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2015 National Association of REALTORS

Home Buyer and Seller


Generational Trends

NATIONAL ASSOCIATION OF REALTORS


Research Division

March 2015
2015 National Association of Realtors Home Buyer and Seller Generational Trends

Contents
Highlights ...................................................................................................................3
Characteristics of Home Buyers ........................................................................... 7
Characteristics of Homes Purchased ................................................................. 21
The Home Search Process .................................................................................. 38
Home Buying and Real Estate Professionals...................................................... 50
Financing the Home Purchase ........................................................................... 66
Home Sellers and Their Selling Experience ....................................................... 78
Home Selling and Real Estate Professionals .................................................... 102

Methodology ........................................................................................................110

2015 National Association of Realtors Home Buyer and Seller Generational Trends

2015 NATIONAL ASSOCIATION OF REALTORS


Home Buyer and Seller Generational Trends

Highlights
Characteristics of Home Buyers

Gen Y comprises the largest share of home buyers at 32 percent, which is larger than all Baby
Boomers combined. Younger Boomers comprise 16 percent and Older Boomers comprise 15
percent of recent home buyers. Generation X made up 27 percent of recent buyers and the
Silent Generation has the smallest share of home buyers at 10 percent.
While the demographics of recent buyers fall mostly in the expected range, income peaks for
ages 35 to 59, and the prevalence of children in the home peaks for buyers 35 to 49.
Gen Y has the largest share of first-time buyers at 68 percent. The share of first-time buyers
declines as age increases. Among the Silent Generation only three percent of buyers are firsttime buyers.
Thirteen percent of all buyers purchased a multi-generational home, one in which the home
consists of adult children over the age of 18, and/or grandparents residing in the home. This is
most prevalent among Younger Boomers aged 50 to 59, at 21 percent. The most common
reason for this living arrangement among Younger Boomers was children over 18 moving back
into the house (37 percent), followed by health/caretaking of aging parents (21 percent).
The prior living arrangement varies greatly for recent home buyers. Among those who are 33
and younger, 59 percent rented an apartment, while among those who are older than 50 years
of age and older more than half owned their previous residence.
Thirty-nine percent of Gen Y buyers primarily purchased a home just for the desire to own a
home of their own. Gen X placed a high importance on owning a home of their own, but many
needed to move for a change in a family situation or a job-related relocation. Older Boomers
are more likely to move for retirement, the desire to be closer to friends, family, and relatives,
and the desire for a smaller home, while Younger Boomers are likely to move for a job-related
relocation and to downsize.
As age increases among recent home buyers, the rate of owning more than one home also
increases.

Characteristics of Homes Purchased


At least 80 percent of buyers who are aged 59 and younger bought a detached single-family
home, while it is increasingly common for buyers over the age of 59 to purchase townhouses
and condos.
Thirteen percent of buyers over the age of 49 purchased a home in senior-related housing for
themselves or others. This is most common for buyers over the age of 69, a category in which
nearly one-quarter of buyers purchased a home in senior-related housing.
Gen Y and Gen X tend to stay close to their previous residence, often staying within 10 miles,
while Older Boomers tend to move the longest distance 30 miles and the Silent Generation tend
to move 20 miles from their previous home.
Younger buyers tend to buy older homes, and are more likely to buy previously owned homes.
Most often they do so because the home is a better price and better overall value. Older
Boomers and the Silent Generation are more likely than other generations to purchase a new
home, most often doing so to avoid renovations or problems with plumbing or electricity and for
the amenities in new home construction communities.
Neighborhood factors which are important to buyers show strong connections to the buyers
generation. Gen Y places the highest preference compared to other generations on
convenience to job as well as affordability of homes. As buyers children reach school age, the
quality of school districts and convenience to schools starts to have a larger importancethis is
most often true for Gen X. Older Boomers and the Silent Generation place higher priority on
convenience to friends and family and convenience to health facilities.
2015 National Association of Realtors Home Buyer and Seller Generational Trends
3

Younger buyers placed a high importance on commuting costs, while older buyers placed
higher importance on landscaping for energy conservation and energy efficient lighting.
The older the home buyer, the fewer compromises the buyer tended to make with their home
purchase48 percent of the Silent Generation made no compromises on their home purchase.
Younger buyers tended to make sacrifices on the price of the home, size of the home, and
condition of the home purchased.
After finding the home they wanted, Gen Y and Gen X expect to live in their home for 10 years
before moving on. Younger Boomers and the Silent Generation expect to live in their home for
15 years and Older Boomers plan to live in their home for 20 years. It should be noted that
expected tenure is generally longer than actual tenure in home.

The Home Search Process

Among all generations of home buyers, the first step in the home buying process is looking online
for properties for sale. Gen Y is most likely among generations to also look online for information
about the home buying process, while the Silent Generation is most likely to contact a real
estate agent as a first step.
As age increases, the search time for a home decreases. Buyers under 50 tend to search for a
home for 11 weeks before finding a home. Buyers over the age of 49 tend to look for 8 weeks.
Younger generations of buyers typically find the home they purchase through the internet, while
older generations of buyers first found the home they purchased through their real estate agent.
As ages increases the home buyer is less likely to consider purchasing a home in foreclosure.
The frequency of internet use in the home search process was directly related to age. Younger
buyers are not only more likely to use the internet during their search, but they also use the
internet more frequently during their home search process. Older buyers are more likely than
younger buyers to be more occasional users during their home search.
More than half of Gen Y and Gen X buyers used a mobile device during their home search.
Among those who did, 31 percent of Gen Y and 26 percent of Gen X found the home they
ultimately purchased via a mobile device.
Home buyer satisfaction with the home buying process increases as age increases. This may be
due to not only tightened inventory in lower price brackets, but also realistic expectations of
older buyers who are often repeat buyers.

Home Buying and Real Estate Professionals

Buyers gain many benefits from working with a real estate agent. Among age groups, younger
buyers are more likely to want the agent to help them understand the process as they are more
likely to have never purchased a home before. Buyers all benefit from their agent pointing out
unnoticed features and faults in a property. All buyers most want their agent to help find the
right home to purchase.
Younger buyers were predominately referred to their agent through a friend, neighbor, or
relative, while older buyers were more likely to use an agent again that they previously used to
buy or sell a home.
When choosing an agent, younger buyers were more likely to place the agents honesty and
trustworthiness of more importance than older buyers, while older buyers rate the agents
reputation as a higher factor. Older Boomers who are often moving longer distances rate their
knowledge of the neighborhood as an important factor perhaps because Older Boomers tend
to move longer distances and may not necessarily know the neighborhood.
Younger buyers tend to place higher importance than older buyers on agents communication
via email and text messages, while older buyers place higher importance on personal calls.

Financing the Home Purchase

Overall 88 percent of recent buyers financed their home purchase. Nearly all (97 percent) of
Gen Y buyers financed compared to just 61 percent of Silent Generation buyers.

2015 National Association of Realtors Home Buyer and Seller Generational Trends

When financing the home purchase, younger buyers also financed larger sharesthe typical
Gen Y downpayment is seven percent and Gen X is 10 percent compared to 22 percent among
the Silent Generation.
Buyers have a variety of sources for a downpayment on a home. The source is predominately
savings for younger buyers, while older buyers are more likely than younger buyers to use
proceeds from a sale of a primary residence. Younger buyers are also more likely to use a gift or
loan from a relative or friend.
Twelve percent of buyers overall cited saving for a downpayment was difficult. Among these
buyers, 50 percent reported credit card debt, 46 percent of buyers reported student loans, and
38 percent car loans was the debt that held them back from saving. This was most common
among Gen Y and Gen X buyers who are most likely to use savings as a downpayment source
22 percent of Gen Y and 15 percent of Gen X had a difficult time saving. Among this 22 percent
of Gen Y, 54 percent reported student loans held them back from saving. Among the 15 percent
of Gen X, 41 percent found credit card debt held them back from saving.
Despite record housing affordability, many buyers are still making financial sacrifices. About half
of Gen Y and Gen X buyers made sacrifices. Common sacrifices were cutting spending on luxury
or non-essential items, cutting spending on entertainment, or cutting spending on clothes.
Younger buyers were considerably more optimistic that their home purchase was a good
financial investment in comparison to older buyers. Eighty-four percent of buyers under 34
considered their purchase a good financial investment compared to 72 percent of buyers 69
years of age and older.

Home Sellers and Their Selling Experience

Among the generations, Gen X (27 percent) is the largest group who are recent home sellers
followed by both Older Boomers (23 percent) and Younger Boomers (20 percent).
Gen Y is the largest share of married couples among sellers. The Baby Boomers had the lowest
share of married couples among sellers. Older Boomers have the highest share of single female
sellers.
Seventy-five percent of Gen Y sellers are first-time sellers compared to just eight percent of sellers
in the Older Boomer segment and 11 percent of Silent Generation sellers.
Older buyers tend to move further distances, and are more likely than younger buyers to buy in
other regions and less likely than younger buyers to buy in the same state as the home sold.
There is a clear trend of moving to larger, higher priced homes for Gen Y and Gen X, moving into
a similar home for Younger Boomers, and downsizing in both square footage and price for Older
Boomers and the Silent Generation.
The reasons for selling a home vary, however, for younger buyers many want to upgrade to a
larger home or to accommodate job relocation. In comparison, for older buyers many want to
be closer to friends and family and buy a smaller home due to retirement.
Sixteen percent of sellers wanted to sell their home earlier than they were able to but waited or
stalled because their home was worth less than their mortgage. This is most common among
Gen X (23 percent) sellers. Among Gen Y and Younger Boomer sellers this occurred among 17
percent of sellers.
Typically, the older the home seller, the longer the tenure in their home has beenthis is a factor
in fewer sellers who had to stall the sale of their home. Gen Y typically owned their home for five
years while Older Boomers and the Silent Generation owned their homes for 13 years before
selling.

Home Selling and Real Estate Professionals

All age groups of sellers are most likely to find their selling agent by referral from a friend,
neighbor or relative or use an agent that they previously used to buy or sell a home.
Younger sellers are more likely to use the same real estate agent or broker for their home
purchase than older sellers, likely as they are typically moving closer to their previous residence.

2015 National Association of Realtors Home Buyer and Seller Generational Trends

Youngers sellers typically want their selling agent to price their home competitively and help sell
the home within a specific timeframe, while older sellers are more likely to want their selling
agent to help the seller market the home to potential buyers. This is likely due to the reasons
behind moving, as younger sellers are more likely to need to move for a larger home or for a job
relocationseemingly more time sensitive, while older sellers are more likely moving due to
retirement and to be closer to friends and family.
Middle-aged sellers are more likely to initiate discussions about compensation with their real
estate agent than both younger and older sellers.

