C.A.R HOME BUYER SURVEY EXECUTIVE SUMMARY

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1 C.A.R HOME BUYER SURVEY EXECUTIVE SUMMARY

2 Contents Survey Methodology... 2 Who is the 2014 Home Buyer?... 2 The Home Buying Experience... 4 Technology in the Buying Process... 8 Financing... 9 Buyer and Agent Interaction Communication Agent Satisfaction Ratings Key Conclusions Opportunities Works Cited List of Exhibits C.A.R International Real Estate Consumer Survey 1

3 Survey Methodology The Survey was conducted by telephone to 1,400 people statewide to measure their perceptions of the home-buying process. Eligible respondents all closed escrow on their homes within the six months prior to February Participants were selected on a random probability basis and the reported results are subject to a maximum sampling error of +/- 3.5 percent at two standard deviations (a 95 percent confidence level). Who is the 2014 Home Buyer? The characteristics of a typical California home buyer continue to evolve. The 2014 buyer is more likely to be female, older, a minority, and single when compared to home buyers in prior years. Also, the standard buyers annual household income continues to increase. While 33 percent of buyers in 2013 had incomes of $150,000 or more, 44 percent of 2014 buyers have incomes higher than $150,000. The proportion of younger buyers significantly declined this year, increasing the average age by 10 years to 48. This is the second consecutive year that the average age increased. Buyers 34 years of age or younger comprised 45 percent of buyers in 2013, while the same group only represented 12 percent of buyers in With millennials plagued by student debt and difficulties finding a high salary job, it is no surprise that their ability to purchase a home is diminished. Exhibit 1: Proportion of Younger Buyers Declines % 5% 1 13% 13% 37% 39% 34% 4 43% 41% 3% 7% % 12% 36% 43% 2% % 25% 26% 32% 12% Under 25 Q: What is your age? C.A.R International Real Estate Consumer Survey 2

4 Minorities represent the majority of home buyers in California, making up 64 percent of all buyers. This is up from 2003, when minorities made up less than half (47 percent) of all buyers. The percentage of Hispanic buyers grew from 16 percent in 2003 to 26 percent this year, and the percentage of Black / African American buyers quadrupled from three percent to 12 percent, while the White / Caucasian percentage shrank from 53 percent to 36 percent over the same period. Home buyers now more closely resemble California, where minorities consist of 60 percent of the population. The percentage of unmarried buyers increased to 41 percent from 37 percent last year, reflecting the gradual decline in married households. Gen Y and Gen X are getting married at an older age on average and forming households outside the traditional boundaries of the institution. According to the U.S. Census Bureau 2012 American Community Survey, only 46 percent of Californians are married, compared to 57 percent who were married in Home buyers are highly educated; 61 percent have a college or graduate degree and all buyers have at least a high school diploma. In comparison to the State of California, where only 31 percent of the population who is 25 years and older has a bachelor or graduate degree (U.S. Census Bureau, 2012), home buyers are more educated. Exhibit 2: Home Buyer Annual Household Income 6 Under $100,000 $100,000-$200,000 $200, Q: Which of the following categories best represents you total annual income from all sources? Those who own a home have a higher income than the average Californian. Nearly all buyers (97 percent) have an annual household income over $75,000, whereas only about 40 percent of Californians C.A.R International Real Estate Consumer Survey 3

5 do. The discrepancy in six figure incomes is also large; more than seven in 10 buyers (72 percent) earn more than $100,000 a year, but only 28 percent of Californians (U.S. Census Bureau, 2012) earn at that same level. There is a strong link between owning a home, having a higher education and higher income. The Home Buying Experience The California homebuyer is facing an increasingly challenging market. Affordability is no stranger to this housing marketplace; the coastal areas in particular have faced this problem for years. With home prices expected to continue rising this year, even more buyers will be priced out of the market. The median listing price in 2014 reached $380,000 while purchase price closely followed at $375,000. There were 11 percent fewer homes listed above the final sale price in 2014 compared to The shrinking discount between listing and purchases prices further indicates a competitive market. Exhibit 3: Listing vs. Purchase Price Median Home Price Listing > Purchase Listing < Purchase Listing = Purchase $400,000 $350,000 $300,000 $380,000 $375, % 45% $250,000 $200, % 5% $150,000 $100,000 $50, % $0 Listing Purchase Q: What was the initial listing price of the home you purchased? Q: What was the price of the home you purchased? More than half of buyers (59 percent) were previous home owners. Three percent of buyers previously lived with their parents, down from seven percent two years ago, indicating that echo boomers are moving out of their parents homes and beginning to form households of their own as the economy improves. C.A.R International Real Estate Consumer Survey 4

