,700 1,960 2,150 1,830 All First-time Repeat New Homes Previously Owned Homes 1,000 sq ft or less 1% 2% * * 1% 1,001 to 1,500 sq ft ,501 to 2,000 sq ft ,001 to 2,500 sq ft ,501 to 3,000 sq ft ,001 to 3,500 sq ft ,501 sq ft or more Median (sq ft) 1,870 1,570 2,030 2,200 1,800 * Less than 1 percent BUYERS OF

53 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-18 SIZE OF HOME PURCHASED, BY ADULT COMPOSITION OF HOUSEHOLD All Married couple ADULT COMPOSITION OF HOUSEHOLD Single female Single male Unmarried couple Other CHILDREN IN HOME Children No under 18 children in home in home 1,000 sq ft or less 1% * 1% 3% * * * 1% 1,001 to 1,500 sq ft * ,501 to 2,000 sq ft ,001 to 2,500 sq ft ,501 to 3,000 sq ft ,001 to 3,500 sq ft * * * 6 7 3,501 sq ft or more * * 10 3 Median (sq ft) 1,900 2,000 1,610 1,670 1,710 2,000 1,980 1,900 All Married couple Single female Single male Unmarried couple Other CHILDREN IN HOME Children No under 18 children in home in home 1,000 sq ft or less 1% * 2% 3% * * * 1% 1,001 to 1,500 sq ft ,501 to 2,000 sq ft ,001 to 2,500 sq ft ,501 to 3,000 sq ft ,001 to 3,500 sq ft ,501 sq ft or more Median (sq ft) 1,870 2,090 1,500 1,570 1,640 1,800 2,170 1,740 * Less than 1 percent ADULT COMPOSITION OF HOUSEHOLD

54 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-19 HOME SIZE AND PRICE PER SQUARE FOOT, BY REGION (Median) BUYERS WHO PURCHASED A HOME IN THE Northeast Midwest South West All homes purchased Square feet 1,900 1,870 1,700 1,800 2,000 1,780 Price per square foot $104 $110 $130 $95 $100 $145 Detached single-family home Square feet 2,000 2,000 1,800 1,900 2,100 2,000 Price per square foot $106 $110 $125 $95 $100 $140 Townhouse or row house Square feet 1,550 1,600 1,700 1,460 1,700 1,500 Price per square foot $98 $140 $130 $100 $135 $250 Duplex/apartment/condo in 2-4 unit building Square feet 1,950 1,600 1,400 1,700 1,790 1,340 Price per square foot $106 $105 $160 $100 $115 $135 Apartment/condo in building with 5 or more units Square feet 1,440 1,200 1,140 1,300 1,300 1,090 Price per square foot $86 $170 $225 $120 $140 $290

55 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-20 NUMBER OF BEDROOMS AND BATHROOMS, BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES All First-time Repeat New Homes BUYERS OF Previously Owned Homes One bedroom 1% 2% 1% * 1% Two bedrooms Three bedrooms or more Median number of bedrooms One full bathroom * 5 Two full bathrooms Three full bathrooms or more Median number of full bathrooms All First-time Repeat New Homes BUYERS OF Previously Owned Homes One bedroom 2% 3% 1% * 2% Two bedrooms Three bedrooms or more Median number of bedrooms One full bathroom Two full bathrooms Three full bathrooms or more Median number of full bathrooms

56 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-21 NUMBER OF BEDROOMS AND BATHROOMS, BY ADULT HOUSEHOLD COMPOSITION AND CHILDREN IN HOUSEHOLD All Married couple ADULT COMPOSITION OF HOUSEHOLD Single female Single male Unmarried couple Other CHILDREN IN HOME Children under 18 in home No children in home One bedroom 1% 0% 4% 2% * * * 2% Two bedrooms * 8 24 Three bedrooms or more Median number of bedrooms One full bathroom Two full bathrooms Three full bathrooms or more * Median number of full bathrooms All Married couple Single female Single male Unmarried couple Other CHILDREN IN HOME Children No under 18 children in home in home One bedroom 2% * 5% 4% 2% 4% * 2% Two bedrooms Three bedrooms or more Median number of bedrooms One full bathroom Two full bathrooms Three full bathrooms or more Median number of full bathrooms * Less than 1 percent ADULT COMPOSITION OF HOUSEHOLD

57 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-22 YEAR HOME BUILT, BY REGION (Median) BUYERS WHO PURCHASED A HOME IN THE Northeast Midwest South West % 16% 8% 9% 22% 16% 2012 through through through through through through or earlier Median

58 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-23 IMPORTANCE OF COMMUTING COSTS IMPORTANCE OF COMMUTING COSTS Very Important 27% Somewhat Important 33% Not Important 40% Not Important, 40% Very Important, 27% Somewhat Important, 33% Very Important 32% Somewhat Important 38% Not Important 30% Not Important, 30% IMPORTANCE OF COMMUTING COSTS Very Important, 32% Somewhat Important, 38%

59 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-24 IMPORTANCE OF HOME'S ENVIRONMENTALLY FRIENDLY FEATURES Very Important Somewhat Important Not Important Heating and cooling costs 31% 50% 19% Energy efficient appliances Energy efficient lighting Landscaping for energy conservation Environmentally friendly community features Solar panels installed on home IMPORTANCE OF HOME'S ENVIRONMENTALLY FRIENDLY FEATURES Heating and cooling costs Energy efficient appliances Energy efficient lighting Landscaping for energy conservation Environmentally friendly community features Solar panels installed on home 2% 12% 14% 11% 24% 23% 31% 36% 32% 44% 43% 50% 82% 52% 49% 32% 34% 19% 0% 20% 40% 60% 80% 100% Very Important Somewhat Important Not Important IMPORTANCE OF HOME'S ENVIRONMENTALLY FRIENDLY FEATURES Very Important Somewhat Important Not Important Heating and cooling costs 36% 50% 15% Energy efficient appliances Energy efficient lighting Landscaping for energy conservation Environmentally friendly community features Solar panels installed on home Heating and cooling costs Energy efficient appliances Energy efficient lighting Landscaping for energy conservation Environmentally friendly community features 36% 23% 22% 10% 14% 36% 33% 45% 44% 50% 54% 53% 32% 34% 15% Solar panels installed on home 2% 9% 89% 0% 20% 40% 60% 80% 100% Very Important Somewhat Important Not Important A26 - How important were the following when you were searching for a home to purchase? - Solar panels installed on your home Frequency Percent Valid Percent Cumulative Percent Valid Very Important Somewhat Important Not Important Total Missing System Total

60 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-25 ENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED "VERY IMPORTANT", BY REGION BUYERS WHO PURCHASED A HOME IN THE Northeast Midwest South West Heating and cooling costs 31% 36% 37% 32% 39% 32% Energy efficient appliances Energy efficient lighting Landscaping for energy conservation Environmentally friendly community features Solar panels installed on home

61 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-26 ENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED "VERY IMPORTANT", BY YEAR HOME WAS BUILT 2012 through through through through through through or earlier 2013 Heating and cooling costs 31% 36% 53% 44% 28% 37% 34% 29% 32% 35% Energy efficient appliances Energy efficient lighting Landscaping for energy conservation Environmentally friendly community features Solar panels installed on home

62 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-27 CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED, BY LOCATION (Percent of Respondents) All BUYERS WHO PURCHASED A HOME IN A Suburb/ Subdivision Small town Urban/ Central city Rural Resort/ Recreation area Price of home 22% 22% 27% 28% * 14% Size of home Condition of home Distance from job * Lot size Style of home Distance from friends or family Quality of the neighborhood Quality of the schools 2 3 * 2 2 * Distance from school Other compromises not listed None - Made no compromises All BUYERS WHO PURCHASED A HOME IN A Suburb/ Subdivision Small town Urban/ Central city Rural Resort/ Recreation area Price of home 23% 23% 20% 27% 22% 18% Size of home Condition of home Lot size Style of home Distance from job Distance from friends or family Quality of the neighborhood Quality of the schools Distance from school None - Made no compromises Other compromises not listed * Less than 1 percent

63 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-28 CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED, FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES (Percentage of Respondents) All First-time Repeat New Homes BUYERS OF Previously Owned Homes Price of home 22% 23% 22% 15% 24% Size of home Condition of home Distance from job Lot size Style of home Distance from friends or family Quality of the neighborhood Quality of the schools Distance from school Other compromises not listed None - Made no compromises All First-time Repeat New Homes BUYERS OF Previously Owned Homes Price of home 23% 25% 21% 19% 23% Size of home Condition of home Lot size Style of home Distance from job Distance from friends or family Quality of the neighborhood Quality of the schools Distance from school None - Made no compromises Other compromises not listed

64 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-29 CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED, BY ADULT COMPOSITION OF HOUSEHOLD (Percentage of Respondents) All Married couple Single female Single male Unmarried couple Other CHILDREN IN HOME Children No under 18 children in home in home Price of home 22% 22% 24% 21% 22% 40% 21% 23% Size of home Condition of home Distance from job * 18 8 Lot size Style of home Distance from friends or family * Quality of the neighborhood * Quality of the schools 2 2 * 2 4 * 5 1 Distance from school * * 5 0 Other compromises not listed * 12 9 None - Made no compromises * * Less than 1 percent ADULT COMPOSITION OF HOUSEHOLD All Married couple ADULT COMPOSITION OF HOUSEHOLD Single female Single male Unmarried couple Other CHILDREN IN HOME Children No under 18 children in home in home Price of home 23% 22% 22% 23% 26% 33% 24% 22% Size of home Condition of home Lot size Style of home Distance from job Distance from friends or family Quality of the neighborhood Quality of the schools Distance from school None - Made no compromises Other compromises not listed

65 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-30 EXPECTED LENGTH OF TENURE IN HOME PURCHASED, FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES BUYERS OF All First-time Repeat New Previously Homes Owned Homes 1 year or less 3% 2% 4% 3% 3% 2 to 3 years 2 * to 5 years to 7 years to 10 years to 15 years or more years Don't Know Median BUYERS OF All First-time Repeat New Previously Homes Owned Homes 1 year or less 2% 2% 2% 2% 2% 2 to 3 years to 5 years to 7 years to 10 years to 15 years or more years Don't Know Median

66 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-31 EXPECTED LENGTH OF TENURE IN HOME PURCHASED, BY AGE AGE OF HOME BUYER All 18 to to to or older 1 year or less 3% * 3% 3% 4% 2 to 3 years 2 * to 5 years to 7 years 2 * 4 3 * 8 to 10 years 13 * to 15 years 5 * or more years 26 * Don't Know Median * Less than 1 percent AGE OF HOME BUYER All 18 to to to or older 1 year or less 2% 2% 1% 2% 2% 2 to 3 years to 5 years to 7 years to 10 years to 15 years or more years Don't Know Median

67 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-32 FACTORS THAT COULD CAUSE BUYER TO MOVE, BY AGE (Percent of Respondents) All 18 to to to or older Move with life changes (addition to family, marriage, children move out, retirement, etc.) 36% 50% 43% 37% 29% Never moving-forever home 30 * Move with job or career change May desire better area/neighborhood 11 * May outgrow home Will flip home 2 * Other 7 * All 18 to to to or older Move with life changes (addition to family, marriage, children move out, retirement, etc.) 44% 46% 46% 44% 36% Never moving-forever home Move with job or career change * May desire better area/neighborhood May outgrow home Will flip home Other

68 CHARACTERISTICS OF HOMES PURCHASED Exhibit 2-33 FACTORS THAT COULD CAUSE BUYER TO MOVE, BY ADULT COMPOSITION OF HOUSEHOLD (Percent of Respondents) All Married couple ADULT COMPOSITION OF HOUSEHOLD Single female Single male Unmarried couple Other CHILDREN IN HOME Children No under 18 children in home in home Move with life changes (addition to family, marriage, children move out, retirement, etc.) 36% 32% 49% 49% 35% 40% 41% 41% Never moving-forever home Move with job or career change * May desire better area/neighborhood May outgrow home * 17 * 9 9 Will flip home 2 1 * 5 4 * 2 2 Other * 5 5 All Married couple ADULT COMPOSITION OF HOUSEHOLD Single female Single male Unmarried couple Other CHILDREN IN HOME Children No under 18 children in home in home Move with life changes (addition to family, marriage, children move out, retirement, etc.) 44% 40% 55% 49% 44% 35% 43% 44% Never moving-forever home Move with job or career change May desire better area/neighborhood May outgrow home Will flip home Other

69 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-1 METHOD OF HOME PURCHASE, Exhibit 4-2 METHOD OF HOME PURCHASE, BY REGION Exhibit 4-3 METHOD OF HOME PURCHASE, NEW AND PREVIOUSLY OWNED HOMES Exhibit 4-4 METHOD OF HOME PURCHASE, BY ADULT COMPOSITION OF HOUSEHOLD Exhibit 4-5 AGENT REPRESENTATION DISCLOSURE, FIRST-TIME AND REPEAT BUYERS Exhibit 4-6 BUYER REPRESENTATIVE ARRANGEMENT WITH AGENT, FIRST-TIME AND REPEAT BUYERS Exhibit 4-7 HOW REAL ESTATE AGENT WAS COMPENSATED Exhibit 4-8 WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS Exhibit 4-9 WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS, FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES Exhibit 4-10 WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS, BY ADULT COMPOSITION OF Exhibit 4-11 HOUSEHOLD BENEFITS PROVIDED BY REAL ESTATE AGENT DURING HOME PURCHASE PROCESS, FIRST- TIME AND REPEAT BUYERS Exhibit 4-12 HOW BUYER FOUND REAL ESTATE AGENT, FIRST-TIME AND REPEAT BUYERS Exhibit 4-13 HOW BUYER FOUND REAL ESTATE AGENT, BY ADULT COMPOSITION OF HOUSEHOLD Exhibit 4-14 HOW TIMES CONTACTED AGENT BEFORE RECEIVED RESPONSE AND ORIGINAL FORM OF CONTACT Exhibit 4-15 NUMBER OF REAL ESTATE AGENTS INTERVIEWED BY FIRST-TIME AND REPEAT BUYERS Exhibit 4-16 BUYER USE OF ONLINE AGENT RECOMMENDATIONS Exhibit 4-17 MOST IMPORTANT FACTORS WHEN CHOOSING AN AGENT Exhibit 4-18 IMPORTANCE OF REAL ESTATE AGENT SKILLS AND QUALITIES Exhibit 4-19 AGENT SKILLS AND QUALITIES CONSIDERED 'VERY IMPORTANT' BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES Exhibit 4-20 AGENT SKILLS AND QUALITIES CONSIDERED 'VERY IMPORTANT' BY ADULT COMPOSITION OF HOUSEHOLD Exhibit 4-21 IMPORTANCE OF AGENT COMMUNICATIONS Exhibit 4-22 SATISFACTION WITH REAL ESTATE AGENT SKILLS AND QUALITIES Exhibit 4-23 WOULD BUYER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS Exhibit 4-24 HOW MANY TIMES BUYER RECOMMENDED TYPICAL AGENT

70 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-1 METHOD OF HOME PURCHASE, Through a real estate agent or broker 85% Directly from builder or builder's agent 8 Directly from the previous owner Through a real estate agent or broker 69% 75% 77% 77% 77% 79% 81% 77% 83% 89% 89% 88% 88% Directly from builder or builder's agent Directly from the previous owner *Less than 1 percent