2015 National Association of Realtors Home Buyer and Seller Generational Trends

CHARACTERISTICS OF HOME BUYERS

Exhibit 1-1
Exhibit 1-2
Exhibit 1-3
Exhibit 1-4
Exhibit 1-5
Exhibit 1-6
Exhibit 1-7
Exhibit 1-8
Exhibit 1-9
Exhibit 1-10
Exhibit 1-11
Exhibit 1-12
Exhibit 1-13

AGE OF HOME BUYERS


HOUSEHOLD INCOME OF HOME BUYERS
ADULT COMPOSITION OF HOME BUYER HOUSEHOLDS
NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOUSEHOLD
HOME PURCHASED WAS A MULTI-GENERATIONAL HOME (WILL HOME ADULT SIBLINGS, ADULT
CHILDREN, PARENTS, AND/OR GRANDPARENTS)
RACE/ETHNICITY OF HOME BUYERS
PRIMARY LANGUAGE SPOKEN IN HOME BUYER HOUSEHOLD
NATIONAL ORIGIN OF HOME BUYERS
FIRST-TIME HOME BUYERS IN AGE GROUP
PRIOR LIVING ARRANGEMENT
PRIMARY REASON FOR PURCHASING A HOME
PRIMARY REASON FOR THE TIMING OF HOME PURCHASE
OTHER HOMES OWNED

2015 National Association of Realtors Home Buyer and Seller Generational Trends

CHARACTERISTICS OF HOME BUYERS


Exhibit 1-1
AGE OF HOME BUYERS
(Percentage Distribution)

Millennials/Gen Y/Gen Next:


Gen X:
Younger Boomers:
Older Boomers:
Silent Generation:

Year Born:
1980-1995
1965-1979
1955-1964
1946-1954
1925-1945

Age in 2014:
34 and younger
35 to 49
50 to 59
60 to 68
69 to 89

Percent in
Category
32%
27
16
15
10

2014 National Association of Realtors Home Buyer and Seller Generational Trends

Median Age
in Group
29
41
54
64
73

CHARACTERISTICS OF HOME BUYERS


Exhibit 1-2
HOUSEHOLD INCOME OF HOME BUYERS
(Percentage Distribution)

AGE OF HOME BUYER


Less than $25,000
$25,000 to $34,999
$35,000 to $44,999
$45,000 to $54,999
$55,000 to $64,999
$65,000 to $74,999
$75,000 to $84,999
$85,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$200,000 or more
Median income (2013)

All Buyers
3%
6
7
8
9
8
8
10
14
9
5
3
9
$84,500

34 and younger
2%
8
9
9
10
10
10
11
13
8
4
3
3
$76,900

35 to 49
2%
3
5
6
7
8
7
10
17
13
6
4
14
$104,600

2014 National Association of Realtors Home Buyer and Seller Generational Trends

50 to 59
5%
4
6
7
5
7
8
10
13
9
8
5
12
$96,600

60 to 68 69 to 89
4%
7%
7
14
8
10
10
10
12
11
9
9
9
8
10
10
12
9
7
5
3
2
2
1
9
5
$76,400 $63,600

CHARACTERISTICS OF HOME BUYERS


Exhibit 1-3
ADULT COMPOSITION OF HOME BUYER HOUSEHOLDS
(Percentage Distribution)

AGE OF HOME BUYER

All Buyers 68%


34 and younger
65%
65%
65%
61%
16
12
9
8
8
14
2
1

70%
65%
Married couple
Single female
60%
Single male
Unmarried couple
50%
Other

35 to 49 65%50 to 59
68%
61%
14
23
9
10
8
4
2
2

60 to 68
65%
65%
21
9
3
2

69 to 89
65%
19
11
2
3

40%
30%
20%
10%

23
16
12
8

9 8
2

14

21

19

14
10

9 8

4 2

11

2 3

3 2

0%
All Buyers

34 and younger

Married couple

35 to 49

Single female

50 to 59
Single male

2014 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68
Unmarried couple

69 to 89
Other

CHARACTERISTICS OF HOME BUYERS


Exhibit 1-4
NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOUSEHOLD
(Percentage Distribution of Households)

97%

94%

100%

AGE OF HOME BUYER

90%
80%
None
One
65%
70%
Two
60%
Three
or more

All Buyers 34 and younger


65%
58%
15
19
14
16
58%
7
8

35 to
49
79%
36%
22
29
13

50 to 59
79%
14
5
2

60 to 68
94%
3
2
1

50%
36%

40%

29

30%
20%
10%

19

15 14
7

22
16

13
8

14
5

3 2 1

1 1 1

0%
All Buyers

34 and younger
None

35 to 49
One

50 to 59
Two

Three or more

2014 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68

69 to 89

69 to 89
97%
1
1
1

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)

AGE OF HOME BUYER

Multi-generational household
Reasons for purchase:
Cost Savings
Children over 18 moving back into
the house
Health/Caretaking of aging parents
To spend more time with aging
parents
Other

All Buyers
13%

34 and younger
7%

35 to 49
13%

50 to 59
21%

60 to 68
15%

69 to 89
19%

24%

32%

20%

18%

27%

30%

23

22

37

30

12

18

22

17

21

15

18

10
24

11
27

20
20

7
17

5
23

3
37

2014 National Association of Realtors Home Buyer and Seller Generational Trends

CHARACTERISTICS OF HOME BUYERS


Exhibit 1-6
RACE/ETHNICITY OF HOME BUYERS
(Percent of Respondents)

AGE OF HOME BUYER


White/Caucasian
Hispanic/Latino
Black/African-American
Asian/Pacific Islander
Other

All Buyers
85%
5
5
5
3

34 and younger
86%
6
4
6
2

35 to 49
76%
8
6
9
3

50 to 59 60 to 68
84%
91%
4
3
6
3
3
2
4
2

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.

2014 National Association of Realtors Home Buyer and Seller Generational Trends

69 to 89
94%
3
2
2
1

CHARACTERISTICS OF HOME BUYERS


Exhibit 1-7
PRIMARY LANGUAGE SPOKEN IN HOME BUYER HOUSEHOLD
(Percentage Distribution)

100%
English
90%
Other

96%

AGE OF HOME BUYER


97%
35 to
49
50 to97%
59
93%
97%
7
3

All Buyers96%34 and younger


93%
96%
96%
4
4

98%
60 to 68
97%
3

69 to 89
98%
2

80%
70%
60%
50%
40%
30%
20%
10%

50 to 59

60 to 68

69 to 89

0%
All Buyers

34 and younger

35 to 49
English

Other

2014 National Association of Realtors Home Buyer and Seller Generational Trends

CHARACTERISTICS OF HOME BUYERS


Exhibit 1-8
NATIONAL ORIGIN OF HOME BUYERS
(Percentage Distribution)

AGE OF HOME BUYER


All92%
Buyers
89%
11

100%
89%
Born in U.S.
90%
Not born in U.S.
80%

34 and younger
92%
83%
8

35 to 49
91%
83%
17

5093%
to 59
91%
9

60 to 68
93%
93%
7

69 to 89
93%
7

70%
60%
50%
40%
30%
20%

17
11

50 to 59

60 to 68

69 to 89

10%
0%
All Buyers

34 and younger

35 to 49
Born in U.S.

Not born in U.S.

2015 National Association of Realtors Home Buyer and Seller Generational Trends

CHARACTERISTICS OF HOME BUYERS


Exhibit 1-9
FIRST-TIME HOME BUYERS IN AGE GROUP
(Percent of all Home Buyers)

68%

70%
All60%
Buyers
34 and younger
35 50%
to 49
50 to 59
60 40%
to 68
33%
69 to 89

33%
68%
29%
14%
7%
3%

29%

30%
20%

14%
7%

10%

3%

0%
All Buyers

34 and
younger

35 to 49

50 to 59

60 to 68

2015 National Association of Realtors Home Buyer and Seller Generational Trends

69 to 89

CHARACTERISTICS OF HOME BUYERS


Exhibit 1-10
PRIOR LIVING ARRANGEMENT
(Percentage Distribution)

All Buyers
Owned previous residence
Rented an apartment or house
Lived with parents, relatives or friends
Rented the home buyer ultimately
purchased

46%
42

AGE OF HOME BUYER


34 and younger 35 to 49 50 to 59 60 to 68 69 to 89
22%
45%
55%
66%
80%
59
45
37
28
14

10

18

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.

2015 National Association of Realtors Home Buyer and Seller Generational Trends

CHARACTERISTICS OF HOME BUYERS


Exhibit 1-11
PRIMARY REASON FOR PURCHASING A HOME
(Percentage Distribution)

AGE OF HOME BUYER


Desire to own a home of my own
Job-related relocation or move
Change in family situation
Desire for a home in a better area
Desire for larger home
Affordability of homes
Desire to be closer to
family/friends/relatives
Desire for smaller home
Retirement
Establish household
Financial security
Desire to be closer to job/school/transit
Desire for a newly built or custom-built
home
Tax benefits
Greater number of homes on the market
for sale/better choice
Other

All Buyers 34 and younger


24%
39%
9
5
8
6
8
6
7
7
5
6

35 to 49
23%
12
13
12
10
5

50 to 59
7%
16
4
3
2
6

60 to 68 69 to 89
3%
8%
1
*
1
2
4
2
2
2
1
*

3
3
3
3
3

2
1
*
5
5

3
1
*
4
2

3
13
7
*
1

9
2
15
*
*

3
2
5
*
*

2
2

1
3

2
2

4
3

6
1

*
*

*
19

1
11

*
11

*
29

*
54

*
77

* Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

CHARACTERISTICS OF HOME BUYERS


Exhibit 1-12
PRIMARY REASON FOR THE TIMING OF HOME PURCHASE
(Percentage Distribution)

AGE OF HOME BUYER


All Buyers
It was just the right time for me, I was
ready to 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

34 and younger 35 to 49 50 to 59 60 to 68 69 to 89

48%

52%

44%

44%

48%

42%

19

14

21

23

16

21

11

11

10

11

11

10

11

11

11

11

12

3
1

3
1

4
2

3
2

7
2

6
1

2015 National Association of Realtors Home Buyer and Seller Generational Trends

CHARACTERISTICS OF HOME BUYERS


Exhibit 1-13
OTHER HOMES OWNED
(Percent of Respondents)

All Buyers
Recently purchased home only
One or more investment properties
Previous homes that buyer is trying to sell
One or more vacation homes
Primary residence
Other

79%
10
5
4
3
2

AGE OF HOME BUYER


34 and younger 35 to 49 50 to 59 60 to 68 69 to 89
89%
77%
72%
73%
77%
7
13
14
11
6
1
5
6
6
10
1
3
5
7
8
2
3
3
3
4
1
3
4
2
1

2015 National Association of Realtors Home Buyer and Seller Generational Trends

CHARACTERISTICS OF HOMES PURCHASED


Exhibit 2-1
Exhibit 2-2
Exhibit 2-3
Exhibit 2-4
Exhibit 2-5
Exhibit 2-6
Exhibit 2-7
Exhibit 2-8
Exhibit 2-9
Exhibit 2-10
Exhibit 2-11
Exhibit 2-12
Exhibit 2-13
Exhibit 2-14
Exhibit 2-15
Exhibit 2-16

NEW AND PREVIOUSLY OWNED HOMES PURCHASED


WHY NEW AND PREVIOUSLY OWNED HOMES PURCHASED
TYPE OF HOME PURCHASED
LOCATION OF HOME PURCHASED
SENIOR RELATED HOUSING BY TYPE OF HOME PURCHASED AND LOCATION
DISTANCE BETWEEN HOME PURCHASED AND PREVIOUS RESIDENCE
FACTORS INFLUENCING NEIGHBORHOOD CHOICE
PRICE OF HOME PURCHASED
PURCHASE PRICE COMPARED WITH ASKING PRICE
SIZE OF HOME PURCHASED
NUMBER OF BEDROOMS AND BATHROOMS
YEAR HOME BUILT
ENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED "VERY IMPORTANT"
CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED
EXPECTED LENGTH OF TENURE IN HOME PURCHASED
FACTORS THAT COULD CAUSE BUYER TO MOVE

2015 National Association of Realtors Home Buyer and Seller Generational Trends

CHARACTERISTICS OF HOMES PURCHASED


Exhibit 2-1
NEW AND PREVIOUSLY OWNED HOMES PURCHASED
(Percentage Distribution)

87

84

90%
80%
New
Previously
Owned
70%

All Buyers
16%
84

83 BUYER
83 AGE OF HOME
82
82
34 and younger 35 to 49
50 to 59
60 69
to to
68 89
13%
17%
17%
18% #
87
83
83
82 #

60%
50%
40%
30%
20%

16%

13%

17%

17%

18%

18%

10%
0%
All Buyers

34 and younger

35 to 49
New

50 to 59
Previously Owned

2015 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68

69 to 89

CHARACTERISTICS OF HOMES PURCHASED


Exhibit 2-2
WHY NEW AND PREVIOUSLY OWNED HOMES PURCHASED
(Percentage Distribution)

All Buyers
New Home:
Avoid renovations or problems with
plumbing or electricity
Ability to choose and customize design
features
Amenities of new home construction
communities
Lack of inventory of previously owned
home
Green/energy efficiency
Other
Previously Owned Home:
Better price
Better overall value
More charm and character
Lack of inventory of new homes
Other