6 Exhibit 4: Living Arrangement Immediately Before Purchase % 2% 7% 6% 6% 2% % 54% 38% 4 Other 5 Lived w/parents % 38% 5 59% Rented Owned Q: What was your living arrangement immediately before your recent home purchase? The buying process begins long before buyers actually contact an agent. On average, buyers started considering a purchase nearly five months (19.1 weeks) before getting in touch with a real estate agent, down from 23.7 weeks last year. Home buyers are also taking their time investigating homes and neighborhoods before contacting an agent, spending a little over five months on this compared to about seven months last year. The average number of weeks that buyers spent looking for a home with their agent also increased from 9.8 weeks last year to 10.4 weeks this year. This increase could be the result of buyers viewing twice as many homes as last year. The long consideration time and home search reflect the limited availability of homes for sale and the increasing prices, which are causing buyers to weigh their options carefully before making a purchase. C.A.R International Real Estate Consumer Survey 5

7 Exhibit 5: Number of Homes Viewed with Agent Doubles # o f H o m e s Median Homes Viewed Q: How many different homes did you preview and visit with your agent prior to making a purchase? When they were finally ready to make a purchase, buyers tended to stay closer to their previous homes the median distance from their last residence was 15 miles, down from 25 miles last year. More than 9 out of 10 buyers (91 percent) made offers on other homes and nearly half (46 percent) claim they settled for the best option given the limited supply of houses. Price decreases, a promotion/raise, and low interest rates were the top three reasons that buyers purchased. Nearly half did not buy sooner because there were not many good housing options, others waited to see when prices would stabilize or did not see a real urgency to buy. The average buyer plans to stay in their home for almost nine years, up from six years in Exhibit 6: Main Reasons for Buying Price decreases 54% Promotion/raise 34% Low interest rates 29% Favorable price/financing Desired better/other location Investment/Tax advantage Desired larger home 17% 16% 15% 13% Long term appreciation Change in family 9% 8% Q: What were your main reasons for buying your home? C.A.R International Real Estate Consumer Survey 6

8 While the majority of buyers (54 percent) found their home through an agent, the percentage who found their home online tripled from 13 percent in 2011 to 39 percent in 2014, the highest rate in the Survey s history. There is a trend in buyers turning more to the internet to find their homes, rather than relying on an agent. Exhibit 7: More Buyers Finding their Own Home Agent Website Other % % 13% 16% 1% 7% 4% % 54% 37% 39% 2% 8% Q: How did you find the home you purchased? While the real estate market prospers, buyer optimism about the future direction of home prices is also growing, with the majority of buyers (81 percent) believing prices will go up in five years and 60 percent believing prices will rise in one year. This buyer optimism has improved since 2009 when only 35 percent of buyers believed that prices would rise in five years and only eight percent believed prices would rise in one year. More importantly, none of the buyers who responded to the survey this year felt that prices would drop in the future. This optimism is echoed by a 38.8-point increase in the consumer confidence index from 25.3 in February 2009 to 82.3 in March of this year. (The Conference Board(R)) C.A.R International Real Estate Consumer Survey 7

9 Exhibit 8: Home Buyers Who Think Home Prices Will Rise Up Dramatically from % % In 1 Year 35% In 5 Years Q: Do you think home prices in the neighborhood where you purchased will go up in one year, in five years? Technology in the Buying Process The overwhelming majority of buyers (91 percent) used a mobile device to access the internet. In addition to accessing the internet, buyers used their mobile devices to look for comparable home prices (78 percent), search for homes (45 percent), communicate (45 percent), and take photos of neighborhoods, homes and amenities (43 percent). Zillow, Realtor.com and Trulia are the most useful mobile apps among buyers. Zillow is the most useful website in the home buying process, followed by Realtor.com and Redfin. More than half of all buyers (59 percent) found their home on realtor.com or Zillow. The use of social media in the buying process continued increasing this year, with more than threequarters of buyers using it, compared to 52 percent who used it in C.A.R International Real Estate Consumer Survey 8

