the home buyers of tomorrow—what millennials … · affordable home price is #1 motivator to buy...
TRANSCRIPT
THE HOME BUYERS OF TOMORROWmdashWHAT MILLENNIALS REALLY WANT
Presented by
Carmen Hirciag MBA
Senior Research Analyst
Survey Methodology
bull 1000 online surveys conducted in Aug 2014
bull Respondents CA residents age 18-34
WHO IS THE TYPICAL MILLENNIAL Demographics
Famous Millennials
genY echo boomers generation next
1980-1996 18-34 11
million
3 out of 4
20 texts day
56
1 out of 5
80 computers
Typical Millennial
24Years Old
28 College
Educated
62 Minority
50 Single
$35K Median Income
MedianAge 24
12
10
8
6
4
2
0 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
11
9
7 7 6 6 6
6
7
5
4 4 5
4 4 4 4
Age (Years)
What is your age
frac34 Millennials Not Married
Other 2 In a committed
relationship Married 26 23
Single 50
What is your marital status
23
50
Marital StatusVaries by Age Group 100
90
80
70
60
50
40
30
20
10
0
13
47
26
23
62
21
29
18-26 27-34
Married
Single
In a committed relationship
Other
All
Source 2013 American Community Survey US Census Bureau What is your marital status
Education
6
22
38
23
4
11
36
27
11
3
3
14
44
30
4
Graduate school
Four-year college
Some College
High school
Some High school
18-26
27-34
All
0 10 20 30 40 50
Source 2013 American Community Survey US Census Bureau What is the highest level of education you have completed
62 are Minorities
0
5
10
15
20
25
30
35
40
38
35
18
7
4
Caucasian Hispanic Latino Asian African Other White American
What is your ethnic background
12 Millennials are Employed
Other 3
Student 24
Employed 52
Unemployed 20
What is your employment status
Majority Employed 100
90
80
70
30
40
50
60 Student
Unemployed
Employed
Other
20
10
0
18-26 27-34 All
2 5 3
43
68
52
20
21
20
35
6
24
What is your employment status
Only 13 Millennials Have FullTime Jobs
Part time student
Full time student
Unemployed not looking for work
Unemployed looking for a job
Part time
Full time
Other 3
33
19
14
6
20
4
0 5 10 15 20 25 30 35
What is your employment status
Employment StatusVaries byAge Group
3
33
19
14
6
20
4
5
54
14
13
8
2
4
2
22
21
15
5
5
30
Other
Full time
Part time
Unemployed looking for a job
Unemployed not looking for work
Full time student
Part time student
18-26
27-34
All
0 10 20 30 40 50 60
What is your employment status
Top Millennial Professions
What is your profession
MedianYears in Current Job 2
25
20
15
10
5
0 lt1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+
18
22
15
11
7 8
4 3 3
1
3
1 2
1 1 2
Time in Current Job (Years)
How many years have you been in your current job
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
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)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
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More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
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l categories
Member Discounts - We have
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dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Survey Methodology
bull 1000 online surveys conducted in Aug 2014
bull Respondents CA residents age 18-34
WHO IS THE TYPICAL MILLENNIAL Demographics
Famous Millennials
genY echo boomers generation next
1980-1996 18-34 11
million
3 out of 4
20 texts day
56
1 out of 5
80 computers
Typical Millennial
24Years Old
28 College
Educated
62 Minority
50 Single
$35K Median Income
MedianAge 24
12
10
8
6
4
2
0 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
11
9
7 7 6 6 6
6
7
5
4 4 5
4 4 4 4
Age (Years)
What is your age
frac34 Millennials Not Married
Other 2 In a committed
relationship Married 26 23
Single 50
What is your marital status
23
50
Marital StatusVaries by Age Group 100
90
80
70
60
50
40
30
20
10
0
13
47
26
23
62
21
29
18-26 27-34
Married
Single
In a committed relationship
Other
All