AGE OF HOME BUYER


34 and
younger 35 to 49 50 to 59 60 to 68 69 to 89

40%

52%

41%

39%

28%

35%

24

24

29

22

25

18

17

12

13

11

29

24

10
9
15

14
10
16

13
9
14

10
7
17

4
9
11

1
6
20

32%
32
19
9
14

39%
31
19
11
10

28%
31
19
13
15

27%
30
22
7
17

27%
33
20
6
16

28%
39
12
5
17

2015 National Association of Realtors Home Buyer and Seller Generational Trends

CHARACTERISTICS OF HOMES PURCHASED


Exhibit 2-3
TYPE OF HOME PURCHASED
(Percentage Distribution)

AGE OF HOME BUYER


34 and younger 35 to 49 50 60
to
69 to
59
to 68
89
81%
80%
85%
81% #
8
7
6 8
72%
5
4
5 7
64%
2
1
2 3

All85%
Buyers
79%
8
6

90%
80%
Detached
single-family home
79%
80%
Townhouse/row
house
Apartment/condo in building
70%5 or more units
with
Duplex/apartment/condo in 2 to
4 60%
unit building
Other
50%

2
6

6 #

40%
30%
20%
10%

86

6 5

10

8 7

50 to 59

60 to 68

10 11 11
5

0%
All Buyers

34 and younger

35 to 49

Detached single-family home


Apartment/condo in building with 5 or more units
Other

69 to 89

Townhouse/row house
Duplex/apartment/condo in 2 to 4 unit building

2015 National Association of Realtors Home Buyer and Seller Generational Trends

CHARACTERISTICS OF HOMES PURCHASED


Exhibit 2-4
LOCATION OF HOME PURCHASED
(Percentage Distribution)

60%
56%

60%
All Buyers
50%
20
16
11
3

50%
49%
Suburb/Subdivision
50%
Small town
Urban area/Central city
40%
Rural area
Resort/Recreation area
30%
* Less than 1 percent

20%

34 and younger
49%
17
21
13
1

17

11

10%
3

50 to 59 60 to 68 69 to 89
56%
48%
41%
18
19
23
41%
11
12
13
14
18
18
1
4
6

19

18

16 15

13

11

35 to 49
48%
60%
16
15
9
1

23

21

20
16

AGE OF HOME BUYER

14

18

18
13

12

0%
All Buyers

34 and
younger
Suburb/Subdivision
Small town

35 to 49

50 to 59

Urban area/Central city

2015 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68
Rural area

69 to 89

Resort/Recreation area

CHARACTERISTICS OF HOMES PURCHASED


Exhibit 2-5
SENIOR RELATED HOUSING BY TYPE OF HOME PURCHASED AND LOCATION
(Percentage Distribution)

Share who purchased a home in senior related


housing

AGE OF HOME BUYER

All buyers over


49

50 to 59

60 to 68

69 to 89

13%

5%

17%

23%

59%
8
12
9
13

71%
8
6
6
8

64%
7
10
9
11

47%
8
16
11
17

48%
20
12
6
14

47%
15
13
15
11

48%
19
8
6
19

48%
23
17
5
8

Buyers over 50 who purchased senior related housing:


Type of home purchased
Detached single-family home
Townhouse/row house
Apartment/condo in building with 5 or more units
Duplex/apartment/condo in 2 to 4 unit building
Other
Location
Suburb/ Subdivision
Small town
Urban/ Central city
Rural area
Resort/ Recreation area

2015 National Association of Realtors Home Buyer and Seller Generational Trends

CHARACTERISTICS OF HOMES PURCHASED


Exhibit 2-6
DISTANCE BETWEEN HOME PURCHASED AND PREVIOUS RESIDENCE
(Median Miles)

30

Miles

30
All Buyers
34 and younger
35 to
2549
50 to 59
60 to
2068
69 to 89
15

12
10
10
14
30
20

20
14

12
10

10

10
5
0
All Buyers

34 and
younger

35 to 49

50 to 59

2015 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68

69 to 89

CHARACTERISTICS OF HOMES PURCHASED


Exhibit 2-7
FACTORS INFLUENCING NEIGHBORHOOD CHOICE
(Percent of Respondents)

AGE OF HOME BUYER

Quality of the neighborhood


Convenient to job
Overall affordability of homes
Convenient to friends/family
Convenient to shopping
Quality of the school district
Design of neighborhood
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
Convenient to airport
Other

All Buyers
69%
52
47
43
31
30
28
25

34 and
younger
75%
74
58
49
25
44
26
34

35 to 49
69%
62
44
35
29
43
24
41

25

29

24

21

27

21

23
19
15
10
8
7
6

28
23
7
6
9
4
4

24
21
9
9
8
7
6

18
19
14
10
6
10
11

21
16
28
17
8
10
9

17
10
37
18
6
8
6

2015 National Association of Realtors Home Buyer and Seller Generational Trends

50 to 59 60 to 68 69 to 89
65%
65%
64%
53
20
8
43
42
39
36
47
52
34
39
42
16
7
6
29
34
30
12
4
3

CHARACTERISTICS OF HOMES PURCHASED


Exhibit 2-8
PRICE OF HOME PURCHASED
(Percentage Distribution)

AGE OF HOME BUYER


Less than $75,000
$75,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$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
$500,000 or more
Median price

All Buyers
6%
6
7
10
9
8
14
10
8
6
8
9
$216,000

34 and younger
6%
8
8
13
11
8
15
9
7
5
7
5
$189,900

35 to 49
4%
4
6
7
7
8
14
10
9
8
9
14
$250,000

2015 National Association of Realtors Home Buyer and Seller Generational Trends

50 to 59 60 to 68 69 to 89
8%
6%
7%
6
7
5
6
7
7
7
10
9
9
8
11
9
7
12
14
14
12
13
11
12
5
9
8
5
6
4
7
5
9
10
10
5
$216,000 $215,000 $190,100

CHARACTERISTICS OF HOMES PURCHASED


Exhibit 2-9
PURCHASE PRICE COMPARED WITH ASKING PRICE
(Percentage Distribution)

AGE OF HOME BUYER


Percent of asking price:
Less than 90%
90% to 94%
95% to 99%
100%
101% to 110%
More than 110%
Median (purchase price
as a percent of asking
price)

All Buyers
10%
16
36
25
11
2

34 and younger
8%
15
34
27
14
2

35 to 49
10%
16
36
24
12
4

50 to 59
12%
16
38
25
8
2

60 to 68
12%
16
38
25
7
2

69 to 89
14%
20
34
24
6
2

98%

98%

98%

98%

97%

97%

2015 National Association of Realtors Home Buyer and Seller Generational Trends

CHARACTERISTICS OF HOMES PURCHASED


Exhibit 2-10
SIZE OF HOME PURCHASED
(Percentage Distribution)

AGE OF HOME BUYER


All Buyers
1,000 sq ft or less
1,001 to 1,500 sq ft
1,501 to 2,000 sq ft
2,001 to 2,500 sq ft
2,501 to 3,000 sq ft
3,001 to 3,500 sq ft
3,501 sq ft or more
Median (sq ft)

1%
15
28
24
14
9
8
1,870

34 and younger
1%
19
31
24
12
7
6
1,720

35 to 49
1%
11
22
24
18
12
14
2,100

* Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

50 to 59
1%
14
30
23
14
10
8
1,890

60 to 68
1%
16
30
25
13
9
7
1,800

69 to 89
*
18
28
28
13
8
5
1,800

CHARACTERISTICS OF HOMES PURCHASED


Exhibit 2-11
NUMBER OF BEDROOMS AND BATHROOMS
(Percentage Distribution)

One bedroom
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

All Buyers

34 and
younger

2%
16
82
3
16
62
22
2

2%
15
84
3
24
60
16
2

* Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

AGE OF HOME BUYER


35 to 49
1%
9
89
3
12
57
31
2

50 to 59
1%
15
84
3
15
63
22
2

60 to 68
3%
24
73
3
13
64
23
2

69 to 89
1%
29
70
3
10
72
18
2

CHARACTERISTICS OF HOMES PURCHASED


Exhibit 2-12
YEAR HOME BUILT
(Median)

2013
2010 through 2012
2007 through 2009
2002 through 2006
1987 through 2001
1960 through 1986
1913 through 1961
1750 through 1912
Median

All Buyers
16%
3
7
12
21
22
17
3
1993

34 and younger
14%
3
6
9
18
24
23
4
1985

AGE OF HOME BUYER


35 to 49
50 to 59 60 to 68
17%
16%
18%
3
2
3
8
9
7
12
13
13
21
19
24
20
23
22
15
17
12
3
2
2
1995
1994
1995

2015 National Association of Realtors Home Buyer and Seller Generational Trends

69 to 89
17%
1
8
14
26
24
8
1
1997

CHARACTERISTICS OF HOMES PURCHASED


Exhibit 2-13
ENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED "VERY IMPORTANT"
(Percent of Respondents)

AGE OF HOME BUYER


40%
39%
34 and younger 35
50to
to49
59
60 to 68
36
34%
35%
40%
36%
35%
32
39
36
19
32
23
18
24
27

39

All Buyers

40%
36% cooling costs
Heating and
34%
Commuting
costs
35%
32
Energy efficient appliances

Energy
30% efficient lighting
Environmentally friendly community
features
23
25%
22
Landscaping for energy
conservation
20%panels installed on home
Solar
15%

22
14
10

18 19

22
26 11
25

25
27
11

25

13
19
2

14
9

7 7
2

12

11

10

10%
5%

24
22

19
7

10

11

0%
All Buyers
34 and younger
Heating and cooling costs
Energy efficient appliances
Environmentally friendly community features
Solar panels installed on home

35 to 49

50 to 59
60 to 68
Commuting costs
Energy efficient lighting
Landscaping for energy conservation

2015 National Association of Realtors Home Buyer and Seller Generational Trends

13

CHARACTERISTICS OF HOMES PURCHASED


Exhibit 2-14
CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED
(Percent of Respondents)

Price of home
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
None - Made no compromises
Other compromises not listed

All Buyers

34 and
younger

23%
20
18
16
16
14
7
5
4
2
33
8

24%
24
19
19
22
18
9
6
7
2
23
7

* Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

AGE OF HOME BUYER


35 to 49
24%
19
18
18
16
16
6
5
5
4
29
9

50 to 59
21%
19
17
12
13
15
7
4
1
1
37
9

60 to 68
18%
17
16
4
11
14
6
4
*
*
45
7

69 to 89
22%
15
15
1
11
10
7
6
*
*
48
8

CHARACTERISTICS OF HOMES PURCHASED


Exhibit 2-15
EXPECTED LENGTH OF TENURE IN HOME PURCHASED
(Percentage Distribution)

All Buyers
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 or more years
Don't Know
Median

2%
3
9
3
14
5
25
39
12

34 and younger
1%
3
14
5
18
5
22
32
10

AGE OF HOME BUYER


35 to 49
50 to 59
2%
2%
3
2
9
7
3
2
15
13
5
6
27
30
36
39
10
15

2015 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68
3%
1
4
1
10
5
29
47
20

69 to 89
3%
1
3
1
10
8
18
58
15

CHARACTERISTICS OF HOMES PURCHASED


Exhibit 2-16
FACTORS THAT COULD CAUSE BUYER TO MOVE
(Percentage Distribution)

50%

All
Buyers
46%
44%
23
18

45%
44%
Move
45% with life changes*
Never moving-forever home
Move
40% with job or career change
May desire better
area/neighborhood
35%
May outgrow home
Will flip home
30%
Other
26
25%
20%

9
7
2
6
24

23

18

10%
5%

7
1
1
11

8
6

13

11

10

36%

15

11 12
7

6069toto6889
44
36%
40
2

17

15
15%

AGE OF HOME BUYER


34 and
47%
younger 35 to 49 50 to 59
45%
46%
47%
11
17 40
25
26
24
15
36%
12
10
8
15
6
2
2
2
1
3
4
6
25

5
2

11

0%
All Buyers

34 and younger

Move with life changes*


Move with job or career change
May outgrow home
Other

35 to 49

50 to 59

60 to 68

69 to 89

Never moving-forever home


May desire better area/neighborhood
Will flip home

*Life changes: addition to family, marriage, children move out, retirement, etc.