71 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-2 METHOD OF HOME PURCHASE, BY REGION BUYERS WHO PURCHASED A HOME IN THE Northeast Midwest South West Through a real estate agent or broker 85% 88% 90% 89% 86% 89% Directly from builder or builder's agent Directly from the previous owner Knew previous owner Did not know previous owner

72 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-3 METHOD OF HOME PURCHASE, NEW AND PREVIOUSLY OWNED HOMES BUYERS OF Previously All New Homes Owned Homes Through a real estate agent or broker 85% 56% 91% Directly from builder or builder's agent 8 44 NA Directly from the previous owner 6 N/A 8 Knew previous owner 4 N/A 5 Did not know previous owner 2 N/A 3 *Less than 1 percent All New Homes Previously Owned Homes Through a real estate agent or broker 88% 58% 93% Directly from builder or builder's agent 7 40 NA Directly from the previous owner 5 NA 6 Knew previous owner 3 NA 4 Did not know previous owner 2 NA 2 NA- Not Applicable BUYERS OF

73 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-4 METHOD OF HOME PURCHASE, BY ADULT COMPOSITION OF HOUSEHOLD All ADULT COMPOSITION OF HOUSEHOLD Single Single female male Married couple Unmarried couple Other Through a real estate agent or broker 85% 83% 92% 85% 87% 80% Directly from builder or builder's agent Directly from the previous owner * Knew previous owner * Did not know previous owner * * *Less than 1 percent All ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Other Through a real estate agent or broker 88% 87% 89% 89% 92% 85% Directly from builder or builder's agent Directly from the previous owner Knew previous owner Did not know previous owner

74 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-5 AGENT REPRESENTATION DISCLOSURE, FIRST-TIME AND REPEAT BUYERS Disclosure Statement Signed? All First-time Repeat Yes, at first meeting 21% 15% 24% Yes, when contract was written Yes, at some other time No Don t know Disclosure Statement Signed? All First-time Repeat Yes, at first meeting 27% 21% 30% Yes, when contract was written Yes, at some other time No Don t know

75 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-6 BUYER REPRESENTATIVE ARRANGEMENT WITH AGENT, FIRST-TIME AND REPEAT BUYERS All First-time Repeat Yes, a written arrangement 25% 16% 27% Yes, an oral arrangement No Don t know All First-time Repeat Yes, a written arrangement 40% 35% 42% Yes, an oral arrangement No Don't know

76 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-7 HOW REAL ESTATE AGENT WAS COMPENSATED All Types of Representation Paid by seller 67% Paid by buyer and seller 8 Paid by buyer only 15 Percent of sales price 16 Flat fee 2 Other * Don t know #N/A Other 2 Don't know 8 All Types of Representation Paid by seller 60% Paid by buyer and seller 11 Paid by buyer only 18 Percent of sales price 15 Flat fee 1 Other * Don't know 2 Other 2 Don t know 9 *Less than 1 percent

77 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-8 WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS Help find the right home to purchase 54% 53% Help buyer negotiate the terms of sale 10% 12% Help with the price negotiations 11% 11% Determine what comparable homes were selling for 11% 8% Help with paperwork 5% 6% Help determining how much home buyer can afford 4% 4% Help find and arrange financing 3% 3% Help teach buyer more about neighborhood or area (restaurants, parks, public transportation) 1% 2% Help find renters for buyer's property 0% 0% WHAT BUYERS WANT MOST FROM REAL ESTATE PROFESSIONALS Help determining how much home buyer can afford, 4% Help find and arrange financing, 3% Help teach buyer more about neighborhood or area (restaurants, parks, public transportation), 1% Help find renters for buyer's property, 0% Help with paperwork, 5% Help find the right home to purchase, 54% Determine what comparable homes were selling for, 11% Help with the price negotiations, 11% Help buyer negotiate the terms of sale, 10% WHAT BUYERS WANT MOST FROM REAL ESTATE PROFESSIONALS Help determining how much home buyer can afford, 4% Help find and arrange financing, 3% Help teach buyer more about neighborhood or area (restaurants, parks, public transportation), Help 2% find renters for buyer's property, 0% Help with paperwork, 6% Help find the right home to purchase, 53% Determine what comparable homes were selling for, 8% Help with the price negotiations, 11% Help buyer negotiate the terms of sale, 12%

78 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-9 WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS, FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES All First-time Repeat New Homes BUYERS OF Previously Owned Homes Help find the right home to purchase 54% 51% 54% 47% 55% Help with the price negotiations Help buyer negotiate the terms of sale Determine what comparable homes were selling for Help with paperwork Help determining how much home buyer can afford Help find and arrange financing Help teach buyer more about neighborhood or area (restaurants, parks, public transportation) Other * 2 *Less than 1 percent All First-time Repeat New Homes BUYERS OF Previously Owned Homes Help find the right home to purchase 53% 51% 54% 52% 53% Help buyer negotiate the terms of sale Help with the price negotiations Determine what comparable homes were selling for Help with paperwork Help determining how much home buyer can afford Help find and arrange financing Help teach buyer more about neighborhood or area Help find renters for buyer's property * * * * * Other *Less than 1 percent

79 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-10 WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS, BY ADULT COMPOSITION OF HOUSEHOLD All ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Help find the right home to purchase 54% 52% 55% 65% 50% 50% Help with the price negotiations * Help buyer negotiate the terms of sale Determine what comparable homes were selling for * * Help with paperwork * Help determining how much home buyer can afford * Help find and arrange financing * * Help teach buyer more about neighborhood or area 1 2 * * 5 * (restaurants, parks, public transportation) Other * * * Other All ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Help find the right home to purchase 53% 52% 58% 53% 50% 56% Help buyer negotiate the terms of sale Help with the price negotiations Determine what comparable homes were selling for Help with paperwork Help determining how much home buyer can afford Help find and arrange financing Help teach buyer more about neighborhood or area (restaurants, parks, public transportation) Help find renters for buyer's property * * * * * * Other Other

80 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-11 BENEFITS PROVIDED BY REAL ESTATE AGENT DURING HOME PURCHASE PROCESS, FIRST- TIME AND REPEAT BUYERS (Percent of Respondents) All First-time Repeat Helped buyer understand the process 62% 83% 55% Pointed out unnoticed features/faults with property Negotiated better sales contract terms Improved buyer's knowledge of search areas Provided a better list of service providers Negotiated a better price Shortened buyer's home search Provided better list of mortgage lenders Narrowed buyer's search area Expanded buyer's search area Other 1 4 * None of the above * * * All First-time Repeat Improved buyer's knowledge of search areas 48% 46% 48% Pointed out unnoticed features/faults with property Helped buyer understand the process Negotiated better sales contract terms Negotiated a better price Shortened buyer's home search Provided better list of mortgage lenders Expanded buyer's search area Narrowed buyer's search area Provided a better list of service providers (e.g. home inspector) None of the above 1 * 1 Other 1 1 1

81 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-12 HOW BUYER FOUND REAL ESTATE AGENT, FIRST-TIME AND REPEAT BUYERS All First-time Repeat Referred by (or is) a friend, neighbor or relative 35% 48% 30% Used agent previously to buy or sell a home Internet Web site (without a specific reference) Visited an open house and met agent Saw contact information on For Sale/Open House sign Referred by another real estate agent/broker Personal contact by agent (telephone, , etc.) Referred through employer or relocation company Walked into or called office and agent was on duty Search engine Newspaper, Yellow Pages or home book ad Direct mail (newsletter, flyer, postcard, etc.) 0 * * Mobile or tablet application * * * Advertising specialty (calendar, magnet, etc.) * 1 * Crowdsourcing through social media/knew the person through social media * * * Saw the agent's social media page without a connection All First-time Repeat Referred by (or is) a friend, neighbor or relative 40% 52% 33% Used agent previously to buy or sell a home Internet Web site (without a specific reference) Visited an open house and met agent Saw contact information on For Sale/Open House sign Referred by another real estate agent/broker Personal contact by agent (telephone, , etc.) Referred through employer or relocation company Walked into or called office and agent was on duty Search engine Newspaper, Yellow Pages or home book ad 1 * 1 Direct mail (newsletter, flyer, postcard, etc.) * * 1 Mobile or tablet application * 1 * Advertising specialty (calendar, magnet, etc.) * * * Crowdsourcing through social media/knew the person through social media * * * Saw the agent's social media page without a connection * * * *Less than 1 percent

82 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-13 HOW BUYER FOUND REAL ESTATE AGENT, BY ADULT COMPOSITION OF HOUSEHOLD All ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Other Referred by (or is) a friend, neighbor or relative 35% 35% 37% 37% 25% * Used agent previously to buy or sell a home * Internet Web site (without a specific reference) * Visited an open house and met agent * Saw contact information on For Sale/Open House sign Referred by another real estate agent/broker * 10 * Personal contact by agent (telephone, , etc.) * 5 25 Referred through employer or relocation company * * 25 Walked into or called office and agent was on duty * 5 * Search engine * Newspaper, Yellow Pages or home book ad * * * Direct mail (newsletter, flyer, postcard, etc.) 0 * 2 * * * Mobile or tablet application * * * * * * Advertising specialty (calendar, magnet, etc.) * * 2 * * * Crowdsourcing through social media/knew the person through social media * * * * * * Saw the agent's social media page without a connection 1 1 * 3 * * All ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Other Referred by (or is) a friend, neighbor or relative 40% 38% 43% 41% 46% 29% Used agent previously to buy or sell a home Internet Web site (without a specific reference) Visited an open house and met agent Saw contact information on For Sale/Open House sign Referred by another real estate agent/broker Personal contact by agent (telephone, , etc.) Referred through employer or relocation company Walked into or called office and agent was on duty Search engine Newspaper, Yellow Pages or home book ad * * Direct mail (newsletter, flyer, postcard, etc.) * * 1 1 * * Mobile or tablet application * * * * * 3 Advertising specialty (calendar, magnet, etc.) * * * 1 * * Crowdsourcing through social media/knew the person through social media * * * * * * Saw the agent's social media page without a connection * * * * * 2 *Less than 1 percent

83 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-14 HOW TIMES CONTACTED AGENT BEFORE RECEIVED RESPONSE AND ORIGINAL FORM OF CONTACT (Median, Percentage Distribution) Phone call 63% 15 Contacted friend/family * Web form on home listing website 6 Text message 2 Through agent's website 2 Social Media (FaceBook, Twitter, LinkedIn, etc.)1 Other 12 Number of Times Contacted (median) 1 Phone call 56% 21 Contacted friend/family 7 Web form on home listing website 5 Text message 3 Through agent's website 3 Social Media (FaceBook, Twitter, LinkedIn, etc.)2 Other 4 Number of Times Contacted (median) 1

84 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-15 NUMBER OF REAL ESTATE AGENTS INTERVIEWED BY FIRST-TIME AND REPEAT BUYERS All First-time Repeat One 54% 55% 53% Two Three Four or more All First-time Repeat One 67% 64% 69% Two Three Four or more 4 5 4

85 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-16 BUYER USE OF ONLINE AGENT RECOMMENDATIONS (Percent Of Respondents) All Used online recommendations and it influenced choice of agent 13% Used online recommendations and it did not affect my agent choice 10 Did not use online recommendations but would consider doing so next time 36 Did not use online recommendations and would not consider using 43 All Used online recommendations and it influenced choice of agent 10% Used online recommendations and it did not affect my agent choice 9 Did not use online recommendations but would consider doing so next time 38 Did not use online recommendations and would not consider using 43 BUYER USE OF ONLINE AGENT RECOMMENDATIONS Did not use online recommendations and would not consider using 43% Used online recommendations and it influenced choice of agent 10% Used online recommendations and it did not affect my agent choice 9% Did not use online recommendations but would consider doing so next time 38%

86 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-17 MOST IMPORTANT FACTORS WHEN CHOOSING AN AGENT Reputation of agent 21% 23% Agent is honest and trustworthy 21% 23% Agent is friend or family member 10% 15% Agent's knowledge of the neighborhood 18% 13% Agent has caring personality/good listener 8% 8% Agent is timely with responses 11% 7% Agent seems 100% accessible because of use of technology like tablet or smart phone 5% 4% Agent's association with a particular firm 5% 4% Professional designations held by agent 1% 1% Other 0% 1% Agent is timely with responses, 11% MOST IMPORTANT FACTORS IN CHOOSING AN AGENT Agent seems 100% accessible because of use of technology like tablet or smart phone, 5% Agent's association with a particular firm, 5% Reputation of agent, 21% Agent is timely with responses, 7% MOST IMPORTANT FACTORS IN CHOOSING AN AGENT Agent seems 100% accessible because of Agent's association with use of technology like a particular firm, 4% tablet or smart phone, 4% Professional designations held by agent, 1% Other, 1% Reputation of agent, 23% Agent has caring personality/good listener, 8% Agent has caring personality/good listener, 8% Agent's knowledge of the neighborhood, 18% Agent is friend or family member, 10% Agent is honest and trustworthy, 21% Agent's knowledge of the neighborhood, 13% Agent is friend or family member, 15% Agent is honest and trustworthy, 23%

87 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-18 IMPORTANCE OF REAL ESTATE AGENT SKILLS AND QUALITIES Very Important Somewhat Important Not Important Honesty and integrity 98% 2% * Knowledge of purchase process Responsiveness Knowledge of real estate market Communication skills * Negotiation skills People skills Knowledge of local area Skills with technology Very Important Somewhat Important Not Important Honesty and integrity 97% 2% * Knowledge of purchase process Responsiveness 94 5 * Knowledge of real estate market Communication skills Negotiation skills People skills Knowledge of local area Skills with technology *Less than 1 percent

88 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-19 AGENT SKILLS AND QUALITIES CONSIDERED 'VERY IMPORTANT' BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES (Percent of Respondents) All First-time Repeat BUYERS OF New Previously Homes Owned Homes Honesty and integrity 98% 99% 98% 98% 99% Knowledge of purchase process Responsiveness Knowledge of real estate market Communication skills Negotiation skills People skills Knowledge of local area Skills with technology All First-time Repeat New Homes BUYERS OF Previously Owned Homes Honesty and integrity 97% 98% 97% 96% 98% Knowledge of purchase process Responsiveness Knowledge of real estate market Communication skills Negotiation skills People skills Knowledge of local area Skills with technology

89 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-20 AGENT SKILLS AND QUALITIES CONSIDERED 'VERY IMPORTANT' BY ADULT COMPOSITION OF HOUSEHOLD All ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Other Honesty and integrity 98% 99% 98% 97% 95% 100% Knowledge of purchase process Responsiveness Knowledge of real estate market Communication skills Negotiation skills People skills Knowledge of local area Skills with technology All ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Other Honesty and integrity 97% 97% 98% 97% 97% 99% Knowledge of purchase process Responsiveness Knowledge of real estate market Communication skills Negotiation skills People skills Knowledge of local area Skills with technology

90 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-21 IMPORTANCE OF AGENT COMMUNICATIONS (Percent of Respondents) All First-time Repeat Calls personally to inform of activities 80% 76% 82% Sends postings as soon as a property is listed/the price changes/under contract Sends s about specific needs Can send market reports on recent listings and sales Sends property info and communicates via text message Has a web page Has a mobile site to show properties Sends an newsletter Advertises in newspapers Is active on Facebook Has a blog All First-time Repeat Calls personally to inform of activities 79% 75% 80% Sends postings as soon as a property is listed/the price changes/under contract Sends s about specific needs Can send market reports on recent listings and sales Sends property info and communicates via text message Has a web page Has a mobile site to show properties Sends an newsletter Advertises in newspapers Is active on Facebook/Twitter Has a blog 1 1 1