10 Buyers primarily used social media for buying tips and suggestions from friends (44 percent), neighborhood information (44 percent), and to view their agents Facebook pages (35 percent). The use of social media as a form of communication is expected to continue to grow in the future, with 92 percent of buyers indicating they are receptive to receiving information about the home buying process directly from their agent via social media. Financing The majority of buyers surveyed obtained financing for their home purchase (74 percent) 1 and experienced less difficulty in doing so. On a scale of one to 10, with 10 being very difficult, buyers rated their difficulty in obtaining financing at 7.1 on average, down from 8.6 last year and the lowest difficulty rating in the Survey s history. Higher downpayments are still the norm in this market, with buyers putting an average of 28 percent down on their purchases. The average downpayment has been higher than the traditional 20 percent since Fixed rate loans are being obtained by more than nine out of 10 buyers (92 percent), a 23 percent rise from 2009, when only 69 percent had a fixed rate loan. Nearly nine out of 10 buyers (86 percent) have 30-year loan terms, and only 14 percent of buyers have terms under 30 years. Buyers acquiring these types of long term loans and putting more skin in the game points to a more stable and healthy real estate market, unlike that preceding the previous boom when creative loan products were being acquired with little or no money down. This year, more than one quarter of all buyers (26 percent) paid cash for their homes, the highest level in the survey s history. 2 The majority of cash buyers (95 percent) used proceeds from a previous 1 This survey sample is skewed more towards owner-occupant buyers. 2 This survey sample is skewed more towards owner-occupant buyers. C.A.R International Real Estate Consumer Survey 9

11 residence, others had funds from the sale of personal assets (44 percent) or from personal savings (40 percent). Exhibit 9: Source of Cash Funds for Cash Buyers (N = 367) Proceeds from previous residence 95% Sale of personal assets Personal savings Inheritance Proceeds from sale/refi of another 44% 4 32% 29% Pension fund 16% Borrowed/gifted 5% Q: If all cash, where did the funds come from? Buyer and Agent Interaction Nearly all surveyed buyers (88 percent) used an agent in 2014, down slightly from 91 percent in Nearly two-thirds (65 percent) of those who used an agent found their agent online, compared to only 38 percent who found their agent online in Growing internet use to find an agent shows the increasing importance of the web as an indispensable tool in the home buying process and presents an opportunity for real estate professionals to market effectively to their target market through this medium. Half of buyers Googled their agent, down from 68 percent last year; this could be the result of buyers turning more to social media and mobile apps to learn about agents. Despite nearly all buyers using an agent, agents must still compete for buyers business, as more than three out of four buyers (76 percent) interviewed at least two agents before selecting the one they would use to purchase their home. Buyers interviewed 3.1 agents on average before making a selection, the second highest average in the Survey s history. When it comes to selecting an agent, a previous relationship and being most responsive are important to buyers. Communication Communication is a key component of any business relationship and the agent-buyer relationship is no exception. While agents met expectations for the most part in and in-person communication, there is room for improvement in communication by telephone and text message. Only 11 percent of buyers prefer to communicate with their agents by telephone, yet 38 percent of buyers reported that agents communicated by telephone. There is a similar gap in text message communication; 40 percent C.A.R International Real Estate Consumer Survey 10

12 of buyers claimed they prefer this method of communication, but only 15 percent of agents communicated by text message. Exhibit 10: Large Discrepancies in Preferred vs. Actual Communication 47% 46% Preferred Actual 38% 4 11% 15% Telephone Text Message 1% In Person Q: What was your preferred method of communicating with your agent? Q: How did your agent actually communicate with you? Clients are more demanding when it comes to response time. The percentage of buyers who expect an instant response from their agents is nearly five times higher from 10 percent in 2007 to 49 percent this year. Exhibit 11: Buyers Expect Quick Response Expected Actual % 18% 29% 7% Instantly Within 30 mins. 16% 11% Within 1 hr. Within 2 hrs. 24% 17% 13% 1 4% 2% Within 4 hrs. Same day 1 business day or longer Q: On average, what was the actual response time of your agent to return any form of communication to you? Q: What was the typical response time you expected from your agent to return any form of communication to you? C.A.R International Real Estate Consumer Survey 11