2015 National Association of Realtors Home Buyer and Seller Generational Trends

THE HOME SEARCH PROCESS


Exhibit 3-1
Exhibit 3-2
Exhibit 3-3
Exhibit 3-4
Exhibit 3-5
Exhibit 3-6
Exhibit 3-7
Exhibit 3-8
Exhibit 3-09
Exhibit 3-10
Exhibit 3-11

FIRST STEP TAKEN DURING THE HOME BUYING PROCESS


INFORMATION SOURCES USED IN HOME SEARCH
LENGTH OF SEARCH
WHERE BUYER FOUND THE HOME THEY PURCHASED
BUYER INTEREST IN PURCHASING A HOME IN FORECLOSURE
MOST DIFFICULT STEPS OF HOME BUYING PROCESS
USE OF INTERNET TO SEARCH FOR HOMES
ACTIONS TAKEN AS A RESULT OF INTERNET HOME SEARCH
VALUE OF WEB SITE FEATURES
MOBILE SEARCH BY FIRST-TIME AND REPEAT BUYERS
SATISFACTION IN BUYING PROCESS

2015 National Association of Realtors Home Buyer and Seller Generational Trends

THE HOME SEARCH PROCESS


Exhibit 3-1
FIRST STEP TAKEN DURING THE HOME BUYING PROCESS
(Percentage Distribution)

All
Buyers
Looked online for properties for sale
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
Other

AGE OF HOME BUYER


34 and
younger 35 to 49 50 to 59 60 to 68 69 to 89

43%
15
12

44%
10
17

46%
12
13

43%
19
8

41%
21
7

32%
28
6

10

6
6
3
3

8
3
2
2

7
6
3
4

6
8
3
3

3
10
4
3

4
10
4
1

2
1
1

1
1
1

1
1
*

2
2
1

4
1
1

3
1
3

1
*

1
*

1
1

*
*

*
*

*
*

* Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

THE HOME SEARCH PROCESS


Exhibit 3-2
INFORMATION SOURCES USED IN HOME SEARCH
(Percent of Respondents)

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
Home book or magazine
Billboard
Television
Relocation company

AGE OF HOME BUYER

All Buyers

34 and
younger

88%
87
50
48

94%
89
66
62

35 to 49
92%
87
59
57

50 to 59
88%
87
41
37

60 to 68
84%
87
30
28

69 to 89
65%
86
17
20

48

44

52

52

44

50

44
26
18
21
14
4
4
3

41
22
14
16
11
4
3
3

50
25
21
20
15
5
4
5

45
28
19
24
15
5
4
5

41
30
19
25
17
4
2
1

44
31
20
30
16
5
5
2

2015 National Association of Realtors Home Buyer and Seller Generational Trends

THE HOME SEARCH PROCESS


Exhibit 3-3
LENGTH OF SEARCH
(Median)

AGE OF HOME BUYER


Number of Weeks Searched
Number of Weeks Searched
Before Contacting an Agent
Number of homes viewed

All Buyers
10
2
10

34 and younger 35 to 49 50 to 59 60 to 68
11
11
8
8
3
10

2015 National Association of Realtors Home Buyer and Seller Generational Trends

3
10

2
10

2
10

69 to 89
8
2
8

THE HOME SEARCH PROCESS


Exhibit 3-4
WHERE BUYER FOUND THE HOME THEY PURCHASED
(Percentage Distribution)

All Buyers
Internet
43%
Real estate agent
33
Yard sign/open house sign
9
Friend, relative or neighbor
6
Home builder or their agent
5
Directly from sellers/Knew the sellers
3
Print newspaper advertisement
1
Home book or magazine
*
Other
1

34 and younger
51%
31
7
5
4
2
*
*
1

* Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

AGE OF HOME BUYER


35 to 49
50 to 59 60 to 68 69 to 89
49%
39%
34%
24%
28
36
39
37
8
8
8
17
4
6
6
11
6
5
8
5
3
3
2
3
1
1
2
3
*
*
1
*
1
*
1
1

THE HOME SEARCH PROCESS


Exhibit 3-5
BUYER INTEREST IN PURCHASING A HOME IN FORECLOSURE
(Percent of Respondents)

AGE OF HOME BUYER


All
Buyers
Did not consider purchasing a home in foreclosure
53%
Considered purchasing a home in foreclosure, but did not:
Could not find the right home
27
The process was too difficult or complex
13
The home was in poor condition
12
The home price was too high
4
The neighborhood was undesirable
4
Financing options were not attractive
3

2015 National Association of Realtors Home Buyer and Seller Generational Trends

34 and
younger 35 to 49 50 to 59 60 to 68 69 to 89
41%
50%
54%
68%
79%
35
15
17
5
5
5

29
15
10
5
3
4

24
15
11
4
5
2

19
8
7
3
3
2

14
5
7
1
2
2

THE HOME SEARCH PROCESS


Exhibit 3-6
MOST DIFFICULT STEPS OF HOME BUYING PROCESS
(Percent of Respondents)

All Buyers
Finding the right property
Paperwork
Understanding the process and steps
Getting a mortgage
Saving for the down payment
Appraisal of the property
No difficult steps
Other

AGE OF HOME BUYER


34 and
younger 35 to 49 50 to 59 60 to 68

69 to 89

53%
24

58%
27

54%
25

48%
23

49%
21

48%
18

16
14
12
5
16
6

27
16
22
6
9
5

15
14
15
6
12
5

8
14
5
5
20
7

7
12
3
3
24
6

7
9
1
4
30
5

2015 National Association of Realtors Home Buyer and Seller Generational Trends

THE HOME SEARCH PROCESS


Exhibit 3-7
USE OF INTERNET TO SEARCH FOR HOMES

100%
All Buyers
34 and
younger 12%
90%
35 to 49
80%
50 to 59
60 to 70%
68
69 to 60%
89
50%
40%

80%

11%

84%

12%

79%

15%

FrequentlyOccasionally
80%
12%
84%
11%
79%
12%
15%
22%73%
62%
22%
46%
18%
18%

73%
62%

30%

46%

20%

10%
0%
All Buyers

34 and
younger

35 to 49

50 to 59

Frequently

Occasionally

2015 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68

69 to 89

THE HOME SEARCH PROCESS


Exhibit 3-8
ACTIONS TAKEN AS A RESULT OF INTERNET HOME SEARCH
(Percent of Respondents Among Buyers Who Used the Internet)

Drove by or viewed home


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

All
34 and
Buyers younger
76%
80%
64
66
26
25
22
28
13
13
8
8
7

2015 National Association of Realtors Home Buyer and Seller Generational Trends

21
13
7
9
9

AGE OF HOME BUYER


35 to 49
77%
66
24
21
13
14
8
8
8

50 to 59 60 to 68 69 to 89
79%
68%
67%
68
63
59
21
30
36
20
19
21
7
13
9
10
7

7
14
12
9
6

4
11
9
5
5

THE HOME SEARCH PROCESS


Exhibit 3-09
VALUE OF WEB SITE FEATURES
(Percentage Ranking Feature "Very Useful" Among Buyers Who Used the Internet)

Photos
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

AGE OF HOME BUYER

All
Buyers
83%

34 and
younger
88%

35 to 49
86%

50 to 59
86%

60 to 68
81%

69 to 89
74%

79
41
40
37
34
33

83
46
36
40
40
29

80
46
41
38
36
30

83
42
42
32
33
34

76
33
45
33
25
39

70
23
45
32
24
46

33

33

38

34

29

23

21
19
6

23
18
6

24
20
6

19
19
7

16
19
5

11
22
4

2015 National Association of Realtors Home Buyer and Seller Generational Trends

THE HOME SEARCH PROCESS


Exhibit 3-10
MOBILE SEARCH BY FIRST-TIME AND REPEAT BUYERS
(Percent of Respondents Among those Who Used Mobile Search)

All
34 and
Buyers younger
Searched with an iPhone
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
FoundQR
myCode
agent
with
a mobile
Used
that
lead
me to application
more information
on the property

AGE OF HOME BUYER


35 to 49

50 to 59 60 to 68 69 to 89

52%
46
27
27
10

58%
45
32
31
10

52%
46
28
26
10

49%
51
19
20
9

35%
49
14
19
7

18%
36
9
14
9

6
4
3

5
4
3

7
5
2

6
3
6

7
2
6

15
5
5

2015 National Association of Realtors Home Buyer and Seller Generational Trends

THE HOME SEARCH PROCESS


Exhibit 3-11
SATISFACTION IN BUYING PROCESS
(Percentage Distribution)

70%
Very Satisfied
56%
60%
Somewhat Satisfied
Somewhat Dissatisfied
50%
Very
Dissatisfied
40%

68%
AGE OF HOME BUYER
34 and younger 35 to 49 50 to 59 60 to 69
68 to 89
59%53%
59%
52%
59%
59% 68%
37
35
28
30 24
53%
8
8
9
7
5
3
4
4
4
3

All Buyers
56%
52% 33
8
4
37

35

33

30

28

30%

24

20%
10%

8
4

8
4

7
4

0%
All Buyers

34 and younger

Very Satisfied

35 to 49

Somewhat Satisfied

50 to 59

60 to 68

Somewhat Dissatisfied

2015 National Association of Realtors Home Buyer and Seller Generational Trends

69 to 89

Very Dissatisfied

HOME BUYING AND REAL ESTATE PROFESSIONALS


Exhibit 4-1
Exhibit 4-2
Exhibit 4-3
Exhibit 4-4
Exhibit 4-5
Exhibit 4-6
Exhibit 4-7
Exhibit 4-8
Exhibit 4-9
Exhibit 4-10
Exhibit 4-11
Exhibit 4-12
Exhibit 4-13
Exhibit 4-14
Exhibit 4-15

METHOD OF HOME PURCHASE


AGENT REPRESENTATION DISCLOSURE
BUYER REPRESENTATIVE ARRANGEMENT WITH AGENT
WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS
BENEFITS PROVIDED BY REAL ESTATE AGENT DURING HOME PURCHASE PROCESS
HOW BUYER FOUND REAL ESTATE AGENT
HOW TIMES CONTACTED AGENT BEFORE RECEIVED RESPONSE AND ORIGINAL FORM OF
CONTACT
NUMBER OF REAL ESTATE AGENTS INTERVIEWED
BUYER USE OF ONLINE AGENT RECOMMENDATIONS, BY MILES MOVED
MOST IMPORTANT FACTORS WHEN CHOOSING AN AGENT
AGENT SKILLS AND QUALITIES CONSIDERED 'VERY IMPORTANT'
IMPORTANCE OF AGENT COMMUNICATIONS
SATISFACTION WITH REAL ESTATE AGENT SKILLS AND QUALITIES
WOULD BUYER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS
HOW MANY TIMES BUYER RECOMMENDED TYPICAL AGENT

2015 National Association of Realtors Home Buyer and Seller Generational Trends

HOME BUYING AND REAL ESTATE PROFESSIONALS


Exhibit 4-1
METHOD OF HOME PURCHASE
(Percentage Distribution)

AGE OF HOME BUYER


Through a real estate agent or broker
Directly from builder or builder's agent
Directly from the previous owner
Knew previous owner
Did not know previous owner

All Buyers 34 and younger 35 to 49 50 to 59 60 to 68 69 to 89


88%
90%
88%
87%
86%
84%
7
5
6
7
9
9
5
4
6
7
5
6
3
2
4
5
3
3
2
2
2
2
2
3

2015 National Association of Realtors Home Buyer and Seller Generational Trends

HOME BUYING AND REAL ESTATE PROFESSIONALS


Exhibit 4-2
AGENT REPRESENTATION DISCLOSURE
(Percentage Distribution)

Disclosure Statement Signed?