91 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-22 SATISFACTION WITH REAL ESTATE AGENT SKILLS AND QUALITIES Very Satisfied Somewhat Satisfied Not Satisfied Knowledge of purchase process 85% 13% 2% Honesty and integrity Knowledge of real estate market People skills Responsiveness Knowledge of local area Communication skills Skills with technology Negotiation skills Very Satisfied Somewhat Satisfied Not Satisfied Honesty and integrity 87% 10% 3% Knowledge of purchase process Knowledge of real estate market Responsiveness People skills Communication skills Knowledge of local area Skills with technology Negotiation skills

92 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-23 WOULD BUYER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS (Percentage distribution) Definitely 76% Probably 13% Probably Not 6% Definitely Not 4% Don t Know 1% 80% 70% WOULD BUYER USE ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS 76% 60% 50% 40% 30% 20% 10% 0% 13% 6% 4% 1% Definitely Probably Probably Not Definitely Not Don t Know All Definitely 73% Probably 15 Probably Not 5 Definitely Not 5 Don't Know 1 80% 70% 60% 50% 40% 30% 20% 10% 0% WOULD BUYER USE ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS 73% 15 Definitely Probably Probably Not 5 5 Definitely Not 1 Don't Know

93 HOME BUYING AND REAL ESTATE PROFESSIONALS Exhibit 4-24 HOW MANY TIMES BUYER RECOMMENDED TYPICAL AGENT (Percentage distribution) All None 36% One time 21 Two times 18 Three times 9 4 or more 16 Times recommended since buying (median) 1 All None 37% One time 17 Two times 18 Three times 11 4 or more 17 Times recommended since buying (median) 1

94 THE HOME SEARCH PROCESS Exhibit 3-1 FIRST STEP TAKEN DURING THE HOME BUYING PROCESS, FIRST-TIME AND REPEAT BUYERS Exhibit 3-2 FIRST STEP TAKEN DURING THE HOME BUYING PROCESS, BY AGE Exhibit 3-3 INFORMATION SOURCES USED IN HOME SEARCH, BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES Exhibit 3-4 INFORMATION SOURCES USED IN HOME SEARCH, BY AGE Exhibit 3-5 FREQUENCY OF USE OF DIFFERENT INFORMATION SOURCES Exhibit 3-6 USEFULNESS OF INFORMATION SOURCES Exhibit 3-7 LENGTH OF SEARCH, BY REGION Exhibit 3-8 LENGTH OF SEARCH FOR BUYERS WHO USED AN AGENT, BY FIRST-TIME AND REPEAT BUYERS Exhibit 3-9 WHERE BUYER FOUND THE HOME THEY PURCHASED, Exhibit 3-10 BUYER INTEREST IN PURCHASING A HOME IN FORECLOSURE, BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES Exhibit 3-11 MOST DIFFICULT STEPS OF HOME BUYING PROCESS BY FIRST-TIME AND REPEAT BUYERS AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES Exhibit 3-12 USE OF INTERNET TO SEARCH FOR HOMES, Exhibit 3-13 ACTIONS TAKEN AS A RESULT OF INTERNET HOME SEARCH, FIRST-TIME AND REPEAT BUYERS Exhibit 3-14 CHARACTERISTICS OF HOME SEARCHERS AND SEARCH ACTIVITY, BY USE OF INTERNET Exhibit 3-15 Exhibit 3-16 Exhibit 3-17 Exhibit 3-18 Exhibit 3-20 Exhibit 3-21 INFORMATION SOURCES USED IN HOME SEARCH, BY USE OF INTERNET WHERE BUYERS FOUND THE HOME THEY PURCHASED, BY USE OF INTERNET METHOD OF HOME PURCHASE, BY USE OF INTERNET VALUE OF WEB SITE FEATURES MOBILE SEARCH BY FIRST-TIME AND REPEAT BUYERS SATISFACTION IN BUYING PROCESS

95 THE HOME SEARCH PROCESS Exhibit 3-1 FIRST STEP TAKEN DURING THE HOME BUYING PROCESS, FIRST-TIME AND REPEAT BUYERS All First-time Repeat Looked online for properties for sale 40% 25% 45% Contacted a real estate agent Looked online for information about the home buying process Drove-by homes/neighborhoods Talked with a friend or relative about home buying process Contacted a bank or mortgage lender Visited open houses Looked in newspapers, magazines, or home buying guides 1 * 2 Contacted builder/visited builder models Contacted a home seller directly Attended a home buying seminar 0 1 * Looked up information about different neightborhoods or areas 2 * 3 (schools, local lifestyle/nightlife, parks, public transpo Read books or guides about the home buying process 0 1 * Other All First-time Repeat Looked online for properties for sale 43% 34% 47% Contacted a real estate agent Looked online for information about the home buying process Talked with a friend or relative about home buying process Contacted a bank or mortgage lender Drove-by homes/neighborhoods Visited open houses Looked up information about different neightborhoods or areas (schools, local lifestyle/nightlife, parks, public transpo Contacted builder/visited builder models Contacted a home seller directly Looked in newspapers, magazines, or home buying guides Attended a home buying seminar Read books or guides about the home buying process * 1 * Other * * *

96 THE HOME SEARCH PROCESS Exhibit 3-2 FIRST STEP TAKEN DURING THE HOME BUYING PROCESS, BY AGE AGE OF HOME BUYER All or older Looked online for properties for sale 40% * 36% 45% 39% Contacted a real estate agent Looked online for information about the home buying process Drove-by homes/neighborhoods 7 * Talked with a friend or relative about home buying process Contacted a bank or mortgage lender 6 * Visited open houses 2 * Looked in newspapers, magazines, or home buying guides 1 * * 2 2 Contacted builder/visited builder models 2 * Contacted a home seller directly 1 * Attended a home buying seminar 0 * 1 * * Looked up information about different neightborhoods or areas (schools, local lifestyle/nightlife, parks, public transpo 2 * Read books or guides about the home buying process 0 * 1 * * Other 1 * 1 1 * 65 or All 18 to to to 64 older Looked online for properties for sale 43% 39% 45% 45% 35% Contacted a real estate agent Looked online for information about the home buying process Talked with a friend or relative about home buying process Contacted a bank or mortgage lender Drove-by homes/neighborhoods Visited open houses Looked up information about different neightborhoods or areas (schools, local lifestyle/nightlife, parks, public transpo Contacted builder/visited builder models Contacted a home seller directly 1 * Looked in newspapers, magazines, or home buying guides 1 1 * 1 3 Attended a home buying seminar 1 * 1 * * Read books or guides about the home buying process * * 1 * * Other * * 1 * * * Less than 1 percent AGE OF HOME BUYER

97 THE HOME SEARCH PROCESS Exhibit 3-3 INFORMATION SOURCES USED IN HOME SEARCH, BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES (Percent of Respondents) All First-time Repeat New Homes BUYERS OF Previously Owned Homes Online website 85% 85% 86% 76% 87% Real estate agent Yard sign Open house Mobile or tablet website or application Mobile or tablet search engine Online video site Print newspaper advertisement Home builder * Home book or magazine Billboard Television Relocation company All First-time Repeat New Homes BUYERS OF Previously Owned Homes Online website 88% 92% 87% 84% 89% Real estate agent Mobile or tablet website or application Mobile or tablet search engine Yard sign Open house Online video site Home builder Print newspaper advertisement Home book or magazine Billboard Television Relocation company

98 THE HOME SEARCH PROCESS Exhibit 3-4 INFORMATION SOURCES USED IN HOME SEARCH, BY AGE (Percent of Respondents) All 18 to to to or older Online website 85% 25% 88% 88% 79% Real estate agent Yard sign Open house Mobile or tablet website or application Mobile or tablet search engine Online video site 3 * Print newspaper advertisement 3 * Home builder 25 * Home book or magazine Billboard 3 * Television 3 * Relocation company 3 * * Less than 1 percent AGE OF HOME BUYER AGE OF HOME BUYER All 18 to to to or older Online website 88% 96% 94% 87% 73% Real estate agent Mobile or tablet website or application Mobile or tablet search engine Yard sign Open house Online video site Home builder Print newspaper advertisement Home book or magazine Billboard Television Relocation company

99 THE HOME SEARCH PROCESS Exhibit 3-5 FREQUENCY OF USE OF DIFFERENT INFORMATION SOURCES Frequently Occasionally Rarely or not at all Online website 70% 70% 70% Real estate agent Mobile or tablet website or application Mobile or tablet search engine Yard sign Open house Online video site Home builder Print newspaper advertisement Home book or magazine Billboard * 3 97 Television Relocation company * Less than 1 percent Online website Real estate agent Mobile or tablet website or Mobile or tablet search engine FREQUENCY OF USE OF DIFFERENT INFORMATION SOURCES Yard sign Open house Online video site Home builder Print newspaper advertisement 03 Home book or magazine 2 6 Billboard 03 Television 03 Relocation company % 20% 40% 60% 80% 100% Frequently Occasionally Rarely or not at all Frequently Occasionally Rarely or not at all Online website 74% 14% 12% Real estate agent Mobile or tablet website or application Mobile or tablet search engine Yard sign Open house Online video site Home builder Print newspaper advertisement Home book or magazine Billboard Television Relocation company Online website Real estate agent Mobile or tablet website or application Mobile or tablet search engine Yard sign Open house Online video site Home builder Print newspaper advertisement FREQUENCY OF USE OF DIFFERENT INFORMATION SOURCES Home book or magazine Billboard Television Relocation company % 20% 40% 60% 80% 100% Frequently Occasionally Rarely or not at all

100 THE HOME SEARCH PROCESS Exhibit 3-6 USEFULNESS OF INFORMATION SOURCES (Percentage Distribution Among that Used Each Source) Very Useful Somewhat Useful Not Useful Online website 78% 19% 3% Real estate agent Mobile or tablet website or application Mobile or tablet search engine Home builder Online video site Open house Yard sign Relocation company * 100 * Billboard Print newspaper advertisement Television Home book or magazine Online website Real estate agent Mobile or tablet website or Mobile or tablet search engine Home builder Online video site Open house Yard sign Relocation company 0 Billboard Print newspaper advertisement Television Home book or magazine USEFULNESS OF INFORMATION SOURCES (Percentage Distribution Among that Used Each Source ) % 20% 40% 60% 80% 100% Very Useful Somewhat Useful Not Useful USEFULNESS OF INFORMATION SOURCES (Percentage Distribution Among that Used Each Source) Online website Very Useful Somewhat Useful Not Useful Online website 82% 16% 2% Real estate agent Mobile or tablet website or application Mobile or tablet search engine Home builder Online video site Open house Yard sign Relocation company Billboard Print newspaper advertisement Television Home book or magazine Real estate agent Mobile or tablet website or Mobile or tablet search engine Home builder Online video site Open house Yard sign Relocation company Billboard Print newspaper advertisement Television Home book or magazine % 20% 40% 60% 80% 100% Very Useful Somewhat Useful Not Useful

101 THE HOME SEARCH PROCESS Exhibit 3-7 LENGTH OF SEARCH, BY REGION (Median) BUYERS WHO PURCHASED A HOME IN THE Number of Weeks Searched Northeast Midwest South West Number of homes viewed

102 THE HOME SEARCH PROCESS Exhibit 3-8 LENGTH OF SEARCH FOR BUYERS WHO USED AN AGENT, BY FIRST-TIME AND REPEAT BUYERS (Median Weeks) All who Used an Agent First-time Repeat Total number of weeks searched Number of weeks searched before NA contacting agent LENGTH OF SEARCH FOR BUYERS WHO USED AN AGENT, BY AGE AND BY FIRST-TIME AND REPEAT BUYERS (Median) All who Used an Agent First-time Repeat Total number of weeks searched Number of weeks searched before contacting agent All who Used an Agent First-time Repeat Total number of weeks searched Number of weeks searched before NA contacting agent LENGTH OF SEARCH FOR BUYERS WHO USED AN AGENT, BY AGE AND BY FIRST-TIME AND REPEAT BUYERS (Median) All who Used an Agent First-time Repeat Total number of weeks searched Number of weeks searched before contacting agent NA=Not applicable

103 THE HOME SEARCH PROCESS Exhibit 3-9 WHERE BUYER FOUND THE HOME THEY PURCHASED, Real estate agent 39% Internet 35 Yard sign/open house sign 9 Friend, relative or neighbor 6 Home builder or their agent 6 Print newspaper advertisement 1 Directly from sellers/knew the sellers 3 Home book or magazine 0 Other Internet 8% 11% 15% 24% 24% 29% 32% 36% 37% 40% 42% 43% 43% Real estate agent Yard sign/open house sign Friend, relative or neighbor Home builder or their agent Directly from sellers/knew the sellers Print newspaper advertisement Home book or magazine * * * * * * Other * Less than 1 percent

104 THE HOME SEARCH PROCESS Exhibit 3-10 BUYER INTEREST IN PURCHASING A HOME IN FORECLOSURE, BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES (Percent of Respondents) First-time Repeat New Homes Previously Owned Homes All Did not consider purchasing a home in foreclosure 47% 24% 55% 69% 43% Considered purchasing a home in foreclosure, but did not: Could not find the right home The process was too difficult or complex The home was in poor condition The home price was too high The neighborhood was undesirable * 4 Financing options were not attractive First-time Repeat New Homes Previously Owned Homes All Did not consider purchasing a home in foreclosure 53% 42% 59% 68% 50% Considered purchasing a home in foreclosure, but did not: Could not find the right home The process was too difficult or complex The home was in poor condition The home price was too high The neighborhood was undesirable Financing options were not attractive N/A- Not Applicable BUYERS OF BUYERS OF

105 THE HOME SEARCH PROCESS Exhibit 3-11 MOST DIFFICULT STEPS OF HOME BUYING PROCESS BY FIRST-TIME AND REPEAT BUYERS AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES All First-time Repeat New Homes Previously Owned Homes Finding the right property 52% 59% 50% 45% 53% Paperwork Understanding the process and steps No difficult steps Getting a mortgage Saving for the down payment Appraisal of the property * 5 Other All First-time Repeat New Homes BUYERS OF BUYERS OF Previously Owned Homes Finding the right property 53% 54% 52% 43% 55% Paperwork Understanding the process and steps Getting a mortgage Saving for the down payment Appraisal of the property No difficult steps Other

106 THE HOME SEARCH PROCESS Exhibit 3-12 USE OF INTERNET TO SEARCH FOR HOMES, Frequently Occasionally % 29% % 24% % 22% % 21% % 18% % 18% % 13% % 15% % 13% % 11% % 11% % 12% 75% 16% USE OF INTERNET TO SEARCH FOR HOMES 100% 90% 80% 70% 60% 29% 24% 22% 21% 18% 18% 13% 15% 13% 11% 11% 12% 16% 50% 40% 30% 20% 42% 53% 57% 59% 66% 69% 76% 74% 75% 79% 81% 80% 75% 10% 0% Frequently Occasionally