Source 2013 American Community Survey US Census Bureau What is your marital status
Education
6
22
38
23
4
11
36
27
11
3
3
14
44
30
4
Graduate school
Four-year college
Some College
High school
Some High school
18-26
27-34
All
0 10 20 30 40 50
Source 2013 American Community Survey US Census Bureau What is the highest level of education you have completed
62 are Minorities
0
5
10
15
20
25
30
35
40
38
35
18
7
4
Caucasian Hispanic Latino Asian African Other White American
What is your ethnic background
12 Millennials are Employed
Other 3
Student 24
Employed 52
Unemployed 20
What is your employment status
Majority Employed 100
90
80
70
30
40
50
60 Student
Unemployed
Employed
Other
20
10
0
18-26 27-34 All
2 5 3
43
68
52
20
21
20
35
6
24
What is your employment status
Only 13 Millennials Have FullTime Jobs
Part time student
Full time student
Unemployed not looking for work
Unemployed looking for a job
Part time
Full time
Other 3
33
19
14
6
20
4
0 5 10 15 20 25 30 35
What is your employment status
Employment StatusVaries byAge Group
3
33
19
14
6
20
4
5
54
14
13
8
2
4
2
22
21
15
5
5
30
Other
Full time
Part time
Unemployed looking for a job
Unemployed not looking for work
Full time student
Part time student
18-26
27-34
All
0 10 20 30 40 50 60
What is your employment status
Top Millennial Professions
What is your profession
MedianYears in Current Job 2
25
20
15
10
5
0 lt1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+
18
22
15
11
7 8
4 3 3
1
3
1 2
1 1 2
Time in Current Job (Years)
How many years have you been in your current job
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
WHO IS THE TYPICAL MILLENNIAL Demographics
Famous Millennials
genY echo boomers generation next
1980-1996 18-34 11
million
3 out of 4
20 texts day
56
1 out of 5
80 computers
Typical Millennial
24Years Old
28 College
Educated
62 Minority
50 Single
$35K Median Income
MedianAge 24
12
10
8
6
4
2
0 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
11
9
7 7 6 6 6
6
7
5
4 4 5
4 4 4 4
Age (Years)
What is your age
frac34 Millennials Not Married
Other 2 In a committed
relationship Married 26 23
Single 50
What is your marital status
23
50
Marital StatusVaries by Age Group 100
90
80
70
60
50
40
30
20
10
0
13
47
26
23
62
21
29
18-26 27-34
Married
Single
In a committed relationship
Other
All
Source 2013 American Community Survey US Census Bureau What is your marital status
Education
6
22
38
23
4
11
36
27
11
3
3
14
44
30
4
Graduate school
Four-year college
Some College
High school
Some High school
18-26
27-34
All
0 10 20 30 40 50
Source 2013 American Community Survey US Census Bureau What is the highest level of education you have completed
62 are Minorities
0
5
10
15
20
25
30
35
40
38
35
18
7
4
Caucasian Hispanic Latino Asian African Other White American
What is your ethnic background
12 Millennials are Employed
Other 3
Student 24
Employed 52
Unemployed 20
What is your employment status
Majority Employed 100
90
80
70
30
40
50
60 Student
Unemployed
Employed
Other
20
10
0
18-26 27-34 All
2 5 3
43
68
52
20
21
20
35
6
24
What is your employment status
Only 13 Millennials Have FullTime Jobs
Part time student
Full time student
Unemployed not looking for work
Unemployed looking for a job
Part time
Full time
Other 3
33
19
14
6
20
4
0 5 10 15 20 25 30 35
What is your employment status
Employment StatusVaries byAge Group
3
33
19
14
6
20
4
5
54
14
13
8
2
4
2
22
21
15
5
5
30
Other
Full time
Part time
Unemployed looking for a job
Unemployed not looking for work
Full time student
Part time student
18-26
27-34
All
0 10 20 30 40 50 60
What is your employment status
Top Millennial Professions
What is your profession
MedianYears in Current Job 2
25
20
15
10
5
0 lt1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+
18
22
15
11
7 8
4 3 3
1
3
1 2
1 1 2
Time in Current Job (Years)
How many years have you been in your current job