Yes, at first meeting
Yes, when contract was written
Yes, at some other time
No
Dont know

All Buyers
27%
20
12
24
17

34 and younger
22%
19
14
26
19

AGE OF HOME BUYER


35 to 49 50 to 59 60 to 68
25%
31%
30%
21
22
22
15
11
9
26
19
22
14
17
17

2015 National Association of Realtors Home Buyer and Seller Generational Trends

69 to 89
34%
20
5
26
16

HOME BUYING AND REAL ESTATE PROFESSIONALS


Exhibit 4-3
BUYER REPRESENTATIVE ARRANGEMENT WITH AGENT
(Percentage Distribution)

Yes, a written arrangement


Yes, an oral arrangement
No
Don't know

All Buyers 34 and younger


40%
37%
19
19
29
27
13
18

AGE OF HOME BUYER


35 to 49
50 to 59
43%
41%
17
18
28
31
12
10

2015 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68
40%
17
31
11

69 to 89
32%
23
37
8

HOME BUYING AND REAL ESTATE PROFESSIONALS


Exhibit 4-4
WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS
(Percentage Distribution)

All Buyers
Help find the right home to purchase
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)
Other

53%
12
11
8
6
4
3
2
1

AGE OF HOME BUYER


34 and
younger 35 to 49 50 to 59 60 to 68
53%
48%
53%
58%
12
13
14
12
10
14
9
9

69 to 89
59%
9
9

7
8

9
6

9
6

8
4

12
4

5
2

5
3

4
3

2
4

1
3

2
2

2
2

2
1

2
2

1
1

2015 National Association of Realtors Home Buyer and Seller Generational Trends

HOME BUYING AND REAL ESTATE PROFESSIONALS


Exhibit 4-5
BENEFITS PROVIDED BY REAL ESTATE AGENT DURING HOME PURCHASE
PROCESS
(Percent of Respondents)

AGE OF HOME BUYER

Helped buyer understand the process


Pointed out unnoticed features/faults with property
Improved buyer's knowledge of search areas
Negotiated better sales contract terms
Provided a better list of service providers
Negotiated a better price
Shortened buyer's home search
Expanded buyer's search area
Provided better list of mortgage lenders
Narrowed buyer's search area
None of the above
Other

All
Buyers

34 and
younger

63%
59
48
48
41
39
32
22
22
16
1
1

75%
64
46
51
42
36
31
23
26
15
1
1

*Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

35 to 49
62%
57
47
49
37
39
27
23
23
16
1
2

50 to 59 60 to 68 69 to 89
55%
56%
51%
58
55
53
49
52
45
44
48
42
45
48
38
39
41
42
37
33
36
22
24
19
21
20
15
17
17
19
*
*
*
1
2
2

HOME BUYING AND REAL ESTATE PROFESSIONALS


Exhibit 4-6
HOW BUYER FOUND REAL ESTATE AGENT
(Percentage Distribution)

All Buyers
Referred by (or is) a friend, neighbor or relative
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, e-mail,
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
Advertising specialty (calendar, magnet, etc.)
Crowdsourcing through social media/knew the
person through social media
Direct mail (newsletter, flyer, postcard, etc.)
Mobile or tablet application
Saw the agent's social media page without a
connection
Other

AGE OF HOME BUYER


34 and
younger 35 to 49 50 to 59 60 to 68 69 to 89

40%
12
10
5

50%
7
11
5

39%
14
10
5

33%
15
8
5

31%
15
11
7

31%
14
9
5

5
5

3
5

5
4

6
5

6
5

9
7

2
1
1
*

1
1
*
*

2
1
*
*

3
1
1
*

4
2
1
*

3
1
2
*

*
*
*

*
*
1

*
*
*

*
1
*

*
*
*

*
1
1

*
11

*
10

*
11

*
12

*
12

1
11

*Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

HOME BUYING AND REAL ESTATE PROFESSIONALS


Exhibit 4-7
HOW TIMES CONTACTED AGENT BEFORE RECEIVED RESPONSE AND ORIGINAL FORM OF CONTACT
(Median, Percentage Distribution)

Phone call
E-mail
Contacted friend/family
Web form on home listing website
Text message
Through agent's website
Social Media (FaceBook, Twitter, LinkedIn, etc.)
Other
Number of Times Contacted (median)

All Buyers
56%
21
7
5
3
3
2
4
1

AGE OF HOME BUYER


34 and
younger 35 to 49 50 to 59 60 to 68 69 to 89
48%
52%
59%
63%
71%
26
22
16
14
11
6
6
7
7
7
6
5
4
5
2
4
4
3
1
*
3
3
1
4
2
2
2
1
*
*
5
6
8
6
7
1
1
1
1
1

*Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

HOME BUYING AND REAL ESTATE PROFESSIONALS


Exhibit 4-8
NUMBER OF REAL ESTATE AGENTS INTERVIEWED
(Percentage Distribution)

All Buyers

34 and younger
67%
68%
68%
20
65%21
8
8
4
3

80%
One
67%
Two70%
Three
Four
or more
60%

AGE OF HOME BUYER


35 to 49
50 to 59 60 to 68
65%
68%
68%
68%
68%
21
20
20
9
8
8
6
4
5

69 to 89
72%
72%
18
8
2

50%
40%
30%

21

20

21

20

20

18

20%
10%

8
4

8
2

0%
All Buyers

34 and younger

35 to 49
One

Two

50 to 59
Three

Four or more

2015 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68

69 to 89

HOME BUYING AND REAL ESTATE PROFESSIONALS


Exhibit 4-9
BUYER USE OF ONLINE AGENT RECOMMENDATIONS, BY MILES MOVED
(Percent Of Respondents)

Used online recommendations and it


influenced choice of agent
Used online recommendations and it did
not affect my agent choice
Did not use online recommendations but
would consider doing so next time
Did not use online recommendations and
would not consider using

AGE OF HOME BUYER

All
Buyers

34 and
younger

35 to 49

50 to 59

60 to 68

69 to 89

10%

10%

12%

10%

9%

9%

11

12

12

38

49

41

34

27

21

43

36

38

49

51

58

2015 National Association of Realtors Home Buyer and Seller Generational Trends

HOME BUYING AND REAL ESTATE PROFESSIONALS


Exhibit 4-10
MOST IMPORTANT FACTORS WHEN CHOOSING AN AGENT
(Percentage Distribution)

Agent is honest and trustworthy


Reputation of agent
Agent is friend or family member
Agents knowledge of the neighborhood
Agent has caring personality/good listener
Agent is timely with responses
Agent seems 100% accessible because of use
of technology like tablet or smartphone
Agents association with a particular firm
Professional designations held by agent
Other

All
Buyers
23%
23
15
13
8
7

AGE OF HOME BUYER


34 and
younger 35 to 49 50 to 59 60 to 68
26%
24%
19%
21%
21
22
26
22
17
14
17
12
11
15
13
20
8
8
8
7
8
7
7
6

69 to 89
17%
25
17
14
7
8

4
1
1

3
1
1

3
2
1

6
1
*

4
2
*

8
1
*

*Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

HOME BUYING AND REAL ESTATE PROFESSIONALS


Exhibit 4-11
AGENT SKILLS AND QUALITIES CONSIDERED 'VERY IMPORTANT'
(Percent of Respondents)

Honesty and integrity


Knowledge of purchase process
Responsiveness
Knowledge of real estate market
Communication skills
Negotiation skills
People skills
Knowledge of local area
Skills with technology

All Buyers 34 and younger


97%
98%
93
95
94
95
91
91
86
87
83
83
80
78
78
73
45
42

AGE OF HOME BUYER


35 to 49 50 to 59
60 to 68
97%
99%
97%
93
92
92
95
96
94
91
92
91
87
89
85
85
85
78
81
81
83
78
81
84
43
45
48

2015 National Association of Realtors Home Buyer and Seller Generational Trends

69 to 89
95%
89
89
91
79
76
79
83
48

HOME BUYING AND REAL ESTATE PROFESSIONALS


Exhibit 4-12
IMPORTANCE OF AGENT COMMUNICATIONS
(Percent of Respondents)

All Buyers
Calls personally to inform of activities
Sends postings as soon as a property is
listed/the price changes/under contract
Sends emails 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 email newsletter
Advertises in newspapers
Is active on Facebook
Has a blog

79%

AGE OF HOME BUYER


34 and
younger 35 to 49 50 to 59 60 to 68
75%
77%
82%
85%

69 to 89
82%

69
59

71
60

71
62

72
62

64
54

60
49

51

51

54

55

46

47

45
29
25
10
6
6
1

51
29
26
9
3
7
1

46
32
27
8
5
7
2

47
31
26
10
8
5
1

39
27
21
11
9
3
*

30
27
22
15
14
3
2

*Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

HOME BUYING AND REAL ESTATE PROFESSIONALS


Exhibit 4-13
SATISFACTION WITH REAL ESTATE AGENT SKILLS AND QUALITIES
(Percent Ranking 'Very Satisfied')

Honesty and integrity


Knowledge of purchase process
Knowledge of real estate market
Responsiveness
People skills
Communication skills
Knowledge of local area
Skills with technology
Negotiation skills

All Buyers
87%
87
85
85
84
82
82
78
73

34 and
younger
86%
86
83
84
81
81
79
76
70

AGE OF HOME BUYER


35 to 49
85%
84
83
83
83
80
80
77
70

2015 National Association of Realtors Home Buyer and Seller Generational Trends

50 to 59
89%
86
87
86
86
83
83
77
74

60 to 68
89%
90
88
87
87
86
88
80
77

69 to 89
93%
92
89
90
91
89
87
81
84

HOME BUYING AND REAL ESTATE PROFESSIONALS


Exhibit 4-14
WOULD BUYER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS
(Percentage distribution)

80%

73%

All Buyers 34 and younger


71%
70%
73%
70%
15
18
5
6
5
5
1
1

Definitely
70%
Probably
Probably Not
60%
Definitely Not
Don't Know

80%

80%
AGE OF HOME BUYER
74%
35 to 49 50 to 59 60 to 68
71%
74%
80%
15
15
12
6
5
4
5
5
4
2
1
1

69 to 89
80%
12
4
3
1

50%
40%
30%

20%
10%

18

15

15
6 5

6 5

5 5

15

12

5 5
1

12
4 4

4 3

0%
All Buyers

34 and younger
Definitely

Probably

35 to 49
Probably Not

50 to 59
Definitely Not

2015 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68
Don't Know

69 to 89

HOME BUYING AND REAL ESTATE PROFESSIONALS


Exhibit 4-15
HOW MANY TIMES BUYER RECOMMENDED TYPICAL AGENT
(Percentage distribution)

All Buyers
None
One time
Two times
Three times
Four or more times
Times recommended
since buying (median)

37%
17
18
11
17

34 and younger
36%
19
18
11
17

AGE OF HOME BUYER


35 to 49
50 to 59
36%
37%
16
15
18
20
13
9
17
19
1

2015 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68
41%
20
19
8
13

69 to 89
44%
14
16
11
17

FINANCING THE HOME PURCHASE


Exhibit 5-1
Exhibit 5-2
Exhibit 5-3
Exhibit 5-4

BUYERS WHO FINANCED THEIR HOME PURCHASE


PERCENT OF HOME FINANCED
SOURCES OF DOWNPAYMENT
EXPENSES THAT DELAYED SAVING FOR A DOWNPAYMENT OR SAVING FOR A HOME PURCHASE, BY
AGE
Exhibit 5-5 SACRIFICES MADE TO PURCHASE HOME
Exhibit 5-6 DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESS
Exhibit 5-7 BUYERS WHO HAD MORTGAGE APPLICATION REJECTED BY LENDER
Exhibit 5-8 BUYER PREVIOUSLY SOLD A DISTRESSED PROPERTY (SHORT SALE OR FORECLOSURE)
Exhibit 5-9 TYPE OF MORTGAGE
Exhibit 5-10 TYPE OF LOAN
Exhibit 5-11 BUYERS' VIEW OF HOMES AS A FINANCIAL INVESTMENT