107 THE HOME SEARCH PROCESS Exhibit 3-13 ACTIONS TAKEN AS A RESULT OF INTERNET HOME SEARCH, FIRST-TIME AND REPEAT BUYERS (Percent of Respondents Among Who Used the Internet) All First-time Repeat Drove by or viewed home 70% 75% 69% Walked through home viewed online Found the agent used to search for or buy home Requested more information Looked for more information on how to get a mortgage and general 12 home 25 buyers tips 7 Pre-qualified for a mortgage online Contacted builder/developer Applied for a mortgage online Found a mortgage lender online All First-time Repeat Drove by or viewed home 76% 75% 76% Walked through home viewed online Found the agent used to search for or buy home Requested more information Looked for more information on how to get a mortgage and general home buyers tips Pre-qualified for a mortgage online Contacted builder/developer Applied for a mortgage online Found a mortgage lender online 7 9 6

108 THE HOME SEARCH PROCESS Exhibit 3-14 CHARACTERISTICS OF HOME SEARCHERS AND SEARCH ACTIVITY, BY USE OF INTERNET Used Internet to Search Did Not Use Internet to Search Household Compostion Married couple 68% 54% Single female Single male 9 17 Unmarried couple 6 3 Other 1 3 Median age (years) Median income (2013) $83,800 $83,800 Length of Search (Median weeks) All buyers 10 5 First-time buyers 12 8 Repeat buyers 10 6 using an agent 10 5 Before contacting agent 3 * Number of Homes Visited (median) 10 6 * Less than 1 percent Used Internet to Search Did Not Use Internet to Search Household Compostion Married couple 67% 56% Single female Single male 9 15 Unmarried couple 8 3 Other 2 2 Median age (years) Median income (2012) $86,800 $66,200 Length of Search (Median weeks) All buyers 10 4 First-time buyers 12 3 Repeat buyers 10 4 using an agent 10 4 Before contacting agent 3 * Number of Homes Visited (median) 10 4 * Less than 1 percent

109 THE HOME SEARCH PROCESS Exhibit 3-15 INFORMATION SOURCES USED IN HOME SEARCH, BY USE OF INTERNET (Percent of Respondents) Used Internet to Search Did Not Use Internet to Search Online website 3% 31% Real estate agent Yard sign Mobile or tablet website or application 48 4 Open house Mobile or tablet search engine Online video site 30 8 Print newspaper advertisement Home builder Home book or magazine Billboard 3 * Television 3 4 Relocation company 3 * * Less than 1 percent Used Internet to Search Did Not Use Internet to Search Online website 93% NA Real estate agent Mobile or tablet website or application 54 NA Mobile or tablet search engine 51 NA Yard sign Open house Online video site 27 NA Print newspaper advertisement Home builder Home book or magazine Billboard 4 5 Television 4 5 Relocation company 4 2

110 THE HOME SEARCH PROCESS Exhibit 3-16 WHERE BUYERS FOUND THE HOME THEY PURCHASED, BY USE OF INTERNET Used Internet to Search Did Not Use Internet to Search Internet 37% 14% Real estate agent Yard sign/open house sign 9 14 Home builder or their agent 6 11 Friend, relative or neighbor 5 11 Print newspaper advertisement 1 8 Directly from sellers/knew the sellers 3 8 Home book or magazine 0 #N/A * Less than 1 percent Used Internet to Search Did Not Use Internet to Search Internet 46% NA Real estate agent Yard sign/open house sign 8 13 Home builder or their agent 5 8 Friend, relative or neighbor 5 15 Directly from sellers/knew the sellers 2 13 Print newspaper advertisement 1 3 Home book or magazine * 1 * Less than 1 percent

111 THE HOME SEARCH PROCESS Exhibit 3-17 METHOD OF HOME PURCHASE, BY USE OF INTERNET Used Internet to Search Did Not Use Internet to Search Through a real estate agent/broker 87% 68% Directly from builder or builder's agent 8 11 Directly from previous owner whom buyer didn't know 2 5 Directly from previous owner whom buyer knew 3 16 Other 0 * * Less than 1 percent Used Internet to Search Did Not Use Internet to Search Through a real estate agent/broker 90% 67% Directly from builder or builder's agent 6 12 Directly from previous owner whom buyer didn't know 2 4 Directly from previous owner whom buyer knew 2 15 Other 1 2

112 THE HOME SEARCH PROCESS Exhibit 3-18 VALUE OF WEB SITE FEATURES (Percentage Distribution Among Who Used the Internet) Very Useful Somewhat Useful Not Useful Did not use/not Available Photos 83% 14% 1% 2% Detailed information about properties for sale Virtual tours Interactive maps Real estate agent contact information Neighborhood information Detailed information about recently sold properties Pending sales/contract status Information about upcoming open houses Videos Real estate news or articles * Less than 1 percent Very Useful Somewhat Useful Not Useful Did not use/not Available Photos 83% 14% 1% 2% Detailed information about properties for sale Interactive maps Virtual tours Neighborhood information Pending sales/contract status Real estate agent contact information Detailed information about recently sold properties Information about upcoming open houses Videos Real estate news or articles

113 THE HOME SEARCH PROCESS Exhibit 3-20 MOBILE SEARCH BY FIRST-TIME AND REPEAT BUYERS (Percent of Respondents Among those Who Used Mobile Search) First-time Repeat All Searched with an iphone 24% 44% 44% Search with an ipad Searched with an Android Found my home with a mobile application Search with a different tablet Used QR Code that lead me to more information on the property Found my agent with a mobile application Searched with a Windows based mobile device First-time Repeat All Searched with an iphone 52% 54% 51% Search with an ipad Searched with an Android Found my home with a mobile application Search with a different tablet Searched with a Windows based mobile device Found my agent with a mobile application Used QR Code that lead me to more information on the property 3 3 4

114 THE HOME SEARCH PROCESS Exhibit 3-21 SATISFACTION IN BUYING PROCESS Very Satisfied 56% Somewhat Satisfied 31 Somewhat Dissatisfied 8 Very Dissatisfied 5 Somewhat Dissatisfied 8% SATISFACTION IN BUYING PROCESS Very Dissatisfied 5% Somewhat Satisfied 31% Very Satisfied 56% Very Satisfied 56% Somewhat Satisfied 33 Somewhat Dissatisfied 8 Very Dissatisfied 4 Very Dissatisfied 4% Somewhat Dissatisfied 8% SATISFACTION IN BUYING PROCESS Somewhat Satisfied 33% Very Satisfied 55%

115 FINANCING THE HOME PURCHASE Exhibit 5-1 Exhibit 5-2 Exhibit 5-3 Exhibit 5-4 Exhibit 5-5 Exhibit 5-6 Exhibit 5-7 Exhibit 5-8 Exhibit 5-9 Exhibit 5-10 Exhibit 5-11 Exhibit 5-12 Exhibit 5-13 Exhibit 5-14 Exhibit 5-15 Exhibit 5-16 Exhibit 5-17 Exhibit 5-18 Exhibit 5-19 BUYERS WHO FINANCED THEIR HOME PURCHASE, BY AGE BUYERS WHO FINANCED THEIR HOME PURCHASE, BY ADULT COMPOSITION OF HOUSEHOLD PERCENT OF HOME FINANCED BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES SOURCES OF DOWNPAYMENT, FIRST-TIME AND REPEAT BUYERS SOURCES OF DOWNPAYMENT, BY ADULT COMPOSITION OF HOUSEHOLD LENGTH OF TIME TO SAVE FOR A DOWNPAYMENT, FIRST-TIME AND REPEAT BUYERS LENGTH OF TIME TO SAVE FOR A DOWNPAYMENT, BY ADULT COMPOSITION OF HOUSEHOLD EXPENSES THAT DELAYED SAVING FOR A DOWNPAYMENT OR SAVING FOR A HOME PURCHASE, BY FIRST-TIME AND REPEAT BUYERS EXPENSES THAT DELAYED SAVING FOR A DOWNPAYMENT OR SAVING FOR A HOME PURCHASE, BY ADULT COMPOSITION OF HOUSEHOLD SACRIFICES MADE TO PURCHASE HOME, BY FIRST-TIME AND REPEAT BUYERS SACRIFICES MADE TO PURCHASE HOME, BY ADULT COMPOSITION OF HOUSEHOLD DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESS, BY FIRST-TIME AND REPEAT BUYERS DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESS, BY ADULT COMPOSITION OF HOUSEHOLD BUYERS WHO HAD MORTGAGE APPLICATION REJECTED BY LENDER BUYER PREVIOUSLY SOLD A DISTRESSED PROPERTY (SHORT SALE OR FORECLOSURE) TYPE OF MORTGAGE, FIRST-TIME AND REPEAT BUYERS TYPE OF LOAN, FIRST-TIME AND REPEAT BUYERS BUYERS' VIEW OF HOMES AS A FINANCIAL INVESTMENT, FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES BUYERS' VIEW OF HOMES AS A FINANCIAL INVESTMENT, BY ADULT COMPOSITION OF HOUSEHOLD

116 FINANCING THE HOME PURCHASE Exhibit 5-1 BUYERS WHO FINANCED THEIR HOME PURCHASE, BY AGE (Percent of Respondents) All 77% 18 to % 25 to 44 98% 45 to 64 76% 65 or older 53% 100% BUYERS WHO FINANCED THEIR HOME PURCHASE, BY AGE (Percent of Respondents) 100% 98% 80% 77% 76% 60% 53% 40% 20% All 88% 18 to 24 97% 25 to 44 97% 45 to 64 84% 65 or older 64% 0% All 18 to to to or older BUYERS WHO FINANCED THEIR HOME PURCHASE, BY AGE (Percent of Respondents) 88% 97% 97% Age 84% 64% All 18 to to to or older Age

117 FINANCING THE HOME PURCHASE Exhibit 5-2 BUYERS WHO FINANCED THEIR HOME PURCHASE, BY ADULT COMPOSITION OF HOUSEHOLD (Percent of Respondents) All buyers Married couple ADULT COMPOSITION OF HOUSEHOLD Single female Single male Unmarried couple Other All 77% 79% 77% 67% 83% 50% First-time Repeat All buyers ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Other All 88% 88% 82% 85% 96% 83% First-time Repeat

118 FINANCING THE HOME PURCHASE Exhibit 5-3 PERCENT OF HOME FINANCED BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES First-time Repeat New Homes Previously Owned Homes All Less than 50% 9% 5% 11% 15% 8% 50% to 59% 3 * % to 69% * 5 70% to 79% % to 89% % to 94% % to 99% % Financed the entire purchase price with a mortgage Median percent financed 91% 96% 87% 89% 91% * Less than 1 percent BUYERS OF All First-time Repeat New Homes BUYERS OF Previously Owned Homes Less than 50% 9% 5% 10% 11% 8% 50% to 59% % to 69% % to 79% % to 89% % to 94% % to 99% % Financed the entire purchase price with a mortgage Median percent financed 90% 94% 87% 89% 90%

119 FINANCING THE HOME PURCHASE Exhibit 5-5 SOURCES OF DOWNPAYMENT, BY ADULT COMPOSITION OF HOUSEHOLD (Percent of Respondents Among those who Made a Downpayment) All ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Other Savings 65% 63% 63% 70% 89% 75% Proceeds from sale of primary residence Gift from relative or friend * Sale of stocks or bonds * 401k/pension fund including a loan * Loan from relative or friend * * Equity from primary residence buyer continue to own * * Inheritance 3 3 * 8 6 * Individual Retirement Account (IRA) * * Loan or financial assistance from source other than employer * * Proceeds from sale of real estate other than primary residence * * * Loan from financial institution other than a mortgage 1 * 1 * * * Loan or financial assistance through employer * * * * * * Other * * * All ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Other Savings 65% 64% 59% 71% 79% 55% Proceeds from sale of primary residence Gift from relative or friend Sale of stocks or bonds k/pension fund including a loan Inheritance Loan from relative or friend * Individual Retirement Account (IRA) Equity from primary residence buyer continue to own * Proceeds from sale of real estate other than primary residence Loan or financial assistance from source other than employer * Loan from financial institution other than a mortgage * Loan or financial assistance through employer 1 1 * Other * Less than 1 percent

120 FINANCING THE HOME PURCHASE Exhibit 5-6 LENGTH OF TIME TO SAVE FOR A DOWNPAYMENT, FIRST-TIME AND REPEAT BUYERS (Percentage Distribution Among those who Made a Downpayment) All First-time Repeat 6 months or less 41% 34% 43% 6 to 12 months to 18 months to 24 months months to 5 years More than 5 years All First-time Repeat 6 months or less 37% 28% 43% 6 to 12 months to 18 months to 24 months months to 5 years More than 5 years

121 FINANCING THE HOME PURCHASE Exhibit 5-7 LENGTH OF TIME TO SAVE FOR A DOWNPAYMENT, BY ADULT COMPOSITION OF HOUSEHOLD (Percentage Distribution Among those who Made a Downpayment) Married couple ADULT COMPOSITION OF HOUSEHOLD Single female Single male Unmarrie d couple All Other 6 months or less 41% 45% 29% 41% 35% * 6 to 12 months to 18 months * 18 to 24 months * 24 months to 5 years More than 5 years Married couple ADULT COMPOSITION OF HOUSEHOLD Single female Single male Unmarrie d couple All Other 6 months or less 37% 39% 36% 35% 33% 34% 6 to 12 months to 18 months to 24 months months to 5 years More than 5 years

122 FINANCING THE HOME PURCHASE Exhibit 5-8 EXPENSES THAT DELAYED SAVING FOR A DOWNPAYMENT OR SAVING FOR A HOME PURCHASE, BY FIRST-TIME AND REPEAT BUYERS (Percent of Respondents Who Reported Saving for a Down Payment was Difficult) Share Saving for Downpayment was Most Difficult Task in Buying Process: Debt that Delayed Saving: All First-time Repeat 8% 22% 4% Student Loans 36% 47% 11% Credit card debt Car loan Child care expenses Health care costs Other Share Saving for Downpayment was Most Difficult Task in Buying Process: Debt that Delayed Saving: First-time All Repeat 12% 23% 7% Student Loans 46% 57% 28% Credit card debt Car loan Child care expenses Health care costs Other

123 FINANCING THE HOME PURCHASE Exhibit 5-9 EXPENSES THAT DELAYED SAVING FOR A DOWNPAYMENT OR SAVING FOR A HOME PURCHASE, BY ADULT COMPOSITION OF HOUSEHOLD (Percent of Respondents Who Reported Saving for a Down Payment was Difficult) Share Saving for Downpayment was Most Difficult Task in Buying Process: Debt that Delayed Saving: All Married couple Single female Single male Unmarried couple Other 8% 8% 12% 5% 9% * Student Loans 36% 35% 38% 50% * * Credit card debt * * Car loan * Child care expenses * * * Health care costs * * Other * * * * Share Saving for Downpayment was Most Difficult Task in Buying Process: Debt that Delayed Saving: All Married couple Single female Single male Unmarried couple Other 12% 12% 11% 13% 18% 10% Student Loans 44% 42% 54% 57% 57% Credit card debt Car loan Child care expenses Health care costs Other * * * Less than 1 percent

124 FINANCING THE HOME PURCHASE Exhibit 5-10 SACRIFICES MADE TO PURCHASE HOME, BY FIRST-TIME AND REPEAT BUYERS (Percent of Respondents) All First-time Repeat Cut spending on luxury items or non-essential items 32% 60% 20% Cut spending on entertainment Cut spending on clothes Cancelled vacation plans Earned extra income through a second job Sold a vehicle or decided not to purchase a vehicle Other Did not need to make any sacrifices All First-time Repeat Cut spending on luxury items or non-essential items 72% 77% 68% Cut spending on entertainment Cut spending on clothes Canceled vacation plans Earned extra income through a second job Sold a vehicle or decided not to purchase a vehicle Other Did not need to make any sacrifices