13 Agent Satisfaction Ratings Buyer satisfaction with their agent improved for the first time in five years 3.3 on a scale of one to five, with five being most satisfied. Buyers are also more satisfied with the home finding process, rating their satisfaction a 3.3 on a scale of one to five. This improvement in home buyer satisfaction points to a macro level improvement in housing market conditions in California. Exhibit 12: Top 5 Reasons for Satisfaction with Agent Key Conclusions The Survey asked buyers to give their agents some advice to improve the home buying process or level of service. Here is what they revealed: Respond faster (63 percent) Communicate according to client preference (55 percent) Communicate better (44 percent) The Survey also revealed that the internet is an increasingly important tool for buyers in the home buying process; more buyers are finding their agents and homes online. Mobile technology is growing in popularity among buyers, they use their smartphones to look for house prices, search for properties, take photos and create videos of homes and amenities, research communities and real estate agents. Consequently, it is imperative for real estate professionals to adapt to changing customer needs and to have a strong web presence and to integrate mobile marketing into their business plans. As Charles Darwin said, It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change. Customer service is crucial in any business, but especially so in service-oriented industries, like real estate. The best way to provide clients with excellent customer service is to focus on their reasons for selecting and being satisfied with their agents, such as worked hard, negotiated a good deal and helped find the best home. Equally important is avoiding the key pitfalls, such as slow response, C.A.R International Real Estate Consumer Survey 12

14 ineffective/inefficient communication, and undesirable communication methods. Opportunities In addition to providing a better understanding of home buyers, this Survey offers ways that agents can improve their business. 65% of buyers found their agent online market your business online Buyers reported needing the most assistance from their agent in: finding the right home negotiating the price and terms of sale determining comps and affordability. These are the skills that are most important to showcase in marketing materials and to demonstrate during client interviews and meetings. Social media use will continue to grow in the real estate business, as more than nine out of every 10 buyers are receptive to receiving information about the home buying process directly from their agent via social media. Therefore, it would be useful to devise a strategy for maximizing social media use. Effective marketing is key to getting the most bang for your buck, not only in terms of the various marketing methods available and the appropriate target audience, but also in terms of content. When marketing yourself and your brand, highlight the qualities that matter most to buyers, like having a fast response to inquiries, being aggressive on the client s behalf, and possessing strong negotiation skills. When marketing properties, focus on the reasons that buyers made a purchase, such as price decreases, promotions or raises, and low interest rates. With clients being so demographically diverse, it is not always easy to communicate effectively, but effective communication is crucial to delivering top notch customer service. Communicate more effectively with clients by asking them their preferred method of communication and using that method. C.A.R International Real Estate Consumer Survey 13

15 Works Cited CALIFORNIA ASSOCIATION OF REALTORS(R). (n.d.) Annual Housing Market Survey. Harvard University Joint Center for Housing Studies. (2012). The State of the Nation's Housing. The Conference Board(R). (n.d.). US Consumer Confidence Index. The White House National Economic Council. (2010, October). Jobs and Economic Security for America's Women. Retrieved October 15, 2012, from The White House: Women.pdf U.S. Census Bureau. (2012) American Community Survey. C.A.R International Real Estate Consumer Survey 14