2015 National Association of Realtors Home Buyer and Seller Generational Trends

FINANCING THE HOME PURCHASE


Exhibit 5-1
BUYERS WHO FINANCED THEIR HOME PURCHASE
(Percent of Respondents)

100%
88%
All Buyers
90%
34 and younger
35 to80%
49
50 to 59
60 to70%
68
69 to 89
60%

97%

96%

88%
97%
96%
85%
72%
61%

85%
72%
61%

50%
40%
30%
20%

10%
0%
All Buyers

34 and younger

35 to 49

50 to 59

2015 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68

69 to 89

FINANCING THE HOME PURCHASE


Exhibit 5-2
PERCENT OF HOME FINANCED
(Percentage Distribution)

All Buyers
Less than 50%
50% to 59%
60% to 69%
70% to 79%
80% to 89%
90% to 94%
95% to 99%
100% Financed the entire
purchase price with a mortgage
Median percent financed

9%
3
5
12
23
15
21
14

34 and younger
4%
1
2
8
22
18
30
15

90%

93%

2015 National Association of Realtors Home Buyer and Seller Generational Trends

AGE OF HOME BUYER


35 to 49 50 to 59 60 to 68
5%
10%
19%
1
4
8
4
6
7
12
16
15
26
26
21
17
12
8
22
15
10
12
12
12
90%

86%

80%

69 to 89
20%
10
11
12
18
7
7
16
78%

FINANCING THE HOME PURCHASE


Exhibit 5-3
SOURCES OF DOWNPAYMENT
(Percent of Respondents Among those who Made a Downpayment)

AGE OF HOME BUYER

Savings
Proceeds from sale of primary residence
Gift from relative or friend
Sale of stocks or bonds
401k/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
Other

All
Buyers

34 and
younger

65%
33
14
9
9
4
4
3

83%
14
25
11
7
4
6
2

35 to 49
72%
30
15
8
14
2
3
3

50 to 59
49%
43
8
8
11
4
3
4

60 to 68
52%
43
3
9
9
3
2
5

69 to 89
49%
50
1
8
2
4
*
3

1
1
4

1
1
3

*
1
5

1
1
3

1
*
3

2
*
3

* Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

FINANCING THE HOME PURCHASE


Exhibit 5-4
EXPENSES THAT DELAYED SAVING FOR A DOWNPAYMENT OR SAVING FOR A HOME PURCHASE, BY AGE
(Percent of Respondents Who Reported Saving for a Down Payment was Difficult)

AGE OF HOME BUYER


35 to 49 50 to 59

All Buyers

34 and younger

Share Saving for Downpayment was


Most Difficult Task in Buying Process:
Debt that Delayed Saving:

12%

22%

15%

Student Loans
Credit card debt
Car loan
Child care expenses
Health care costs
Other

46%
50
38
17
12
8

54%
35
30
10
7
15

23%
41
25
19
11
24

2015 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68

69 to 89

5%

3%

1%

11%
37
16
5
14
42

7%
21
9
4
13
58

1%
12
5
2
15
68

FINANCING THE HOME PURCHASE


Exhibit 5-5
SACRIFICES MADE TO PURCHASE HOME
(Percent of Respondents)

All Buyers
Cut spending on luxury items or non-essential items
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

72%
56
45
24
13
12
4
54

2015 National Association of Realtors Home Buyer and Seller Generational Trends

AGE OF HOME BUYER


34 and
younger 35 to 49 50 to 59 60 to 68
45%
37%
26%
17%
36
28
18
11
29
21
15
10
10
14
11
8
8
7
4
3
7
5
5
6
2
3
2
2
42
49
64
72

69 to 89
8%
6
5
6
2
2
1
85

FINANCING THE HOME PURCHASE


Exhibit 5-6
DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESS
(Percentage Distribution Among those who Financed their Home Purchase)

34 AGE OF HOME BUYER


45
All Buyers an 35 to 49
50 to 60
59 to69
68to 89
42
18% ##
17% 19% 23%39
21%
26 30
26
24 21 16
42 40
45
42 39 44
15 15
13
16 17 20

45%
42
Much more difficult than expected40
Somewhat
more difficult than expected
40%
Not difficult/No more difficult than expected
35%than expected
Easier
30
30%
26

26

24

25%
20%

23%

19%

18%
15

15%

15

17%

21

44

21%
17

16

20

16

13

15%
10%
5%
0%
All Buyers

34 and younger

35 to 49

50 to 59

60 to 68

Much more difficult than expected

Somewhat more difficult than expected

Not difficult/No more difficult than expected

Easier than expected

2015 National Association of Realtors Home Buyer and Seller Generational Trends

69 to 89

FINANCING THE HOME PURCHASE


Exhibit 5-7
BUYERS WHO HAD MORTGAGE APPLICATION REJECTED BY LENDER
(Percenage Distribution)

100%
Was rejected
by a90%
lender
(s)
Did 80%
not have
application
70%
rejected
60%

All Buyers
96
4%

AGE OF HOME BUYER


100
34 and
younger
35
59 60 to 68 69 to 89
96 to 49 50 to 97
95
5%
4%
3%
*
*

96

95

96

97

100

100

100

50%
40%
30%

20%
10%

4%

5%

4%

3%

0%

0%

0%

All Buyers

34 and younger

35 to 49

Was rejected by a lender (s)

50 to 59

60 to 68

Did not have application rejected

2015 National Association of Realtors Home Buyer and Seller Generational Trends

69 to 89

FINANCING THE HOME PURCHASE


Exhibit 5-8
BUYER PREVIOUSLY SOLD A DISTRESSED PROPERTY (SHORT SALE OR FORECLOSURE)
(Percentage Distribution)

Sold distressed property


Year sold distressed property (median)

All Buyers
8%
2009

34 and younger
4%
2010

2015 National Association of Realtors Home Buyer and Seller Generational Trends

AGE OF HOME BUYER


35 to 49 50 to 59 60 to 68
11%
9%
7%
2010
2009
2009

69 to 89
7%
2009

FINANCING THE HOME PURCHASE


Exhibit 5-9
TYPE OF MORTGAGE
(Percentage Distribution Among those who Financed their Home Purchase)

Fixed-rate mortgage
Fixed- then adjustable-rate mortgage
Adjustable-rate mortgage
Don't know
Other

All Buyers
92%
5%
3
*
1

34 and younger
93%
4%
2
*
*

* Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

AGE OF HOME BUYER


35 to 49 50 to 59 60 to 68
92%
92%
89%
4%
6%
6%
4
3
4
*
*
*
1
*
1

69 to 89
89%
7%
4
*
1

FINANCING THE HOME PURCHASE


Exhibit 5-10
TYPE OF LOAN
(Percentage Distribution Among those who Financed their Home Purchase)

AGE OF HOME BUYER


35 to 49
50 to 59 69%
64%
60%
64%
23
19
11
13
3
2
3
2

All Buyers
34 and younger
61%
56%
60%
22
28
56%
12
8
4
5
2
3

70%
Conventional
61%
FHA
VA60%
Don't Know
Other
50%

70%
60 to 68 69 to 89
69%
70%
14
5
15
21
1
4
1
1

40%
28

30%

23

22
12

10%

21

19

20%

8
4

13

11

3 3

14 15
5

2 2

1 1

4
1

0%

All Buyers

34 and younger
Conventional

35 to 49
FHA

50 to 59
VA

Don't Know

2015 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68
Other

69 to 89

FINANCING THE HOME PURCHASE


Exhibit 5-11
BUYERS' VIEW OF HOMES AS A FINANCIAL INVESTMENT
(Percentage Distribution)

AGE OF HOME BUYER


All Buyers
Good financial investment
Better than stocks
About as good as stocks
Not as good as stocks
Not a good financial investment
Don't know

79%
40
27
12
7
14

34 and younger
84%
42
30
12
4
12

2015 National Association of Realtors Home Buyer and Seller Generational Trends

35 to 49 50 to 59
82%
77%
39
40
30
26
13
12
6
8
12
15

60 to 68
77%
39
26
12
9
14

69 to 89
72%
38
20
15
9
19

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-1
Exhibit 6-2
Exhibit 6-3
Exhibit 6-4
Exhibit 6-5
Exhibit 6-6
Exhibit 6-7
Exhibit 6-8
Exhibit 6-9
Exhibit 6-10
Exhibit 6-11
Exhibit 6-12
Exhibit 6-13
Exhibit 6-14
Exhibit 6-15
Exhibit 6-16
Exhibit 6-17
Exhibit 6-18
Exhibit 6-19
Exhibit 6-20
Exhibit 6-21
Exhibit 6-22
Exhibit 6-23

AGE OF HOME SELLERS


HOUSEHOLD INCOME OF HOME SELLERS
ADULT COMPOSITION OF HOME SELLER HOUSEHOLDS
NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOME SELLER HOUSEHOLD
RACE/ETHNICITY OF HOME SELLERS
PRIMARY LANGUAGE SPOKEN IN HOME SELLER HOUSEHOLD
FIRST-TIME OR REPEAT SELLER
PROXIMITY OF HOME SOLD TO HOME PURCHASED
LOCATION OF HOME SOLD
TYPE OF HOME SOLD
SIZE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
NUMBER OF BEDROOMS AND BATHROOMS
PRICE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
PRIMARY REASON FOR SELLING PREVIOUS HOME
SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE
TENURE IN PREVIOUS HOME
DISTANCE BETWEEN HOME PURCHASED AND HOME RECENTLY SOLD
METHOD USED TO SELL HOME
SALES PRICE COMPARED WITH LISTING PRICE
NUMBER OF WEEKS RECENTLY SOLD HOME WAS ON THE MARKET
NUMBER OF TIMES ASKING PRICE WAS REDUCED
INCENTIVES OFFERED TO ATTRACT BUYERS, BY NUMBER OF WEEKS HOME WAS ON THE
MARKET
SATISFACTION WITH THE SELLING PROCESS

2015 National Association of Realtors Home Buyer and Seller Generational Trends

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-1
AGE OF HOME SELLERS
(Percentage Distribution)

Millennials/Generation Y/Gen Next:


Generation X:
Younger Boomers:
Older Boomers:
Silent Generation:

Year Born:
1980-1995
1965-1979
1955-1964
1946-1954
1925-1945

Age in 2014:
34 and younger
35 to 49
50 to 59
60 to 68
69 to 89

2015 National Association of Realtors Home Buyer and Seller Generational Trends

Percent in
Category
15%
27
20
23
16

Median
Age in
Group
31
41
55
64
73

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-2
HOUSEHOLD INCOME OF HOME SELLERS
(Percentage Distribution)

AGE OF HOME SELLER


Less than $25,000
$25,000 to $34,999
$35,000 to $44,999
$45,000 to $54,999
$55,000 to $64,999
$65,000 to $74,999
$75,000 to $84,999
$85,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$200,000 or more
Median income (2013)

All Sellers
3%
5
5
6
7
8
9
10
15
10
7
4
12
$96,700

34 and younger
1%
4
3
6
8
8
14
11
21
11
5
5
4
$94,400

2015 National Association of Realtors Home Buyer and Seller Generational Trends

35 to 49
1%
1
2
3
5
6
6
12
17
14
8
5
20
$121,400

50 to 59
3%
4
3
5
6
5
8
9
13
13
11
5
15
$115,300

60 to 68
3%
5
8
10
10
11
9
9
13
7
5
2
9
$78,900

69 to 89
6%
12
9
11
10
9
9
11
10
5
2
1
5
$66,700

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-3
ADULT COMPOSITION OF HOME SELLER HOUSEHOLDS
(Percentage Distribution)

88%
All Sellers
74%
14
7
4
1

90%
Married couple
80%
74%
Single female
Single male
70%
Unmarried
couple
Other
60%

34 and younger
88%
75%6
2
5
1

AGE OF HOME SELLER


35 to 49 50 to 59 60 to 68
75%
70%
69%
9
18
22
70% 7
9
6
6
3
2
1
3
1

69 to 89
74%
15
69% 8
1
2

74%

50%
40%

30%
20%

10%

22
18

15

14
7

9 9

6
1

3 3

2 1

0%
All Sellers

34 and younger

35 to 49

Married couple

Single female

2015 National Association of Realtors Home Buyer and Seller Generational Trends

50 to 59
Single male

60 to 68

Unmarried couple

Other

69 to 89

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)

100%

All Sellers
None
67%
90%
One
11
Two 80%
15
Three or more
7
67%
70%

AGE OF HOME SELLER


34 and younger 35 to 49 50 to 59 60 to 68
35%
30%
83%
97%
83%
24
19
11
2
30
35
6
1
12
16
1
0

98%

97%
69 to 89
98%
1
1
1

* Less than 1 percent

60%

50%
35%

40%

35
30%

30
30%

24
19

20%

15

16

12

11

11

10%

0%
All Sellers

34 and younger

35 to 49
None

One

2015 National Association of Realtors Home Buyer and Seller Generational Trends

50 to 59
Two

Three or more

60 to 68

69 to 89

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-5
RACE/ETHNICITY OF HOME SELLERS
(Percent of Respondents)

AGE OF HOME SELLER


All Sellers
White/Caucasian
92%
Black/African-American
3
Asian/Pacific Islander
4
Hispanic/Latino
2
Other
2

34 and younger
93%
1
2
5
1

35 to 49
87%
2
6
5
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.