125 FINANCING THE HOME PURCHASE Exhibit 5-11 SACRIFICES MADE TO PURCHASE HOME, BY ADULT COMPOSITION OF HOUSEHOLD (Percent of Respondents) All ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Other Cut spending on luxury items or non-essential items 32% 31% 38% 32% 42% * Cut spending on entertainment * Cut spending on clothes * Cancelled vacation plans * Earned extra income through a second job * 11 * Sold a vehicle or decided not to purchase a vehicle * Other * 5 * Did not need to make any sacrifices All ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Other Cut spending on luxury items or non-essential items 72% 71% 74% 69% 76% 72% Cut spending on entertainment Cut spending on clothes Canceled vacation plans Earned extra income through a second job Sold a vehicle or decided not to purchase a vehicle Other * Did not need to make any sacrifices

126 FINANCING THE HOME PURCHASE Exhibit 5-12 DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESS, BY FIRST-TIME AND REPEAT BUYERS (Percentage Distribution Among those who Financed their Home Purchase) First-time Repeat All Much more difficult than expected 24% 21% 25% Somewhat more difficult than expected Not difficult/no more difficult than expected Easier than expected * Less than 1 percent All First-time Repeat Much more difficult than expected 18% 17% 18% Somewhat more difficult than expected Not difficult/no more difficult than expected Easier than expected

127 FINANCING THE HOME PURCHASE Exhibit 5-13 DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESS, BY ADULT COMPOSITION OF HOUSEHOLD (Percentage Distribution Among those who Financed their Home Purchase) All Married couple Single female Single male Unmarried couple Other Much more difficult than expected 24% 27% 17% 12% 32% * Somewhat more difficult than expected Not difficult/no more difficult than expected * Easier than expected * Less than 1 percent ADULT COMPOSITION OF HOUSEHOLD All ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Other Much more difficult than expected 18% 17% 19% 13% 21% 23% Somewhat more difficult than expected Not difficult/no more difficult than expected Easier than expected

128 FINANCING THE HOME PURCHASE Exhibit 5-14 BUYERS WHO HAD MORTGAGE APPLICATION REJECTED BY LENDER (Percenage Distribution) All Was rejected by a lender (s) 6% Did not have application rejected 94 Was rejected by a lender (s) Did not have application rejected All 4% 96

129 FINANCING THE HOME PURCHASE Exhibit 5-15 BUYER PREVIOUSLY SOLD A DISTRESSED PROPERTY (SHORT SALE OR FORECLOSURE) All Previously had a distressed property sale 10% Median year of sale 2010 All Previously had a distressed property sale 8% Median year of sale 2009

130 FINANCING THE HOME PURCHASE Exhibit 5-16 TYPE OF MORTGAGE, FIRST-TIME AND REPEAT BUYERS (Percentage Distribution Among those who Financed their Home Purchase) All First-time Repeat Fixed-rate mortgage 90% 94% 89% Adjustable-rate mortgage 2 * 4 Don't know 0 1 * Other * Less than 1 percent All First-time Repeat Fixed-rate mortgage 92% 93% 91% Fixed-then adjustable rate mortgage 5% 4% 5% Adjustable-rate mortgage Don't know * * * Other 1 * 1 * Less than 1 percent

131 FINANCING THE HOME PURCHASE Exhibit 5-17 TYPE OF LOAN, FIRST-TIME AND REPEAT BUYERS (Percentage Distribution Among those who Financed their Home Purchase) All First-time Repeat Conventional 53% 29% 63% VA FHA Don't know Other * Less than 1 percent All First-time Repeat Conventional 61% 48% 69% FHA VA Don't Know Other 2 3 1

132 FINANCING THE HOME PURCHASE Exhibit 5-18 BUYERS' VIEW OF HOMES AS A FINANCIAL INVESTMENT, FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES All First-time Repeat New Homes BUYERS OF Previously Owned Homes Good financial investment 82% 87% 80% 85% 81% Better than stocks About as good as stocks Not as good as stocks Not a good financial investment Don t know * Less than 1 percent All First-time Repeat New Homes BUYERS OF Previously Owned Homes Good financial investment 79% 83% 78% 80% 79% Better than stocks About as good as stocks Not as good as stocks Not a good financial investment Don't know

133 FINANCING THE HOME PURCHASE Exhibit 5-19 BUYERS' VIEW OF HOMES AS A FINANCIAL INVESTMENT, BY ADULT COMPOSITION OF HOUSEHOLD All ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Other Good financial investment 82% 83% 79% 79% 83% 80% Better than stocks About as good as stocks * Not as good as stocks * Not a good financial investment Don t know * * Less than 1 percent All ADULT COMPOSITION OF HOUSEHOLD Married couple Single female Single male Unmarried couple Other Good financial investment 79% 79% 78% 81% 83% 77% Better than stocks About as good as stocks Not as good as stocks Not a good financial investment Don't know

134 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-1 AGE OF HOME SELLERS, BY REGION Exhibit 6-2 HOUSEHOLD INCOME OF HOME SELLERS, 2013 Exhibit 6-3 ADULT COMPOSITION OF HOME SELLER HOUSEHOLDS Exhibit 6-4 NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOME SELLER HOUSEHOLD Exhibit 6-5 RACE/ETHNICITY OF HOME SELLERS, BY REGION Exhibit 6-6 PRIMARY LANGUAGE SPOKEN IN HOME SELLER HOUSEHOLD, BY REGION Exhibit 6-7 HOME SELLING SITUATION AMONG REPEAT BUYERS Exhibit 6-8 FIRST-TIME OR REPEAT SELLER Exhibit 6-9 HOMES SOLD AND FOR SALE, BY REGION Exhibit 6-10 LOCATION OF HOME SOLD Exhibit 6-11 PROXIMITY OF HOME SOLD TO HOME PURCHASED Exhibit 6-12 TYPE OF HOME SOLD, BY LOCATION Exhibit 6-13 SIZE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD Exhibit 6-14 SIZE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD, BY AGE OF SELLER Exhibit 6-15 NUMBER OF BEDROOMS AND BATHROOMS BY ADULT COMPOSITION OF HOUSEHOLD AND CHILDREN IN HOUSEHOLD Exhibit 6-16 AGE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD Exhibit 6-17 PRICE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD Exhibit 6-18 PRICE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD, BY AGE OF SELLER Exhibit 6-19 PRIMARY REASON FOR SELLING PREVIOUS HOME, BY MILES MOVED Exhibit 6-20 PRIMARY REASON FOR SELLING PREVIOUS HOME, BY FIRST-TIME AND REPEAT SELLERS Exhibit 6-21 SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE, BY FIRST-TIME AND REPEAT SELLERS Exhibit 6-22 SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE, BY TENURE IN HOME Exhibit 6-23 TENURE IN PREVIOUS HOME Exhibit 6-24 TENURE IN PREVIOUS HOME, BY AGE OF SELLER Exhibit 6-25 DISTANCE BETWEEN HOME PURCHASED AND HOME RECENTLY SOLD, BY REGION Exhibit 6-26 DISTANCE BETWEEN HOME PURCHASED AND HOME RECENTLY SOLD, BY AGE Exhibit 6-27 METHOD USED TO SELL HOME, BY REGION Exhibit 6-28 METHOD USED TO SELL HOME, BY SELLER URGENCY Exhibit 6-29 METHOD OF SALE, BY BUYER AND SELLER RELATIONSHIP Exhibit 6-30 METHOD USED TO SELL HOME, Exhibit 6-31 SALES PRICE COMPARED WITH LISTING PRICE, BY REGION Exhibit 6-32 SALES PRICE COMPARED WITH LISTING PRICE, BY SELLER URGENCY Exhibit 6-33 NUMBER OF WEEKS RECENTLY SOLD HOME WAS ON THE MARKET, BY REGION Exhibit 6-34 SALES PRICE COMPARED WITH LISTING PRICE, BY NUMBER OF WEEKS HOME WAS ON THE MARKET Exhibit 6-35 NUMBER OF TIMES ASKING PRICE WAS REDUCED, BY NUMBER OF WEEKS HOME WAS ON THE MARKET Exhibit 6-36 INCENTIVES OFFERED TO ATTRACT BUYERS, BY REGION Exhibit 6-37 INCENTIVES OFFERED TO ATTRACT BUYERS, BY NUMBER OF WEEKS HOME WAS ON THE MARKET Exhibit 6-38 EQUITY EARNED IN HOME RECENTLY SOLD, BY TENURE IN HOME Exhibit 6-39 SATISFACTION WITH THE SELLING PROCESS

135 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-1 AGE OF HOME SELLERS, BY REGION Northeast Midwest South West 18 to 34 years 4% 14% 11% 16% 14% 12% 35 to 44 years to 54 years to 64 years to 74 years years or older Median age (years) * Less than 1 percent SELLERS WHO SOLD A HOME IN THE

136 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-2 HOUSEHOLD INCOME OF HOME SELLERS, 2013 SELLERS WHO SOLD A HOME IN THE Northeast Midwest South West Less than $25,000 5% 3% 2% 4% 3% 2% $25,000 to $34, $35,000 to $44, $45,000 to $54, $55,000 to $64, $65,000 to $74, $75,000 to $84, $85,000 to $99, $100,000 to $124, $125,000 to $149, $150,000 to $174, $175,000 to $199, $200,000 or more Median income (2013) $86,000 $96,700 $96,300 $96,500 $101,700 $89,200

137 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-3 ADULT COMPOSITION OF HOME SELLER HOUSEHOLDS 2014 Married couple 72% Single female 15 Single male 8 Unmarried couple 4 Other 1 * Less than 1 percent Married couple 74% 71% 72% 75% 74% 75% 75% 77% 76% 77% 74% Single female Single male Unmarried couple Other

138 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-4 NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOME SELLER HOUSEHOLD (Percentage Distribution of Home Seller Households) One 8% Two 9% Three or more 2% None 81% WISC NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOME SELLER HOUSEHOLD One, 8% Two, 9% Three or more, 2% None, 81% One 11% Two 15% Three or more 7% None 67% NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOME SELLER HOUSEHOLD One, 11% Two, 15% None, 67% Three or more, 7%

139 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-5 RACE/ETHNICITY OF HOME SELLERS, BY REGION (Percent of Respondents) SELLERS WHO SOLD A HOME IN THE Northeast Midwest South West White/Caucasian 93% 92% 96% 94% 91% 90% Asian/Pacific Islander Hispanic/Latino/Mexican/ Puerto Rican Black/African-American Other 1 2 * * Less than 1 percent Note: Respondents were permitted to select as many races and ethnicities as they felt applicable. The percentage distribution may therefore sum to more than 100 percent.

140 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-6 PRIMARY LANGUAGE SPOKEN IN HOME SELLER HOUSEHOLD, BY REGION SELLERS WHO SOLD A HOME IN THE Northeast Midwest South West English 98% 98% 99% 99% 98% 98% Other

141 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-7 HOME SELLING SITUATION AMONG REPEAT BUYERS Sold in % Sold in % Sold in 2012 or 17% earlier Home has not yet 4% sold and is currently vacant Home has not yet 4% sold, but currently renting to others Do not plan to sell previous home Did not own previous home #N/A #N/A HOME SELLING SITUATION AMONG REPEAT BUYERS (Percentage Distribution Sold in 2012 or earlier, 17% Home has not yet sold, but currently renting to others, 4% Home has not yet sold and is currently vacant, 4% Sold in 2014, 30% Sold in 2013, 31% Sold in % Sold in % Sold in 2012 or 14% earlier Home has not yet 5% sold and is currently vacant Home has not yet 4% sold, but currently renting to others Do not plan to sell 9% previous home Did not own 6% previous home HOME SELLING SITUATION AMONG REPEAT BUYERS (Percentage Distribution Home has not yet sold, but currently renting to others, 4% Home has not yet sold and is currently vacant, 5% Do not plan to sell previous home, 9% Did not own previous home, 6% Sold in 2014, 31% Sold in 2012 or earlier, 14% Sold in 2013, 31%

142 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-8 FIRST-TIME OR REPEAT SELLER First-time seller 18% Repeat 82% seller FIRST-TIME OR REPEAT SELLER (Percentage Distribution First-time seller, 18% Repeat seller, 82% First-time seller Repeat seller 30% 70% FIRST-TIME OR REPEAT SELLER (Percentage Distribution First-time seller, 30% Repeat seller, 70%

143 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-9 HOMES SOLD AND FOR SALE, BY REGION Homes Sold Home has not yet sold and is currently vacant Home has not yet sold, but currently renting to others Northeast 14% 15% 11% Midwest South West

144 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-10 LOCATION OF HOME SOLD Homes Sold Home has not yet sold and is currently vacant Home has not yet sold, but currently renting to others Suburb/Subdivision 52% 50% 33% Small town Urban area/central city 8 * 25 Rural area Resort/Recreation area * Less than 1 percent Homes Sold Home has not yet sold and is currently vacant Home has not yet sold, but currently renting to others Suburb/Subdivision 53% 48% 44% Small town Urban area/central city Rural area Resort/Recreation area 3 2 4

145 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-11 PROXIMITY OF HOME SOLD TO HOME PURCHASED PROXIMITY OF HOME SOLD TO HOME PURCHASED (Percentage Distribution of Households) Same state 49% Same region 18% Other region 33% WISC Other region, 33% Same state, 49% Same region, 18% Same state 68% Same region 15% Other region 17% PROXIMITY OF HOME SOLD TO HOME PURCHASED (Percentage Distribution of Households) Other region, 17% Same region, 15% Same state, 68%

146 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-12 TYPE OF HOME SOLD, BY LOCATION All Sellers Suburb/ Subdivision SELLERS WHO SOLD A HOME IN A Small town Urban/ Central city Rural area Resort/ Recreation area Detached single-family home 82% 77% 80% 44% 79% 50% Townhouse/row house * * Apartment/condo in a building * 29 with 5 or more units Duplex/apartment/condo in 2 to * * 4 unit building Other All Sellers Suburb/ Subdivision SELLERS WHO SOLD A HOME IN A Small town Urban/ Central city Rural area Resort/ Recreation area Detached single-family home 81% 85% 85% 59% 87% 69% Townhouse/row house Apartment/condo in a building with 5 or more units Duplex/apartment/condo in 2 to * * 4 unit building Other * Less than 1 percent

147 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-13 SIZE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD SIZE OF HOME SOLD SIZE OF HOME PURCHASED 1,000 sq ft or less 1,001 sq ft to 1,500 sq ft 1,501 sq ft to 2,000 sq ft 2,001 sq ft to 2,500 sq ft 2,501 sq ft to 3,000 sq ft More than 3,000 sq ft 1,000 sq ft or less * 0% 0% 0% 0% * 1,001 to 1,500 sq ft * ,501 to 2,000 sq ft ,001 to 2,500 sq ft * ,501 to 3,000 sq ft * More than 3,000 sq ft * SIZE OF HOME SOLD SIZE OF HOME PURCHASED 1,000 sq ft or less 1,001 sq ft to 1,500 sq ft 1,501 sq ft to 2,000 sq ft 2,001 sq ft to 2,500 sq ft 2,501 sq ft to 3,000 sq ft More than 3,000 sq ft 1,000 sq ft or less * * * * * * 1,001 to 1,500 sq ft * ,501 to 2,000 sq ft * ,001 to 2,500 sq ft * ,501 to 3,000 sq ft * More than 3,000 sq ft * * % Trading Up * Less than 1 percent 31% Remaining at the same size range 29% Trading Down