16 List of Exhibits Exhibit 1: Proportion of Younger Buyers Declines... 2 Exhibit 2: Home Buyer Annual Household Income... 3 Exhibit 3: Listing vs. Purchase Price... 4 Exhibit 4: Living Arrangement Immediately Before Purchase... 5 Exhibit 5: Number of Homes Viewed with Agent Doubles... 6 Exhibit 6: Main Reasons for Buying... 6 Exhibit 7: More Buyers Finding their Own Home... 7 Exhibit 8: Home Buyers Who Think Home Prices Will Rise Up Dramatically from Exhibit 9: Source of Cash Funds for Cash Buyers (N = 367) Exhibit 10: Large Discrepancies in Preferred vs. Actual Communication Exhibit 11: Buyers Expect Quick Response Exhibit 12: Top 5 Reasons for Satisfaction with Agent Exhibit 13: Average Age Exhibit 14: Ethnic Background Exhibit 15: Marital Status Exhibit 16: Education Level Exhibit 18: Percentage of Repeat Buyers Previously Under Water Exhibit 17: Residence Location Exhibit 19: Purchase Price Exhibit 20: Median Price Exhibit 21: Number of Weeks Considering Purchase before Contacting Agent Exhibit 22: Average Number of Weeks Considering Purchase before Contacting Agent Exhibit 23: Number of Weeks Investigating Homes/Neighborhoods before Contacting Agent Exhibit 24: Average Number of Weeks Investigating Homes/Neighborhoods before Contacting Agent.. 21 Exhibit 25: Number of Weeks Searching for Home with Agent Exhibit 26: Average Number of Weeks Searching for Home with Agent Exhibit 27: Number of Homes Viewed With Agent before Purchase Exhibit 28: Distance of Current Residence from Previous Residence Exhibit 29: Distance of Current Residence from Previous Residence Exhibit 30: Number of Offers on Other Homes Exhibit 31: Satisfied Buyers vs. those who settled for Best Option Given Limited Supply of Homes Exhibit 32: Why Buyers Did Not Purchase Sooner Exhibit 33: How Long Buyer Plans to Keep Property Exhibit 35: Buyer Receptiveness to Receiving Information via Social Media Exhibit 34: How Long Buyer Plans to Keep Property Exhibit 36: Percentage of Homes Listed on MLS Exhibit 37: Future Direction of Home Prices Exhibit 38: How Buyers Used Mobile Devices in Buying Process Exhibit 39: Most Useful Websites Exhibit 40: Most Useful Websites C.A.R International Real Estate Consumer Survey 15

17 Exhibit 41: Website Where Buyers Found Home Exhibit 42: Website Where Buyers Found Home Exhibit 43: How Buyers Used Social Media Exhibit 45: How Receptive Buyers are to Receiving Information via Social Media Exhibit 44: How Receptive Buyers are to Receiving Information via Social Media Exhibit 47: Difficulty Rating of Obtaining Financing (Scale: 1-10, 10 = extremely difficult) Exhibit 48: Difficulty Rating of Obtaining Financing (Scale: 1-10, 10 = extremely difficult) Exhibit 49: Down Payment Exhibit 50: Loan Type Exhibit 51: Loan Duration Exhibit 52: Appraisal Problems Exhibit 53: Buyers Who Used an Agent Exhibit 54: How Buyers Found Agent Exhibit 55: Percentage of Buyers Who Googled their Agent Exhibit 56: Number of Agents Interviewed by Buyers Exhibit 57: Number of Agents Interviewed by Buyers Exhibit 58: Most Important Reason for Selecting Agent Exhibit 59: Percentage of Buyers Who Expect Instant Response from Agent Exhibit 60: Buyer Satisfaction Ratings Exhibit 61: Buyers Who Would Work With Same Agent Again Exhibit 62: What Buyers Would Change About the Home Buying Experience Exhibit 63: First-time Buyer Advice to Other First-time Buyers C.A.R International Real Estate Consumer Survey 16

18 Exhibit 13: Average Age Average Age Exhibit 14: Ethnic Background White Black Asian/Pacific Islander Hispanic Other % 7% 1% 3% 26% 26% 26% 28% 27% 38% 26% 28% 26% 22% 14% 3% 11% 14% 8% 12% 6% 39% 35% 34% 37% 36% 39% CA* C.A.R International Real Estate Consumer Survey 17

19 Exhibit 15: Marital Status Other 14% Single 27% Married 59% Exhibit 16: Education Level High School Some College Vocation/Technical College Grad Post Grad % 12% 15% 16% 11% % 47% 45% 45% % 14% 16% 9% 7% % 17% 9% % 15% 9% % 11% 7% 2014 C.A.R International Real Estate Consumer Survey 18