2015 National Association of Realtors Home Buyer and Seller Generational Trends

50 to 59
91%
3
3
4
3

60 to 68
95%
1
1
2
1

69 to 89
97%
1
1
2
*

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-6
PRIMARY LANGUAGE SPOKEN IN HOME SELLER HOUSEHOLD
(Percentage Distribution)

100%
English
90%
Other

AGE OF HOME
97%SELLER

100%

98%
All Sellers
98%
2

34 and younger
100%
*

35 to 49
97%
3

50 to 59
98%
2

98%
60 to 68 69 to 89
100%
98%
*
2

100%

98%

80%
70%

60%
50%
40%

30%
20%
10%

0%
All Sellers

34 and younger

35 to 49
English

2015 National Association of Realtors Home Buyer and Seller Generational Trends

50 to 59
Other

60 to 68

69 to 89

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-7
FIRST-TIME OR REPEAT SELLER
(Percentage Distribution)

100% seller
First-time
Repeat seller
90%

All Sellers
30%
70

34 and younger
75%
25

AGE OF HOME SELLER


35 to 49 50 to 59 60 to 68
43%
20%
8%
57
81
92

69 to 89
11%
89

92

89

81

75%

80%
70

70%
57

60%
50%

43%

40%
30%

25

30%

20%
20%
8%

11%

10%
0%
All Sellers

34 and younger

35 to 49
First-time seller

2015 National Association of Realtors Home Buyer and Seller Generational Trends

50 to 59
Repeat seller

60 to 68

69 to 89

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-8
PROXIMITY OF HOME SOLD TO HOME PURCHASED
(Percentage Distribution)

80%

All Sellers
Same state
68%
68%
Same
15
70%region
Other region
17

34 and younger
72%
72%
14
14

AGE OF HOME
77% SELLER
35 to 49 50 to 59 60 to 68 69 to 89
77%
67%
59%
65%
12
16
2067%
16
12
17
22
20

65%
59%

60%
50%

40%
30%

20%

15

20

17
14

14

16
12

17

22

20
16

12

10%
0%

All Sellers

34 and younger

35 to 49
Same state

2015 National Association of Realtors Home Buyer and Seller Generational Trends

50 to 59
Same region

Other region

60 to 68

69 to 89

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-9
LOCATION OF HOME SOLD
(Percentage Distribution)

Suburb/Subdivision
Small town
Urban area/Central city
Rural area
Resort/Recreation area

All Sellers

34 and younger

53%
17
14
14
3

49%
15
22
13
1

2015 National Association of Realtors Home Buyer and Seller Generational Trends

AGE OF HOME SELLER


35 to 49
50 to 59
61%
15
13
9
1

58%
17
12
12
1

60 to 68

69 to 89

49%
16
13
18
5

41%
24
13
18
6

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-10
TYPE OF HOME SOLD
(Percentage Distribution)

All Sellers 34 and younger


Detached single-family home
Townhouse/row house
Apartment/condo in a building with 5 or more units
Duplex/apartment/condo in 2 to 4 unit building
Other

2015 National Association of Realtors Home Buyer and Seller Generational Trends

81%
6
5
2
6

82%
7
5
2
4

AGE OF HOME SELLER


35 to 49
50 to 59
60 to 68
83%
6
6
2
3

84%
4
3
1
7

77%
8
5
3
8

69 to 89
77%
5
6
2
11

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-11
SIZE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
(Median Square Feet)

34 and younger
35 to 49
50 to 59
60 to 68
69 to 89

Size of home sold

Size of home purchased

1,680
1,950
2,140
2,000
2,000

2,270
2,400
2,100
1,840
1,850

2015 National Association of Realtors Home Buyer and Seller Generational Trends

Difference
590
450
-40
-160
-150

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-12
NUMBER OF BEDROOMS AND BATHROOMS
(Percentage Distribution)

All Sellers 34 and younger


One bedroom
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

1%
13
86
3
16
58
26
2

2015 National Association of Realtors Home Buyer and Seller Generational Trends

3%
13
84
3
24
63
13
2

AGE OF HOME SELLER


35 to 49
50 to 59
1%
13
86
3
16
56
27
2

1%
11
89
3
14
49
37
2

60 to 68

69 to 89

2%
15
83
3
14
59
27
2

1%
14
85
3
11
68
22
2

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-13
PRICE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
(Median)

34 and younger
35 to 49
50 to 59
60 to 68
69 to 89

Price of home sold

Price of home purchased

$171,800
$235,000
$267,000
$238,400
$240,000

$245,000
$304,000
$258,000
$225,900
$210,000

2015 National Association of Realtors Home Buyer and Seller Generational Trends

Difference
$73,200
$69,000
-$9,000
-$12,500
-$30,000

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-14
PRIMARY REASON FOR SELLING PREVIOUS HOME
(Percentage Distribution)

AGE OF HOME SELLER


Home is too small
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

All Sellers 34 and younger


28%
15%
25
15
9
14
14
10
10
9
1
10
1
8
5
1
4
4
4
1
*
*
7
6

* Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

35 to 49
29%
21
4
11

50 to 59
6%
19
9
11

60 to 68
6%
5
23
8

69 to 89
5%
1
28
6

14
4
1

14
13
5

7
15
19

6
16
11

1
7

5
5

7
1

*
1

3
*
6

5
*
8

4
*
6

5
*
12

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-15
SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE
(Percentage Distribution)

AGE OF HOME SELLER


All Sellers 34 and younger 35 to 49 50 to 59 60 to 68
16%
17%
23%
17%
11%
1
3
3
1
1
82
80
83
8075
75
82
89

100%
Yes, and lived in home
Yes, 90%
but rented home to83others
and lived elsewhere
80% home when I wanted
No, sold
to sell
70%

69 to 89

94

89 6%
*
94

* Less than 1 percent

60%
50%

40%
30%
20%

10%

23%
17%

16%

17%

11%
3

6%
1

0%
All Sellers

34 and younger

Yes, and lived in home

35 to 49

50 to 59

Yes, but rented home to others and lived elsewhere

2015 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68

69 to 89

No, sold home when I wanted to sell

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-16
TENURE IN PREVIOUS HOME
(Percentage Distribution)

AGE OF HOME SELLER


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
Median

4%
9
12
11
20
20
9
16
10

34 and younger
4%
20
30
21
17
5
N/A
N/A
5

N/A- Not Available

2015 National Association of Realtors Home Buyer and Seller Generational Trends

35 to 49
5%
10
14
11
27
26
5
2
9

50 to 59
4%
5
9
10
17
21
14
20
11

60 to 68
2%
6
6
7
17
19
14
29
13

69 to 89
2%
7
6
7
16
23
10
30
13

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-17
DISTANCE BETWEEN HOME PURCHASED AND HOME RECENTLY SOLD
(Median Miles)

AGE OF HOME SELLER


35
Distance

All Sellers
20

34 and younger
15

35 to 49
12

50 to 59
20

35
60 to 68
35

35

69 to 89
35

30

25
20

20

20
15
15

12

10

0
All Sellers

34 and younger

35 to 49

2015 National Association of Realtors Home Buyer and Seller Generational Trends

50 to 59

60 to 68

69 to 89

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-18
METHOD USED TO SELL HOME
(Percentage Distribution)

AGE OF HOME SELLER


Sold home using an agent or broker
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
* Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

All Sellers
88%
87
2
9
8
1
1
2

34 and younger 35 to 49 50 to 59 60 to 68 69 to 89
87%
89%
86%
89%
90%
86
87
85
88
88
1
2
1
1
2
12
9
11
9
9
10
8
9
8
7
1
1
1
1
2
1
*
1
*
*
1
2
3
2
1

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-19
SALES PRICE COMPARED WITH LISTING PRICE
(Percentage Distribution of Sales Price as a Percent of List Price)

AGE OF HOME SELLER


Less than 90%
90% to 94%
95% to 99%
100%
101% to 110%
More than 110%
Median (sales price as a
percent of listing price)

All Sellers
11%
17
40
22
9
2

34 and younger
8%
16
42
23
9
1

35 to 49
8%
17
45
20
9
1

50 to 59
9%
15
37
26
10
2

60 to 68
15%
15
39
18
10
3

69 to 89
14%
22
34
21
6
3

97%

97%

98%

98%

97%

97%

2015 National Association of Realtors Home Buyer and Seller Generational Trends

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-20
NUMBER OF WEEKS RECENTLY SOLD HOME WAS ON THE MARKET
(Percentage Distribution)

AGE OF HOME SELLER


Less than 1 week
1 to 2 weeks
3 to 4 weeks
5 to 6 weeks
7 to 8 weeks
9 to 10 weeks
11 to 12 weeks
13 to 16 weeks
17 to 24 weeks
25 to 36 weeks
37 to 52 weeks
53 or more weeks
Median weeks

All Sellers
6%
33
12
7
6
4
7
5
6
6
4
4
4

34 and younger
5%
36
14
5
9
5
7
4
6
3
4
2
4

2015 National Association of Realtors Home Buyer and Seller Generational Trends

35 to 49
5%
36
15
8
5
4
9
4
6
3
3
2
4

50 to 59
10%
31
12
7
7
4
5
5
4
7
4
4
4

60 to 68
7%
32
10
5
5
4
8
6
6
8
5
4
6

69 to 89
6%
31
8
9
8
4
5
5
5
8
5
8
6

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-21
NUMBER OF TIMES ASKING PRICE WAS REDUCED
(Percentage Distribution)

AGE OF HOME SELLER


All Sellers 34 and younger
None, did not reduce the asking price
One
Two
Three
Four or more

55%
25
11
5
4

2015 National Association of Realtors Home Buyer and Seller Generational Trends

55%
27
9
5
4

35 to 49

50 to 59

60 to 68

69 to 89

59%
24
10
4
4

58%
23
10
6
3

53%
23
14
6
4

50%
30
11
3
5

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-22
INCENTIVES OFFERED TO ATTRACT BUYERS, BY NUMBER OF WEEKS HOME WAS ON THE MARKET
(Percent of Respondents)

AGE OF HOME SELLER


None
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
Other

All Sellers
64%
19
18
6
4
1
3

* Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

34 and younger
55%
23
27
7
4
*
3

35 to 49 50 to 59 60 to 68
67%
66%
63%
18
19
20
18
15
15
7
5
6
3
4
5
1
1
*
2
3
3

69 to 89
68%
15
13
5
5
1
2

HOME SELLERS AND THEIR SELLING EXPERIENCE


Exhibit 6-23
SATISFACTION WITH THE SELLING PROCESS
(Percentage Distribution)