148 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-14 SIZE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD, BY AGE OF SELLER (Median Square Feet) Size of home sold Size of home purchased Difference 18 to 34 years 1,700 1, to 44 years 1,960 2, to 54 years 2,000 1, to 64 years 2,300 1, to 74 years 1,950 1, years or older 1,750 1, Size of home sold Size of home purchased Difference 18 to 34 years 1,600 2, to 44 years 1,800 2, to 54 years 2,100 2, to 64 years 2,190 1, to 74 years 2,000 1, years or older 1,800 1,800 *

149 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-15 NUMBER OF BEDROOMS AND BATHROOMS BY ADULT COMPOSITION OF HOUSEHOLD AND CHILDREN IN HOUSEHOLD (Precentage Distribution) All Sellers Married couple ADULT COMPOSITION OF HOUSEHOLD Single female Single male Unmarried couple Other CHILDREN IN HOME Children No under 18 children in home in home One bedroom 2% 1% * * 13% * * 2% Two bedrooms Three bedrooms or more Median number of bedrooms One full bathroom * 6 10 Two full bathrooms Three full bathrooms or more * * Median number of full bathrooms All Sellers Married couple Single female Single male Unmarried couple Other CHILDREN IN HOME Children No under 18 children in home in home One bedroom 1% 1% 3% 1% 4% * 1% 2% Two bedrooms Three bedrooms or more Median number of bedrooms One full bathroom Two full bathrooms Three full bathrooms or more Median number of full bathrooms * Less than 1 percent ADULT COMPOSITION OF HOUSEHOLD

150 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-16 AGE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD (Median Square Feet) Year home sold was built * Less than 1 percent 2010 through 2012 YEAR PURCHASED HOME WAS BUILT through through through through through through through through through through through through through Year home sold was built * Less than 1 percent 2010 through 2012 YEAR PURCHASED HOME WAS BUILT through through through through through or earlier * * * * * * * 2010 through * * * 1 1 * * 2007 through * * * 2002 through * * 1987 through * 1960 through * 1913 through * or earlier * * * * * 22% Purchased Older Home 25% Purchased a Home the Same Age 53% Purchased a Newer Home

151 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-17 PRICE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD PRICE OF HOME SOLD $100,000 to $149,999 $150,000 to $199,999 PRICE OF HOME PURCHASED $200,000 to $249,999 $250,000 to $299,999 $300,000 to $349,999 $350,000 to $399,999 $400,000 to $499,999 Less than $100,000 $500,000 or more Less than $100, * * 0 $100,000 to $149, * $150,000 to $199, * $200,000 to $249,999 * * $250,000 to $299,999 * $300,000 to $349, * * 1 $350,000 to $399,999 * * * 0 1 * 1 1 * $400,000 to $499,999 * * * $500,000 or more PRICE OF HOME SOLD $100,000 to $149,999 $150,000 to $199,999 PRICE OF HOME PURCHASED $200,000 to $249,999 $250,000 to $299,999 $300,000 to $349,999 $350,000 to $399,999 $400,000 to $499,999 Less than $100,000 $500,000 or more Less than $100,000 2% 3% 1% 1% * * * * * $100,000 to $149, * * * $150,000 to $199, * $200,000 to $249, $250,000 to $299,999 * $300,000 to $349,999 * * $350,000 to $399,999 * * $400,000 to $499,999 * * * $500,000 or more * * * * * Less than 1 percent 47% Trading Up 25% Remaining at the same price range 28% Trading Down

152 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-18 PRICE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD, BY AGE OF SELLER (Median) Price of home sold Price of home purchased Difference 18 to 34 years $154,000 $175,000 $21, to 44 years $199,900 $234,250 $34, to 54 years $224,000 $202,500 -$21, to 64 years $262,500 $220,000 -$42, to 74 years $240,000 $190,000 -$50, years or older $179,500 $148,500 -$31,000 Price of home sold Price of home purchased Difference 18 to 34 years $170,900 $247,000 $76, to 44 years $220,000 $304,900 $84, to 54 years $270,000 $277,000 $7, to 64 years $250,000 $235,000 -$15, to 74 years $250,000 $234,600 -$15, years or older $220,000 $187,500 -$32,500

153 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-19 PRIMARY REASON FOR SELLING PREVIOUS HOME, BY MILES MOVED AGE OF HOME SELLER All Sellers 10 miles 11 to to 50 or less miles miles 51 to 100 miles 101 to miles miles or more Job relocation 10% 5% * * 20% 12% 14% Home is too small * * * * Change in family situation (e.g., marriage, birth of a child, * 6 5 divorce) Want to move closer to friends or family 13 * * Neighborhood has become less desirable Home is too large 9 18 * Moving due to retirement 22 N/App 7 8 * Want to move closer to current job 1 * * 8 * * * Upkeep of home is too difficult due to health or financial * * 6 4 limitations Can not afford the mortgage and other expenses of owning 6 7 * * * 12 6 home Other * * miles 11 to to 50 or less miles miles 51 to 100 miles 101 to miles miles or more All Sellers Home is too small 15% 30% 18% 8% 5% 2% * Job relocation Want to move closer to friends or family Neighborhood has become less desirable Change in family situation (e.g., marriage, birth of a child, divorce) Home is too large Moving due to retirement Upkeep of home is too difficult due to health or financial * 1 limitations Want to move closer to current job Can not afford the mortgage and other expenses of owning home To avoid possible foreclosure * * * * 1 * * Other * Less than 1 percent MILES MOVED

154 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-20 PRIMARY REASON FOR SELLING PREVIOUS HOME, BY FIRST-TIME AND REPEAT SELLERS All Sellers First-time Seller Repeat Seller Home is too small 8% 9% 8% Job relocation Want to move closer to friends or family Neighborhood has become less desirable Home is too large Change in family situation (e.g., marriage, birth of a child, divorce) Moving due to retirement Want to move closer to current job 1 * 1 Upkeep of home is too difficult due to health or financial limitations Can not afford the mortgage and other expenses of owning home To avoid possible foreclosure 1 * 1 Other All Sellers First-time Seller Repeat Seller Home is too small 15% 30% 9% Job relocation Want to move closer to friends or family Neighborhood has become less desirable Change in family situation (e.g., marriage, birth of a child, divorce) Home is too large Moving due to retirement Upkeep of home is too difficult due to health or financial limitations Want to move closer to current job Can not afford the mortgage and other expenses of owning home To avoid possible foreclosure * * * Other * Less than 1 percent

155 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-21 SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE, BY FIRST-TIME AND REPEAT SELLERS All Sellers First-time Seller Repeat Seller Yes, and lived in home 14% 14% 14% Yes, but rented home to others and lived elsewhere 1 1 * No, sold home when I wanted to sell All Sellers First-time Seller Repeat Seller Yes, and lived in home 16% 20% 14% Yes, but rented home to others and lived elsewhere No, sold home when I wanted to sell

156 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-22 SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE, BY TENURE IN HOME All Sellers 1 year or less 2 to 3 years 4 to 5 years 6 to 7 years 8 to 10 years 11 to 15 years 16 to 20 years 21 years or more Yes, and lived in home 14% 14% 14% 10% 13% 24% 17% 6% 15% Yes, but rented home to others 1 * * * * 2 * * * and lived elsewhere No, sold home when I wanted to sell All Sellers 1 year or less 2 to 3 years 4 to 5 years 6 to 7 years 8 to 10 years 11 to 15 years 16 to 20 years 21 years or more Yes, and lived in home 16% 3% 2% 12% 19% 26% 22% 12% 8% Yes, but rented home to others 1 * and lived elsewhere No, sold home when I wanted to sell * Less than 1 percent

157 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-23 TENURE IN PREVIOUS HOME All Types 1 year or less 3% 2 to 3 years 7 4 to 5 years 8 6 to 7 years 8 8 to 10 years to 15 years to 20 years 9 21 years or more 17 Median 11 All Types Cabin/ cottage Duplex/ Apartment/ apartment/ condo in condo in building with 2-4 unit 5 or more structure units Townhouse/ row house Detached singlefamily home Mobile/ manufactured home 1 year or less 4% 21% 6% 5% 4% 3% 5% 5% 2 to 3 years to 5 years to 7 years to 10 years to 15 years to 20 years years or more Median Other * Less than 1 percent

158 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-24 TENURE IN PREVIOUS HOME, BY AGE OF SELLER All Sellers 1 year or less 3% 2 to 3 years 7 4 to 5 years 8 6 to 7 years 8 8 to 10 years to 15 years to 20 years 9 21 years or more 17 Median 11 All Sellers 18 to 34 years 35 to 44 years AGE OF HOME SELLER 45 to 54 years 55 to 64 years 65 to 74 years 75 years or older 1 year or less 4% 3% 5% 4% 3% 3% 3% 2 to 3 years to 5 years to 7 years to 10 years to 15 years to 20 years 9 N/A years or more 16 N/A * Median * Less than 1 percent NA= Not applicable

159 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-25 DISTANCE BETWEEN HOME PURCHASED AND HOME RECENTLY SOLD, BY REGION (Median Miles) SELLERS WHO SOLD A HOME IN THE: Northeast Midwest South West DISTANCE BETWEEN HOME PURCHASED AND HOME RECENTLY SOLD, BY REGION (Median Miles) Northeast Midwest South West Region of Home Sold

160 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-26 DISTANCE BETWEEN HOME PURCHASED AND HOME RECENTLY SOLD, BY AGE All Sellers 18 to 34 years 35 to 44 years AGE OF HOME SELLER 45 to 54 years 55 to 64 years 65 to 74 years 75 years or older 5 miles or less 21% 30% 33% 26% 22% 22% 26% 6 to 10 miles to 15 miles to 20 miles to 50 miles * 51 to 100 miles to 500 miles 9 * to 1,000 miles ,001 miles or more Median (miles) All Sellers 18 to 34 years AGE OF HOME SELLER 35 to 44 years 45 to 54 years 55 to 64 years 65 to 74 years 75 years or older 5 miles or less 26% 25% 34% 27% 23% 21% 30% 6 to 10 miles to 15 miles to 20 miles to 50 miles to 100 miles to 500 miles to 1,000 miles ,001 miles or more Median (miles)

161 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-27 METHOD USED TO SELL HOME, BY REGION Northeast Midwest South West Sold home using an agent or broker 87% 88% 88% 86% 89% 89% Seller used agent/broker only Seller first tried to sell it themselves, but then used an agent * For-sale-by-owner (FSBO) Seller sold home without using a real estate agent or broker First listed with an agent, but then sold home themselves Sold home to a homebuying company 1 1 * 1 1 * Other * Less than 1 percent SELLERS WHO SOLD A HOME IN THE:

162 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-28 METHOD USED TO SELL HOME, BY SELLER URGENCY SELLER NEEDED TO SELL All Sellers Very urgently Somewhat urgently Not urgently Sold home using an agent or broker 87% 82% 87% 86% Seller used agent/broker only Seller first tried to sell it themselves, but then used an agent For-sale-by-owner (FSBO) Seller sold home without using a real estate agent or broker First listed with an agent, but then sold home themselves * Sold home to a homebuying company * Other SELLER NEEDED TO SELL All Sellers Very urgently Somewhat urgently Not urgently Sold home using an agent or broker 88% 83% 90% 89% Seller used agent/broker only Seller first tried to sell it themselves, but then used an agent For-sale-by-owner (FSBO) Seller sold home without using a real estate agent or broker First listed with an agent, but then sold home themselves Sold home to a homebuying company 1 2 * * Other * Less than 1 percent

163 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-29 METHOD OF SALE, BY BUYER AND SELLER RELATIONSHIP Buyer and Seller Relationship Seller Knew Buyer Seller did not Know Buyer All sellers 7% 93% Sold home using an agent or broker 3 97 Seller used agent/broker only 3 97 Seller first tried to sell it themselves, but then used an agent 3 97 For-sale-by-owner (FSBO) Sold home without using a real estate agent or broker 3 97 First listed with an agent, but then sold home themselves 3 97 Other * Less than 1 percent Buyer and Seller Relationship Seller Knew Buyer Seller did not Know Buyer All sellers 8% 92% Sold home using an agent or broker 2 98 Seller used agent/broker only 2 98 Seller first tried to sell it themselves, but then used an agent For-sale-by-owner (FSBO) Sold home without using a real estate agent or broker First listed with an agent, but then sold home themselves Other 39 61

164 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-30 METHOD USED TO SELL HOME, Sold home using an agent or broker 87% For-sale-by-owner (FSBO) 12 Sold it to a home buying company 1 Other Sold home using an agent or broker 79% 83% 82% 85% 84% 85% 84% 85% 88% 87% 88% 88% 88% For-sale-by-owner (FSBO) Sold to home buying company Other

165 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-31 SALES PRICE COMPARED WITH LISTING PRICE, BY REGION (Percentage Distribution of Sales Price as a Percent of List Price) Northeast Midwest South West Less than 90% 13% 11% 17% 12% 10% 6% 90% to 94% % to 99% % % to 110% More than 110% Median (sales price as a percent of listing price) SELLERS WHO SOLD A HOME IN THE 97% 97% 98% 97% 97% 98%

166 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-32 SALES PRICE COMPARED WITH LISTING PRICE, BY SELLER URGENCY (Percentage Distribution of Sales Price as a Percent of Listing Price) Very urgently Somewhat urgently Not urgently All Sellers Less than 90% 13% 38% 23% 7% 90% to 94% % to 99% % % to 110% More than 110% Median (sales price as a percent of listing price) SELLER NEEDED TO SELL 97% 93% 96% 97% * Less than 1 percent All Sellers Very urgently Somewhat urgently Not urgently Less than 90% 11% 14% 13% 7% 90% to 94% % to 99% % % to 110% More than 110% Median (sales price as a percent of listing price) SELLER NEEDED TO SELL 97% 97% 97% 98%

167 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-33 NUMBER OF WEEKS RECENTLY SOLD HOME WAS ON THE MARKET, BY REGION SELLERS WHO SOLD A HOME IN THE Northeast Midwest South West Less than 1 week 7% 6% 8% 5% 7% 6% 1 to 2 weeks to 4 weeks to 6 weeks to 8 weeks to 10 weeks to 12 weeks to 16 weeks to 24 weeks to 36 weeks to 52 weeks or more weeks Median weeks

168 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-34 SALES PRICE COMPARED WITH LISTING PRICE, BY NUMBER OF WEEKS HOME WAS ON THE MARKET (Percentage Distribution of Sales Price as a Percent of Listing Price) All Sellers SELLERS WHOSE HOME WAS ON THE MARKET FOR Less than 1 week 1 to 2 weeks 3 to 4 weeks 5 to 8 weeks 9 to 16 weeks 17 or more weeks Less than 90% 13% 13% 11% 13% 13% 29% 31% 90% to 94% 22 * % to 99% % % to 110% * 3 * 2 More than 110% 2 * 2 6 * 3 2 Median (sales price as a percent of listing price) 97% 100% 99% 97% 96% 93% 93% * Less than 1 percent All Sellers SELLERS WHOSE HOME WAS ON THE MARKET FOR Less than 1 week 1 to 2 weeks 3 to 4 weeks 5 to 8 weeks 9 to 16 weeks 17 or more weeks Less than 90% 11% 6% 3% 5% 8% 14% 27% 90% to 94% % to 99% % % to 110% More than 110% Median (sales price as a percent of listing price) 97% 1% 1% 98% 96% 95% 93% * Less than 1 percent