20 Exhibit 18: Residence Location Exhibit 17: Percentage of Repeat Buyers Previously Under Water Other CA 26% SoCal 55% 12% 1 8% 12% 6% 4% 4% NorCal 2% Exhibit 19: Purchase Price $800,000+ Median: $375,000 $700,000-$799,999 3% $600,000-$699,999 5% $500,000-$599,999 7% $400,000-$499,999 $300,000-$399,999 $200,000-$299, % 27% 26% -5% 5% 15% 25% 35% 45% C.A.R International Real Estate Consumer Survey 19

21 Exhibit 20: Median Price $400,000 $300,000 $200,000 $100,000 $ Exhibit 21: Number of Weeks Considering Purchase before Contacting Agent 36+ Weeks 17% Weeks 15% 8-12 Weeks Weeks 28% Exhibit 22: Average Number of Weeks Considering Purchase before Contacting Agent C.A.R International Real Estate Consumer Survey 20

22 Weeks Exhibit 23: Number of Weeks Investigating Homes/Neighborhoods before Contacting Agent % W e e k s % 29% % 5% 1 15% 25% 3 35% Exhibit 24: Average Number of Weeks Investigating Homes/Neighborhoods before Contacting Agent C.A.R International Real Estate Consumer Survey 21

23 Exhibit 25: Number of Weeks Searching for Home with Agent 35% 3 25% 15% 1 5% 28% 28% Weeks 3 9% Exhibit 26: Average Number of Weeks Searching for Home with Agent Exhibit 27: Number of Homes Viewed With Agent before Purchase 37% 29% 16% 19% > 20 Number of Homes C.A.R International Real Estate Consumer Survey 22

24 Miles Miles Exhibit 28: Distance of Current Residence from Previous Residence >100 24% % % % 5% 1 15% 25% 3 35% 4 Exhibit 29: Distance of Current Residence from Previous Residence Median C.A.R International Real Estate Consumer Survey 23

25 Exhibit 30: Number of Offers on Other Homes 35% 3 25% 15% 1 5% 32% 24% 14% 9% 1 11% Number of Offers Exhibit 31: Satisfied Buyers vs. those who settled for Best Option Given Limited Supply of Homes Satisfied Settled % 66% % 54% C.A.R International Real Estate Consumer Survey 24

26 Exhibit 32: Why Buyers Did Not Purchase Sooner 57% Not many good housing options 53% Waited to see when prices would stabilize 36% No real buying urgency 3 Difficulty qualifying for mortgage 21% Needed to sell existing home Needed to save for down payment 15% Waited until finances improved Exhibit 33: How Long Buyer Plans to Keep Property 25% 15% 1 5% Unsure Years C.A.R International Real Estate Consumer Survey 25

27 Exhibit 35: How Long Buyer Plans to Keep Property Average Years Exhibit 34: Buyer Receptiveness to Receiving Information via Social Media Average on 1-5 Scale Exhibit 36: Percentage of Homes Listed on MLS C.A.R International Real Estate Consumer Survey 26

28 Exhibit 37: Future Direction of Home Prices Up 6 81% Flat 26% 1 Unsure 14% 9% 1 Year 5 Years Exhibit 38: How Buyers Used Mobile Devices in Buying Process 78% Look for comparable prices 45% Search for homes 45% Communicate 43% Take photos of homes/amenities/neighborhoods 42% Research a particular home 41% Search websites 39% Communicate w/agent 22% Research communities/neighborhoods C.A.R International Real Estate Consumer Survey 27

29 Exhibit 39: Most Useful Websites Zillow 31% realtor.com 22% RedFin 1 Trulia 9% Yahoo 8% Brokerage 5% Agent 4% 5% 1 15% 25% 3 35% Exhibit 40: Most Useful Websites 5 Zillow realtor.com Brokerage Yahoo Redfin C.A.R International Real Estate Consumer Survey 28

30 Exhibit 41: Website Where Buyers Found Home Zillow 33% realtor.com 26% Redfin Trulia 13% 12% Yahoo 8% ZipRealty.com Homes.com 5% 4% Exhibit 42: Website Where Buyers Found Home 35% 3 25% 15% 1 5% realtor.com Zillow Trulia Redfin C.A.R International Real Estate Consumer Survey 29