AGE OF HOME SELLER


All Sellers 34 and younger 35 to 49 50 to 59 60 to 68 69 to 89
58%
55%
56%
60%
59%
64%
30
35
34 60%
28
27 59% 25
7
6
7
7
10
5
56%
55%
5
4
4
4
5
6

70%
Very Satisfied
Somewhat Satisfied
58%
Somewhat
Dissatisfied
60%
Very Dissatisfied

64%

50%

40%

35

34

30

28

30%

27

25

20%

10%

10

0%
All Sellers

34 and younger
Very Satisfied

35 to 49
Somewhat Satisfied

2015 National Association of Realtors Home Buyer and Seller Generational Trends

50 to 59
Somewhat Dissatisfied

60 to 68
Very Dissatisfied

69 to 89

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

METHOD USED TO FIND REAL ESTATE AGENT


NUMBER OF AGENTS CONTACTED BEFORE SELECTING ONE TO ASSIST WITH SALE OF
HOME
DID SELLER USE THE SAME REAL ESTATE AGENT FOR THEIR HOME PURCHASE?
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
NEGOTIATING THE COMMISSION RATE OR FEE WITH THE REAL ESTATE AGENT
WOULD SELLER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS

2015 National Association of Realtors Home Buyer and Seller Generational Trends

HOME SELLING AND REAL ESTATE PROFESSIONALS


Exhibit 7-1
METHOD USED TO FIND REAL ESTATE AGENT
(Percentage Distribution)

AGE OF HOME SELLER

Referred by (or is) a friend, neighbor or relative


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, email, etc.)
Referred by another real estate or broker
Saw contact information on For Sale/Open House
sign

All 34 and
Sellers younger 35 to 49 50 to 59 60 to 68 69 to 89
38%
45%
38%
34%
38%
40%
22
23
26
23
21
17
5
5
3
5
7
5
4
5
6
3
4
2
4
4
3
5
5
2
4
4
4
4
3
3
3

Referred through employer or relocation company


Direct mail (newsletter, flyer, postcard, etc.)

3
2

5
1

4
2

4
2

*
2

*
2

Walked into or called office and agent was on duty


Newspaper, Yellow pages or home book ad
Advertising specialty (calendar, magnet, etc.)
Crowdsourcing through social media/knew the
person through social media
Saw the person's social media page without a
connection
Other

2
1
1

2
*
*

1
1
*

2
*
1

2
1
1

3
2
*

*
14

*
5

*
9

1
14

*
12

1
20

* Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

HOME SELLING AND REAL ESTATE PROFESSIONALS


Exhibit 7-2
NUMBER OF AGENTS CONTACTED BEFORE SELECTING ONE TO ASSIST WITH SALE OF HOME
(Percentage Distribution)

AGE OF HOME SELLER


One
Two
Three
Four
Five or more

All Sellers
70%
17
8
3
2

34 and younger
72%
22
6
1
*

35 to 49
72%
17
7
3
1

* Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

50 to 59
72%
14
7
4
4

60 to 68
67%
17
11
2
3

69 to 89
71%
17
10
2
1

HOME SELLING AND REAL ESTATE PROFESSIONALS


Exhibit 7-3
DID SELLER USE THE SAME REAL ESTATE AGENT FOR THEIR HOME PURCHASE?
(Percentage Distribution Among Sellers Who Used an Agent to Purchase a Home)

AGE OF HOME SELLER


70%
Yes
No 60%

All Sellers
51%
49
51%
49

50%

34 and younger
57%
57%
43

35
63%to 49
63%
37

50 to 59
47%
53

60 to 68
42%
58
53

69 to 89
40%
58
60

60

47%
43

42%
37

40%

40%

30%
20%
10%
0%
All Sellers

34 and younger

35 to 49

50 to 59
Yes

No

2015 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68

69 to 89

HOME SELLING AND REAL ESTATE PROFESSIONALS


Exhibit 7-4
HOME LISTED ON MULTIPLE LISTING SERVICE
(Percentage Distribution)

AGE OF HOME SELLER


All Sellers
34 and younger
90%
91%
89%
89%
5
5
4
7

100%
Yes
No 90%
Don't know
80%

91%

35 to 49 50 to 59
90%89%
89%
4
6
6
5

60 to 68
90%
90%
6
4

69 to 89
90%
90%
5
5

70%
60%
50%
40%

30%
20%
10%

0%
All Sellers

34 and younger

35 to 49
Yes

No

50 to 59
Don't know

2015 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68

69 to 89

HOME SELLING AND REAL ESTATE PROFESSIONALS


Exhibit 7-5
LEVEL OF SERVICE PROVIDED BY THE REAL ESTATE AGENT
(Percentage Distribution)

AGE OF HOME SELLER


All Sellers
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

34 and younger 35 to 49 50 to 59 60 to 68 69 to 89

79%

77%

76%

80%

80%

84%

13

10

12

10

14

11

13

2015 National Association of Realtors Home Buyer and Seller Generational Trends

HOME SELLING AND REAL ESTATE PROFESSIONALS


Exhibit 7-6
WHAT SELLERS MOST WANT FROM REAL ESTATE AGENTS, BY LEVEL OF SERVICE PROVIDED BY THE
AGENT
(Percentage Distribution)

Help seller market home to potential buyers


Help sell the home within specific timeframe
Help price home competitively
Help find a buyer for home
Help seller find ways to fix up home to sell it for
more
Help with negotiation and dealing with buyers
Help with paperwork/inspections/preparing for
settlement
Help seller see homes available to purchase
Help create and post videos to provide tour of my
home
Other

All Sellers
23%
20
19
14

AGE OF HOME SELLER


34 and
younger 35 to 49 50 to 59 60 to 68 69 to 89
15%
23%
21%
26%
28%
21
22
25
16
20
25
20
16
18
15
12
12
16
15
19

13
5

16
5

12
6

15
4

12
4

7
5

3
2

4
3

3
2

2
1

3
4

5
1

*
*

*
*

1
*

*
*

1
1

*
1

* Less than 1 percent

2015 National Association of Realtors Home Buyer and Seller Generational Trends

HOME SELLING AND REAL ESTATE PROFESSIONALS


Exhibit 7-7

MOST IMPORTANT FACTOR IN CHOOSING A REAL ESTATE AGENT TO SELL HOME, BY LEVEL OF SERVICE
PROVIDED BY THE AGENT
(Percentage Distribution)

AGE OF HOME SELLER

Reputation of agent
Agent is honest and trustworthy
Agents knowledge of the neighborhood
Agent is friend or family member
Agent has caring personality/good listener
Agents association with a particular firm
Agent's commission
Agent seems 100% accessible because of use
of technology like tablet or smartphone
Professional designations held by agent
Other

All Sellers
36%
19
15
13
4
4
4

34 and
younger
40%
20
10
14
3
2
4

35 to 49
33%
23
13
13
4
2
7

50 to 59
36%
18
13
14
5
4
3

60 to 68
34%
17
18
13
4
5
2

69 to 89
40%
14
20
9
4
6
2

3
2
2

5
1
3

2
2
1

3
1
1

3
2
2

1
2
2

2015 National Association of Realtors Home Buyer and Seller Generational Trends

HOME SELLING AND REAL ESTATE PROFESSIONALS


Exhibit 7-8
METHODS REAL ESTATE AGENT USED TO MARKET HOME
(Percent of Respondents Among Sellers Who Used an Agent)

AGE OF HOME SELLER


All Sellers
Multiple Listing (MLS) website
Yard sign
Real estate agent website
Open house
Real estate company website
Realtor.com
Third party aggregators
Print newspaper advertisement
Direct mail (flyers, postcards, etc.)
Video
Newspaper website
Social networking websites (e.g.
Facebook, Twitter, etc.)
Other Web sites with real estate listings
(e.g. Google, Yahoo)
Real estate magazine
Online Classified Ads
Real estate magazine website
Video hosting Web sites (e.g. Youtube,
etc.)
Television
Other

89%
71
51
47
44
43
33
13
12
11
9

34 and younger 35 to 49 50 to 59 60 to 68 69 to 89
90%
91%
89%
89%
87%
72
70
74
71
69
56
49
54
51
44
39
45
52
46
53
43
47
49
44
36
43
51
44
38
34
40
40
35
32
16
9
11
11
15
20
14
12
12
11
12
5
10
12
12
14
7
8
7
10
12

14

13

11

8
7
7
6

9
5
4
6

6
5
6
5

11
7
9
5

9
9
8
8

7
10
11
9

3
1
3

3
2
1

3
1
2

4
2
3

2
1
4

2
1
3

2015 National Association of Realtors Home Buyer and Seller Generational Trends

HOME SELLING AND REAL ESTATE PROFESSIONALS


Exhibit 7-9
NEGOTIATING THE COMMISSION RATE OR FEE WITH THE REAL ESTATE AGENT
(Percentage Distribution)

All Sellers
Real estate agent initiated discussion of
compensation
Client brought up the topic and the real estate
agent was able and willing to negotiate their
commission or fee
Client brought up the topic and the real estate
agent was unwilling or unable to negotiate
their commission or fee
Client did know commissions and fees could
be negotiated but did not bring up the topic
Client did not know commissions and fees
could be negotiated

AGE OF HOME SELLER


34 and
younger 35 to 49 50 to 59 60 to 68 69 to 89

46%

46%

46%

44%

48%

47%

21

14

23

25

21

22

10

11

12

13

10

10

15

23

12

14

14

11

2015 National Association of Realtors Home Buyer and Seller Generational Trends

HOME SELLING AND REAL ESTATE PROFESSIONALS


Exhibit 7-10
WOULD SELLER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS
(Percentage Distribution)

AGE OF HOME SELLER

80%

All Sellers 34 and younger


68%
63%
69%
15
20
63%
8
8
7
7
2
3

Definitely 68%
70%
Probably
Probably Not
Definitely
Not
60%
Don't Know/ Not Sure

35 to 49
68% 69%
15
7
7
2

50 to 59 60 to 68
69 to73%
89
68%
68% 73%
68%
14
15
13
9
6
7
7
9
7
2
2
1

50%
40%
30%
20
20%
10%

15

15
8 7

87

7 7
3

15

14
7

13
6

7 7
2

0%
All Sellers

34 and younger

Definitely

Probably

35 to 49
Probably Not

50 to 59
Definitely Not

2015 National Association of Realtors Home Buyer and Seller Generational Trends

60 to 68

69 to 89

Don't Know/ Not Sure

HOME SELLING AND REAL ESTATE PROFESSIONALS


Exhibit 7-13
HOW MANY TIMES SELLER RECOMMENDED TYPICAL AGENT
(Percentage distribution)

All Sellers
None
One time
Two times
Three times
Four or more times
Times recommended
since buying (median)

39%
15
18
10
18

34 and younger
38%
16
19
10
18

2015 National Association of Realtors Home Buyer and Seller Generational Trends

AGE OF HOME SELLER


35 to 49 50 to 59 60 to 68
33%
38%
42%
14
12
17
20
17
18
12
13
8
21
20
16
1

69 to 89
44%
16
19
8
13
1

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 2014. 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.
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 2013. 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 U.S. 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.
The definitions of the generations used to distinguish home buyers and sellers were based on a study
published in the REALTOR Universitys Center for Real Estate Studies journal article titled, Generational
Trends in Homeownership: An Era of Renters? by Glenn E. Crellin. Additional splitting of older baby
boomer age groups and younger baby boomer age groups was modeled on research from the Pew
Research Center, Generations 2010.

Millennials/Gen Y/Gen Next:


Gen X:
Younger Boomers:
Older Boomers:
Silent Generation:

Year Born:
1980-2000
1965-1979
1955-1964
1946-1954
1925-1945

Age in 2013:
34 and younger
35 to 49
50 to 59
60 to 68
69 to 89

2015 National Association of Realtors Home Buyer and Seller Generational Trends

114