169 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-35 NUMBER OF TIMES ASKING PRICE WAS REDUCED, BY NUMBER OF WEEKS HOME WAS ON THE MARKET All Sellers SELLERS WHOSE HOME WAS ON THE MARKET FOR Less than 1 week 1 to 2 weeks 3 to 4 weeks 5 to 8 weeks 9 to 16 weeks 17 or more weeks None, did not reduce 50% 93% 79% 56% 56% 31% 21% the asking price One Two 11 * 4 * Three 7 * * * Four or more 4 * * * * 6 15 All Sellers SELLERS WHOSE HOME WAS ON THE MARKET FOR Less than 1 week 1 to 2 weeks 3 to 4 weeks 5 to 8 weeks 9 to 16 weeks 17 or more weeks None, did not reduce 55% 92% 84% 62% 45% 31% 17% the asking price One Two Three 5 * Four or more 4 * * * * Less than 1 percent

170 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-36 INCENTIVES OFFERED TO ATTRACT BUYERS, BY REGION (Percent of Respondents) SELLERS WHO SOLD A HOME IN THE Northeast Midwest South West None 71% 64% 75% 60% 61% 67% Home warranty policies Assistance with closing costs Credit toward remodeling or repairs Other incentives, such as a car, flat screen TV, etc Assistance with condo association fees * 1 1 Other * Less than 1 percent

171 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-37 INCENTIVES OFFERED TO ATTRACT BUYERS, BY NUMBER OF WEEKS HOME WAS ON THE MARKET (Percent of Respondents) SELLERS WHOSE HOME WAS ON THE MARKET FOR All Less than 1 week 1 to 2 weeks 3 to 4 weeks 5 to 8 weeks 9 to 16 weeks 17 or more weeks Sellers None 71% 93% 84% 61% 80% 66% 69% Assistance with closing costs 10 * Home warranty policies 16 * Credit toward remodeling or repairs 4 * 2 6 * 6 3 Other incentives, such as a car, flat screen TV, etc. 5 * Assistance with condo association fees 1 * 2 3 * * * Other 3 7 * 6 * 3 5 Less than 1 week 1 to 2 weeks 3 to 4 weeks 5 to 8 weeks 9 to 16 weeks 17 or more weeks Sellers None 64% 87% 72% 61% 53% 60% 55% Home warranty policies Assistance with closing costs Credit toward remodeling or repairs Other incentives, such as a car, flat screen TV, etc Assistance with condo association fees 1 * * * * 1 * Other * Less than 1 percent All SELLERS WHOSE HOME WAS ON THE MARKET FOR

172 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-38 EQUITY EARNED IN HOME RECENTLY SOLD, BY TENURE IN HOME (Percent of Respondents) TENURE IN HOME Dollar value Percent Dollar value Percent 1 year or less $20,000 10% Median $25,000 13% 2 to 3 years $30,000 14% 4 to 5 years $17,000 10% 6 to 7 years $6,000 3% 8 to 10 years $7,500 4% 11 to 15 years $38,000 20% 16 to 20 years $87,000 59% 21 years or more $122, % Median $30,100 17%

173 HOME SELLERS AND THEIR SELLING EXPERIENCE Exhibit 6-39 SATISFACTION WITH THE SELLING PROCESS Very Satisfied 59% 58% Somewhat Satisfied Somewhat Dissatisfied 8 7 Very Dissatisfied 6 5 Satisfaction with Selling Process Somewhat Dissatisfied, 8% Very Dissatisfied, 6% Very Satisfied, 59% Somewhat Satisfied, 27% Satisfaction with Selling Process Somewhat Dissatisfied, 7 Very Dissatisfied, 5 Very Satisfied, 58% Somewhat Satisfied, 30

174 FOR SALE BY OWNERS SELLERS Exhibit 8-1 FSBO AND AGENT-ASSISTED SALES, BY LOCATION Exhibit 8-2 FSBO AND AGENT-ASSISTED SALES, Exhibit 8-3 CHARACTERISTICS OF FSBO AND AGENT-ASSISTED SELLERS Exhibit 8-4 TYPE OF HOME SOLD, FSBO AND AGENT-ASSISTED SELLERS Exhibit 8-5 LOCATION OF HOME SOLD, FSBO AND AGENT-ASSISTED SELLERS Exhibit 8-6 SELLING PRICE, FSBO AND AGENT-ASSISTED SELLERS Exhibit 8-7 HOW FSBO SELLER DETERMINED ASKING PRICE OF HOME SOLD Exhibit 8-8 TIME ON THE MARKET, FSBO AND AGENT-ASSISTED SELLERS Exhibit 8-9 SELLER URGENCY, FSBO AND AGENT-ASSISTED SELLERS Exhibit 8-10 INCENTIVES OFFERED TO ATTRACT BUYERS, FSBO AND AGENT-ASSISTED SELLERS Exhibit 8-11 MOST IMPORTANT REASON FOR SELLING HOME AS FSBO Exhibit 8-12 SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE Exhibit 8-13 METHOD USED BY FSBO SELLERS TO MARKET HOME Exhibit 8-14 MOST DIFFICULT TASK FOR FSBO SELLERS Exhibit 8-15 HOW FSBO SELLERS WILL SELL THEIR CURRENT HOME Exhibit 8-16 FSBO SELLERS SATISFACTION PROCESS OF SELLING HOME

175 FOR SALE BY OWNERS SELLERS Exhibit 8-1 FSBO AND AGENT-ASSISTED SALES, BY LOCATION All Sellers Suburb/ Subdivision SELLERS WHO SOLD A HOME IN A Small town Urban/ Central city Rural area Resort/ Recreation area For-sale-by-owner (FSBO) 12% 11% 17% 13% 7% 21% Seller knew buyer Seller did not know buyer * 14 Agent-assisted Other 1 * * * 7 * Suburb/ Subdivision SELLERS WHO SOLD A HOME IN A Small town Urban/ Central city Rural area Resort/ Recreation area All Sellers For-sale-by-owner (FSBO) 9% 8% 14% 9% 9% 14% Seller knew buyer Seller did not know buyer Agent-assisted Other * * Less than 1 percent

176 FOR SALE BY OWNERS SELLERS Exhibit 8-2 FSBO AND AGENT-ASSISTED SALES, All FSBO (For-sale-by-owner) 12% Seller knew buyer 4 Seller did not know buyer 9 Agent-assisted 87 Other All FSBO (For-sale-by-owner) 14% 14% 13% 12% 12% 13% 11% 9% 10% 9% 9% 9% Seller knew buyer Seller did not know buyer Agent-assisted Other

177 FOR SALE BY OWNERS SELLERS Exhibit 8-3 CHARACTERISTICS OF FSBO AND AGENT-ASSISTED SELLERS All Sellers All FSBO FSBO Seller Knew Buyer Seller did not Know Buyer AGENT-ASSISTED All Agentassisted Agentassisted only First FSBO, then Agentassisted Median age Median income (2013) $86,000 $73,800 $70,000 $106,300 $88,200 $88,200 $112,500 Household composition Married couple 72% 67% 43% 77% 72% 72% 100% Single female * Single male * Unmarried couple 4 * * * 5 5 * Other 1 * * * 1 1 * All Sellers All FSBO FSBO Seller Knew Buyer Seller did not Know Buyer AGENT-ASSISTED All Agentassisted Agentassisted only First FSBO, then Agentassisted Median age Median income (2013) $96,700 $97,600 $93,500 $101,100 $97,300 $97,300 $107,200 Household composition Married couple 74% 77% 76% 79% 74% 75% 64% Single female Single male Unmarried couple Other 1 2 * * * Less than 1 percent

178 FOR SALE BY OWNERS SELLERS Exhibit 8-4 TYPE OF HOME SOLD, FSBO AND AGENT-ASSISTED SELLERS All Sellers All FSBO FSBO Seller Knew Buyer Seller did not Know Buyer Agent- Assisted Detached single-family home 73% 58% 57% 59% 75% Townhouse/row house 5 4 * 6 6 Duplex/apartment/condo in 2 to 4 unit building 3 * * * 4 Apartment/condo in a building with 5 or more units Mobile/manufactured home Other 5 4 * 6 5 * Less than 1 percent All Sellers All FSBO FSBO Seller Knew Buyer Seller did not Know Buyer Agent- Assisted Detached single-family home 81% 76% 81% 74% 82% Townhouse/row house Duplex/apartment/condo in 2 to 4 unit building 2 1 * 3 2 Apartment/condo in a building with 5 or more units Mobile/manufactured home Other

179 FOR SALE BY OWNERS SELLERS Exhibit 8-5 LOCATION OF HOME SOLD, FSBO AND AGENT-ASSISTED SELLERS All Sellers All FSBO Seller Knew Buyer Seller did not Know Buyer Agent-Assisted Suburb/Subdivision 52% 46% 29% 53% 53% Small town Urban area/central city Rural area * 14 Resort/Recreation area * Less than 1 percent FSBO All Sellers All FSBO Seller Knew Buyer Seller did not Know Buyer Agent-Assisted Suburb/Subdivision 53% 44% 34% 54% 54% Small town Urban area/central city Rural area Resort/Recreation area * Less than 1 percent FSBO

180 FOR SALE BY OWNERS SELLERS Exhibit 8-6 SELLING PRICE, FSBO AND AGENT-ASSISTED SELLERS FSBO AGENT-ASSISTED Seller did not Know Buyer First FSBO, then Agentassisted Seller Knew All Agentassisteassisted Agent- All Sellers All FSBO Buyer only Median selling price $230,000 $170,000 $175,000 $165,000 $230,000 $230,000 $315,000 Lowest selling price $1,800 $1,800 $10,000 $1,800 $15,000 $15,000 $85,000 Highest selling price $1,180,000 $670,000 $340,000 $670,000 $1,180,000 $1,180,000 $395,000 Sample size Sales price compared with asking price: Less than 90% 13% 22% 14% 25% 12% 12% 33% 90% to 94% * 95% to 99% % * 101% to 110% 6 * * * 7 7 * More than 110% 2 * * * 2 2 * Median (sales price as a 97% 96% 96% 96% 97% 97% 97% percent of asking price) Number of times asking price was reduced: None 50% 46% 43% 47% 50% 50% 67% One * Two * * Three 7 * * * Four or more 4 4 * * CAUTIONARY NOTE: Small sample sizes in some cases do not allow statistically robust results to be obtained. Please use caution when interpreting the results in cases where sample sizes are small. FSBO AGENT-ASSISTED All Sellers All FSBO Seller Knew Buyer Seller did not Know Buyer All Agentassisted Agentassisted only First FSBO, then Agentassisted Median selling price $230,200 $208,700 $206,800 $209,900 $235,000 $235,000 $222,900 Sales price compared with asking price: Less than 90% 11% 15% 17% 15% 10% 10% 28% 90% to 94% % to 99% % % to 110% * More than 110% Median (sales price as a 97% 98% 100% 97% 97% 97% 95% percent of asking price) Number of times asking price was reduced: None 55% 64% 69% 59% 54% 54% 44% One Two Three Four or more 4 2 * * Less than 1 percent N/A- Not Available

181 FOR SALE BY OWNERS SELLERS Exhibit 8-7 HOW FSBO SELLER DETERMINED ASKING PRICE OF HOME SOLD (Percent of Respondents) All FSBO Seller Knew Buyer Seller did not Know Buyer Recent home sold in area 58% 57% 59% Agent presentation-who seller did not use to sell home Profit seller needed from sale Attending open houses in area/viewing homes for sale online 8 * 12 Online home evaluation tool To cover what was owed on home Other * * * All FSBO Seller Knew Buyer Seller did not Know Buyer Recent home sold in area 50% 39% 61% Agent presentation-who seller did not use to sell home Profit seller needed from sale Attending open houses in area/viewing homes for sale online Online home evaluation tool To cover what was owed on home Other 3 2 5

182 FOR SALE BY OWNERS SELLERS Exhibit 8-8 TIME ON THE MARKET, FSBO AND AGENT-ASSISTED SELLERS FSBO AGENT-ASSISTED All Sellers All FSBO Seller Knew Buyer Seller did not Know Buyer All Agentassisted Agentassisted then Agent- First FSBO, only assisted Less than 1 week 7% 17% 43% 6% 4% 4% * 1 to 2 weeks to 4 weeks * 5 to 6 weeks 9 4 * * 7 to 8 weeks 6 8 * * 9 to 10 weeks 3 * * * to 12 weeks 4 * * * 5 5 * 13 to 16 weeks 4 * * * 4 4 * 17 to 24 weeks 7 4 * * 25 to 36 weeks 4 * * * 4 4 * 37 to 52 weeks * 6 6 * 53 or more weeks 8 4 * Median weeks * Less than 1 percent N/A- Not Available FSBO AGENT-ASSISTED Seller Knew Buyer Seller did not Know Buyer All Agentassisted Agentassisted then Agent- First FSBO, only assisted All Sellers All FSBO Less than 1 week 6% 17% 30% 4% 5% 5% * 1 to 2 weeks to 4 weeks * 5 to 6 weeks * 7 to 8 weeks to 10 weeks 4 2 * to 12 weeks to 16 weeks * to 24 weeks 6 2 * to 36 weeks to 52 weeks or more weeks 4 2 * Median weeks * Less than 1 percent

183 FOR SALE BY OWNERS SELLERS Exhibit 8-9 SELLER URGENCY, FSBO AND AGENT-ASSISTED SELLERS FSBO Seller Knew Buyer Seller did not Know Buyer AGENT-ASSISTED Agentassisted then Agent- First FSBO, only assisted All Agentassisted Sellers needed to sell: All Sellers All FSBO Very urgently 15% 21% 14% 24% 15% 14% 33% Somewhat urgently Not urgently * Less than 1 percent N/A- Not Available FSBO Seller Knew Buyer Seller did not Know Buyer AGENT-ASSISTED Agentassisted then Agent- First FSBO, only assisted All Agentassisted Sellers needed to sell: All Sellers All FSBO Very urgently 16% 20% 22% 19% 15% 14% 22% Somewhat urgently Not urgently

184 FOR SALE BY OWNERS SELLERS Exhibit 8-10 INCENTIVES OFFERED TO ATTRACT BUYERS, FSBO AND AGENT-ASSISTED SELLERS (Percent of Respondents) FSBO AGENT-ASSISTED Seller Knew Buyer Seller did not Know All Agentassisted Buyer Agentassisted only First FSBO, then Agentassisted All Sellers All FSBO None 71% 76% 80% 75% 70% 70% 67% Home warranty policies 16 5 * * Assistance with closing costs 10 5 * * * Credit toward remodeling or 4 * * * repairs Other incentives, such as a 5 10 * * car, flat screen TV, etc. Other 3 * 20 * 3 3 * * Less than 1 percent FSBO AGENT-ASSISTED All Sellers All FSBO Seller Knew Buyer Seller did not Know All Agentassisted Buyer Agentassisted only First FSBO, then Agentassisted No 64% 73% 73% 74% 62% 62% 63% Home warranty policies Assistance with closing costs Credit toward remodeling or repairs Other incentives, such as a 4 3 * * car, flat screen TV, etc. Assistance with condo 1 * * association fees Other * Less than 1 percent