31 Exhibit 43: How Buyers Used Social Media Buying tips, suggestions from friends Neighborhood info from friends Agent's Facebook page 42% 44% 44% Agent referrals Neighborhood lifestlye Neighborhood amenities 31% 33% 35% Home buying info Neighborhood profiles Agents' YouTube 23% 23% 5% 1 15% 25% 3 35% 4 45% Exhibit 45: How Receptive Buyers are to Receiving Information via Social Media Exhibit 44: How Receptive Buyers are to Receiving Information via Social Media Scale: 1-5 (5=extremely receptive) 5.0 Average 52% % 17% % C.A.R International Real Estate Consumer Survey 30

32 % 92% 96% 91% 74% Exhibit 46: Difficulty Rating of Obtaining Financing (Scale: 1-10, 10 = extremely difficult) Average Exhibit 47: Difficulty Rating of Obtaining Financing (Scale: 1-10, 10 = extremely difficult) C.A.R International Real Estate Consumer Survey 31

33 Exhibit 48: Down Payment % o f S a l e P r i c e 35% 3 25% 15% 1 5% Average Exhibit 49: Loan Type Fixed Adjustable Other % 16% 7% 8% 8% 79% 84% 93% 91% 92% Exhibit 50: Loan Duration 15 Year 30 Year % 13% 15% 14% % 87% 85% 86% C.A.R International Real Estate Consumer Survey 32

34 Exhibit 51: Appraisal Problems 19% None 15% 66% Had to get 2nd appraisal Had to find more recent comps Exhibit 52: Buyers Who Used an Agent % 94% 96% 91% 88% C.A.R International Real Estate Consumer Survey 33

35 Exhibit 53: How Buyers Found Agent Relationships/Contacts Advertising Internet Other % 59% 66% 63% 65% % 28% 28% 1 13% 21% 21% 12% 11% 9% 7% Exhibit 54: Percentage of Buyers Who Googled their Agent C.A.R International Real Estate Consumer Survey 34

36 Exhibit 55: Number of Agents Interviewed by Buyers 25% 24% 23% 18% 16% 15% 1 1 5% 5% 4% # of Agents Interviewed Exhibit 56: Number of Agents Interviewed by Buyers 3.5 Average C.A.R International Real Estate Consumer Survey 35

37 Exhibit 57: Most Important Reason for Selecting Agent Previously used agent 29% Seemed most reponsive 22% Seemed most aggressive 1st to respond 13% 13% Negotiating ability Distressed property knowledge 7% 8% Most knowledgeable 3% Exhibit 58: Percentage of Buyers Who Expect Instant Response from Agent 5 45% 4 35% 3 25% 15% 1 5% 49% 42% 44% 38% 37% Exhibit 59: Buyer Satisfaction Ratings Process of Finding a Home Satisfaction with Agent C.A.R International Real Estate Consumer Survey 36

38 Exhibit 60: Buyers Who Would Work With Same Agent Again Unsure No Yes 6% 17% 11% 35% 28% 26% 33% 11% 12% 22% 72% 54% 6 52% 61% Exhibit 61: What Buyers Would Change About the Home Buying Experience 1. Better Communication with agent (38%) 2. Faster agent response (26%) 3. Better agent negotiation (19%) 4. Better market understanding (14%) 5. More assistance with mortgage approval (3%) C.A.R International Real Estate Consumer Survey 37

39 Exhibit 62: First-time Buyer Advice to Other First-time Buyers 53% 47% 39% 31% 23% 18% Find out how fast the agent will respond to you Do your homework online Check agents references Get pre-qualified for a mortgage by more than 1 lender Don t use the sellers agent Make your agent prove he/she will negotiate hard for you Find out how frequently agent will be in contact C.A.R International Real Estate Consumer Survey 38

40 Leading the way in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles. The Association develops and promotes programs and services that will enhance the members' freedom and ability to conduct their individual businesses successfully with integrity and competency and, through collective action, promotes the preservation of real property rights. CALIFORNIA ASSOCIATION OF REALTORS Research and Economics 525 South Virgil Avenue Los Angeles, CA C.A.R International Real Estate Consumer Survey 39

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