185 FOR SALE BY OWNERS SELLERS Exhibit 8-11 MOST IMPORTANT REASON FOR SELLING HOME AS FSBO Seller Knew Buyer Seller did not Know Buyer All FSBO Did not want to pay a commission or fee 50% * 71% Sold it to a relative, friend or neighbor contacted seller directly Did not want to deal with an agent Agent was unable to sell home * * * Seller has real estate license * * * Could not find an agent to handle transaction * * * Other * * * * Less than 1 percent Seller Knew Buyer Seller did not Know Buyer All FSBO Did not want to pay a commission or fee 47% 33% 61% Sold it to a relative, friend or neighbor contacted seller directly Did not want to deal with an agent Agent was unable to sell home Seller has real estate license 1 1 * Could not find an agent to handle transaction 1 1 * Other 1 1 * * Less than 1 percent

186 FOR SALE BY OWNERS SELLERS Exhibit 8-12 SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE FSBO Seller AGENT-ASSISTED Seller did not Agentassisted First FSBO, Knew Know All Agentassisted then Agent- All Sellers All FSBO Buyer Buyer only assisted Yes, and lived in home 14% 14% 14% 6% 14% 15% * Yes, but rented home to others and lived elsewhere No, sold home when I wanted to sell 1 1 * * 1 1 * FSBO Seller AGENT-ASSISTED Seller did not Agentassisted First FSBO, Knew Know All Agentassisted then Agent- All Sellers All FSBO Buyer Buyer only assisted Yes, and lived in home 16% 13% 16% 12% 16% 15% 36% Yes, but rented home to others and lived elsewhere No, sold home when I wanted to sell *

187 FOR SALE BY OWNERS SELLERS Exhibit 8-13 METHOD USED BY FSBO SELLERS TO MARKET HOME (Percent of Respondents) Seller Knew Buyer Seller did not Know Buyer All FSBO Yard sign 21% * 30% For-sale-by-owner Web site 21 * 30 Social networking Web sites 7 * 10 Multiple Listing Service (MLS) website 7 * 10 Open house 21 * 30 Online classified ads 7 * 10 Third party aggregator 14 * * Friends, relatives, or neighbors 7 * 10 Newspaper website * * * Other Web sites with real estate listings * * * Print newspaper advertisement * * * Realtor.com 7 * 10 For-sale-by-owner magazine 7 * 10 Direct mail (flyers, postcards, etc) * * * Video * * * Television * * * Video hosting Web sites * * * None - Did not actively market home * Other * * * All FSBO Seller Knew Buyer Seller did not Know Buyer Yard sign 30% 15% 45% For-sale-by-owner Web site Social networking Web sites Multiple Listing Service (MLS) website Open house Online classified ads Third party aggregator Friends, relatives, or neighbors Newspaper website Other Web sites with real estate listings 7 * 15 Print newspaper advertisement Realtor.com 5 * 10 For-sale-by-owner magazine 5 * 10 Direct mail (flyers, postcards, etc) 2 2 * Video 1 * 2 Television * * * Video hosting Web sites * * * None - Did not actively market home Other 3 5 *

188 FOR SALE BY OWNERS SELLERS Exhibit 8-14 MOST DIFFICULT TASK FOR FSBO SELLERS (Percentage of Distribution) Seller Knew Buyer Seller did not Know Buyer All FSBO Understanding and performing paperwork 8% 14% 6% Preparing or fixing up the home for sale 4 * 6 Getting the price right Selling within the length of time planned 8 * 12 Attracting potential buyers 4 * 6 Having enough time to devote to all aspects of the sale 8 * 12 Helping buyer obtain financing * * * None/Nothing * Less than 1 percent Seller Knew Buyer Seller did not Know Buyer All FSBO Getting the price right 15% 18% 13% Selling within the length of time planned Preparing or fixing up the home for sale Understanding and performing paperwork Having enough time to devote to all aspects of the sale Helping buyer obtain financing Attracting potential buyers Other None/Nothing * Less than 1 percent

189 FOR SALE BY OWNERS SELLERS Exhibit 8-15 HOW FSBO SELLERS WILL SELL THEIR CURRENT HOME (Percentage of Distribution) FOR SALE BY OWNERS SELLERS HOW FSBO SELLERS WILL SELL THEIR CURRENT HOME (Percentage of Distribution) FSBO- Seller Knew Buyer HOW FSBO SELLERS WILL SELL THEIR CURRENT HOME - FSBO, Seller Knew Buyer Sell Sell Themselves 25% Themselves, Sell Themselves 28% Use a Real Estate 63% Use a Real Estate Don't Know/ 25% 27% Agent Not Sure, 13% Agent Don't Know/ Not Sure 13% Don't Know/ Not Sure 45% FSBO- Seller Knew Buyer F Don't Know/ Not Sure, 45% HOW FSBO SELLERS WILL SELL THEIR CURRENT HOME - FSBO, Seller Knew Buyer Sell Themselves, 28% Use a Real Estate Agent, 63% Use a Real Estate Agent, 27% FSBO- Seller Did Not Know Buyer HOW FSBO SELLERS WILL SELL THEIR CURRENT HOME - FSBO, Seller Did Not Know Buyer FSBO- Seller Did Not Know Buyer Sell Themselves 45% Sell Themselves 56% Use a Real Estate Sell 25% Use a Real Estate 21% Themselves, Agent Agent 45% Don't Know/ Not 30% Don't Know/ Not 22% Sure Don't Know/ Sure Not Sure, 30% HOW FSBO SELLERS WILL SELL THEIR CURRENT HOME - FSBO, Seller Did Not Know Buyer Don't Know/ Not Sure, 22% Sell Themselves, 56% Use a Real Estate Agent, 21% Use a Real Estate Agent, 25%

190 FOR SALE BY OWNERS SELLERS Exhibit 8-16 FSBO SELLERS SATISFACTION PROCESS OF SELLING HOME (Percentage of Distribution) FSBO- Seller Knew FSBO SELLERS SATISFACTION PROCESS OF SELLING HOME - FSBO- Seller Knew Buyer Seller Knew Buyer Buyer Very dissatisfied, Somewhat Very satisfied 63% 0% dissatisfied, 13% Very satisfied 70% Somewhat 25% Somewhat 22% satisfied satisfied Somewhat 13% Somewhat 4% dissatisfied dissatisfied * Very satisfied, Very 3% Very dissatisfied Somewhat 63% dissatisfied satisfied, 25% FSBO SELLERS SATISFACTION PROCESS OF SELLING HOME - Seller Knew Buyer Somewhat dissatisfied 4% Somewhat satisfied 22% Very dissatisfied 3% Very satisfied 71% FSBO- Seller Did Not Know Buyer FSBO SELLERS SATISFACTION PROCESS OF SELLING HOME - Seller Did Not Know Buyer Very dissatisfied, Somewhat 5% dissatisfied, 0% Somewhat satisfied, 10% FSBO- Seller Did Not Know Buyer Very satisfied 85% Very satisfied 69% Somewhat 10% Somewhat 25% satisfied satisfied Somewhat * Somewhat 3% dissatisfied dissatisfied Very satisfied, 5% Very 85% Very dissatisfied dissatisfied 3% FSBO SELLERS SATISFACTION PROCESS OF SELLING HOME - Seller Did Not Know Buyer Somewhat dissatisfied 3% Somewhat satisfied 25% Very dissatisfied 3% Very satisfied 69%

191 HOME SELLING AND REAL ESTATE PROFESSIONALS Exhibit 7-1 Exhibit 7-2 Exhibit 7-3 Exhibit 7-4 Exhibit 7-5 Exhibit 7-6 Exhibit 7-7 Exhibit 7-8 Exhibit 7-9 Exhibit 7-10 Exhibit 7-11 Exhibit 7-12 Exhibit 7-13 METHOD USED TO FIND REAL ESTATE AGENT, BY FIRST TIME OR REPEAT SELLER METHOD USED TO FIND REAL ESTATE AGENT, BY MILES MOVED NUMBER OF AGENTS CONTACTED BEFORE SELECTING ONE TO ASSIST WITH SALE OF HOME SELLER USED THE SAME REAL ESTATE AGENT FOR THEIR HOME PURCHASE, BY MILES MOVED HOME LISTED ON MULTIPLE LISTING SERVICE LEVEL OF SERVICE PROVIDED BY THE REAL ESTATE AGENT WHAT SELLERS MOST WANT FROM REAL ESTATE AGENTS, BY LEVEL OF SERVICE PROVIDED BY THE AGENT MOST IMPORTANT FACTOR IN CHOOSING A REAL ESTATE AGENT TO SELL HOME, BY LEVEL OF SERVICE PROVIDED BY THE AGENT METHODS REAL ESTATE AGENT USED TO MARKET HOME HOW REAL ESTATE AGENT WAS COMPENSATED NEGOTIATING THE COMMISSION RATE OR FEE WITH THE REAL ESTATE AGENT WOULD SELLER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS HOW MANY TIMES SELLER RECOMMENDED TYPICAL AGENT 2014 Profile of Home and Sellers

192 HOME SELLING AND REAL ESTATE PROFESSIONALS Exhibit 7-1 METHOD USED TO FIND REAL ESTATE AGENT, BY FIRST TIME OR REPEAT SELLER First-time Seller Repeat Seller Referred by (or is) a friend, neighbor or relative 35% 41% 34% Used agent previously to buy or sell a home Visited an open house and met agent 3 * 4 Internet website (without a specific reference) 2 * 3 Personal contact by agent (telephone, , etc.) Referred by another real estate or broker Saw contact information on For Sale/Open House sign Referred through employer or relocation company 1 3 * Direct mail (newsletter, flyer, postcard, etc.) Walked into or called office and agent was on duty Newspaper, Yellow pages or home book ad Advertising specialty (calendar, magnet, etc.) 1 * 1 Crowdsourcing through social media/knew the person through social 1media 3 1 Saw the person's social media page without a connection 2 * 2 Other All sellers First-time Seller Repeat Seller Referred by (or is) a friend, neighbor or relative 38% 44% 35% Used agent previously to buy or sell a home Visited an open house and met agent Internet website (without a specific reference) Personal contact by agent (telephone, , etc.) Referred by another real estate or broker Saw contact information on For Sale/Open House sign Referred through employer or relocation company Direct mail (newsletter, flyer, postcard, etc.) Walked into or called office and agent was on duty Newspaper, Yellow pages or home book ad Advertising specialty (calendar, magnet, etc.) 1 * 1 Crowdsourcing through social media/knew the person through social media * 1 * Saw the person's social media page without a connection * * * Other * Less than 1 percent 2014 Profile of Home and Sellers

193 HOME SELLING AND REAL ESTATE PROFESSIONALS Exhibit 7-2 METHOD USED TO FIND REAL ESTATE AGENT, BY MILES MOVED All sellers 10 miles or less 11 to 20 miles 21 to 50 miles 51 to to miles 500 miles Referred by (or is) a friend, neighbor or relative 35% 29% 33% 40% 33% 39% 39% Used agent previously to buy or sell a home Visited an open house and met agent 3 6 * 10 * * 1 Internet website (without a specific reference) * * 8 1 Personal contact by agent (telephone, , etc.) Referred by another real estate or broker * * * 6 Saw contact information on For Sale/Open House sign * * * 4 Referred through employer or relocation company 1 2 * * * * * Direct mail (newsletter, flyer, postcard, etc.) 2 2 * 10 * * 3 Walked into or called office and agent was on duty 4 * * * * 15 4 Newspaper, Yellow pages or home book ad 2 2 * * * * 1 Advertising specialty (calendar, magnet, etc.) 1 * * * * * 1 Crowdsourcing through social media/knew the person through social media 1 2 * * * * * Saw the person's social media page without a connection 2 * * 10 * * 3 Other 13 6 * 10 * or more 10 miles 11 to to to to 501or All sellers or less miles miles miles 500 miles more Referred by (or is) a friend, neighbor or relative 38% 39% 38% 38% 40% 32% 42% Used agent previously to buy or sell a home Visited an open house and met agent Internet website (without a specific reference Personal contact by agent (telephone, , etc.) Referred by another real estate or broker Saw contact information on For Sale/Open House sign Referred through employer or relocation company 3 * 1 * * 9 6 Direct mail (newsletter, flyer, postcard, etc.) 2 1 * Walked into or called office and agent was on duty * 4 1 Newspaper, Yellow pages or home book ad 1 1 * Advertising specialty (calendar, magnet, etc.) 1 1 * * Crowdsourcing through social media/knew the person through social media * 1 * * * * 1 Saw the person's social media page without a connection * * * 1 * * 1 Other Profile of Home and Sellers

194 HOME SELLING AND REAL ESTATE PROFESSIONALS Exhibit 7-3 NUMBER OF AGENTS CONTACTED BEFORE SELECTING ONE TO ASSIST WITH SALE OF HOME One 65% Two 20% Three 10% Four 2% Five or more 3% * Less than 1 percent 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% NUMBER OF AGENTS CONTACTED BEFORE SELECTING ONE TO ASSIST WITH SALE OF HOME 65% 20% 10% 2% 3% One Two Three Four Five or more One 70% Two 17 Three 8 Four 3 Five or more 2 80% 70% 60% NUMBER OF AGENTS CONTACTED BEFORE SELECTING ONE TO ASSIST WITH SALE OF HOME 70% U.S 50% 40% 30% 20% 10% 0% 17% 8% 3% 2% One Two Three Four Five or more 2014 Profile of Home and Sellers

195 HOME SELLING AND REAL ESTATE PROFESSIONALS Exhibit 7-4 SELLER USED THE SAME REAL ESTATE AGENT FOR THEIR HOME PURCHASE, BY MILES MOVED (Percentage Distribution Among Sellers Who Used an Agent to Purchase a Home) 10 miles or less 11 to 20 miles 21 to 50 miles 51 to 100 miles 101 to 500 miles 501or more Yes 34% 64% 67% 89% 0% 18% 2% No 66% 36% 33% 11% 100% 82% 98% All sellers 10 miles or less 11 to 20 miles 21 to 50 miles 51 to 100 miles 101 to 500 miles 501or more Yes 51% 80% 82% 65% 24% 6% 4% No 49% Profile of Home and Sellers

196 HOME SELLING AND REAL ESTATE PROFESSIONALS Exhibit 7-5 HOME LISTED ON MULTIPLE LISTING SERVICE Yes 92% No 7% Don't know 2% HOME LISTED ON MULTIPLE LISTING SERVICE No, 7% Don't know, 2% Yes, 92% Yes 91% No 5% Don't know 4% HOME LISTED ON MULTIPLE LISTING SERVICE Don't know, 4% No, 5% Yes, 91% 2014 Profile of Home and Sellers

197 HOME SELLING AND REAL ESTATE PROFESSIONALS Exhibit 7-6 LEVEL OF SERVICE PROVIDED BY THE REAL ESTATE AGENT A broad range of services and management of most aspects of the home sale A limited set of services as requested by the seller The agent listed the home on the MLS and performed few if any additional services 79% 11% 11% The agent listed the home on the MLS and performed few if any additional services, 11% LEVEL OF SERVICE PROVIDED BY THE REAL ESTATE AGENT A limited set of services as requested by the seller, 11% A broad range of services and management of most aspects of the home sale, 79% A broad range of services and management of most aspects of the home sale A limited set of services as requested by the seller The agent listed the home on the MLS and performed few if any additional services 79% 9% 12% LEVEL OF SERVICE PROVIDED BY THE REAL ESTATE AGENT A limited set of services as requested by the seller, 9% The agent listed the home on the MLS and performed few if any additional services, 12% A broad range of services and management of most aspects of the home sale, 79% 2014 Profile of Home and Sellers

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