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Famous Millennials
genY echo boomers generation next
1980-1996 18-34 11
million
3 out of 4
20 texts day
56
1 out of 5
80 computers
Typical Millennial
24Years Old
28 College
Educated
62 Minority
50 Single
$35K Median Income
MedianAge 24
12
10
8
6
4
2
0 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
11
9
7 7 6 6 6
6
7
5
4 4 5
4 4 4 4
Age (Years)
What is your age
frac34 Millennials Not Married
Other 2 In a committed
relationship Married 26 23
Single 50
What is your marital status
23
50
Marital StatusVaries by Age Group 100
90
80
70
60
50
40
30
20
10
0
13
47
26
23
62
21
29
18-26 27-34
Married
Single
In a committed relationship
Other
All
Source 2013 American Community Survey US Census Bureau What is your marital status
Education
6
22
38
23
4
11
36
27
11
3
3
14
44
30
4
Graduate school
Four-year college
Some College
High school
Some High school
18-26
27-34
All
0 10 20 30 40 50
Source 2013 American Community Survey US Census Bureau What is the highest level of education you have completed
62 are Minorities
0
5
10
15
20
25
30
35
40
38
35
18
7
4
Caucasian Hispanic Latino Asian African Other White American
What is your ethnic background
12 Millennials are Employed
Other 3
Student 24
Employed 52
Unemployed 20
What is your employment status
Majority Employed 100
90
80
70
30
40
50
60 Student
Unemployed
Employed
Other
20
10
0
18-26 27-34 All
2 5 3
43
68
52
20
21
20
35
6
24
What is your employment status
Only 13 Millennials Have FullTime Jobs
Part time student
Full time student
Unemployed not looking for work
Unemployed looking for a job
Part time
Full time
Other 3
33
19
14
6
20
4
0 5 10 15 20 25 30 35
What is your employment status
Employment StatusVaries byAge Group
3
33
19
14
6
20
4
5
54
14
13
8
2
4
2
22
21
15
5
5
30
Other
Full time
Part time
Unemployed looking for a job
Unemployed not looking for work
Full time student
Part time student
18-26
27-34
All
0 10 20 30 40 50 60
What is your employment status
Top Millennial Professions
What is your profession
MedianYears in Current Job 2
25
20
15
10
5
0 lt1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+
18
22
15
11
7 8
4 3 3
1
3
1 2
1 1 2
Time in Current Job (Years)
How many years have you been in your current job
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
genY echo boomers generation next
1980-1996 18-34 11
million
3 out of 4
20 texts day
56
1 out of 5
80 computers
Typical Millennial
24Years Old
28 College
Educated
62 Minority
50 Single
$35K Median Income
MedianAge 24
12
10
8
6
4
2
0 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
11
9
7 7 6 6 6
6
7
5
4 4 5
4 4 4 4
Age (Years)
What is your age
frac34 Millennials Not Married
Other 2 In a committed
relationship Married 26 23
Single 50
What is your marital status
23
50
Marital StatusVaries by Age Group 100
90
80
70
60
50
40
30
20
10
0
13
47
26
23
62
21
29
18-26 27-34
Married
Single
In a committed relationship
Other
All
Source 2013 American Community Survey US Census Bureau What is your marital status
Education
6
22
38
23
4
11
36
27
11
3
3
14
44
30
4
Graduate school
Four-year college
Some College
High school
Some High school
18-26
27-34
All
0 10 20 30 40 50
Source 2013 American Community Survey US Census Bureau What is the highest level of education you have completed
62 are Minorities
0
5
10
15
20
25
30
35
40
38
35
18
7
4
Caucasian Hispanic Latino Asian African Other White American
What is your ethnic background
12 Millennials are Employed
Other 3
Student 24
Employed 52
Unemployed 20
What is your employment status
Majority Employed 100
90
80
70
30
40
50
60 Student
Unemployed
Employed
Other
20
10
0
18-26 27-34 All
2 5 3
43
68
52
20
21
20
35
6
24
What is your employment status
Only 13 Millennials Have FullTime Jobs
Part time student
Full time student
Unemployed not looking for work
Unemployed looking for a job
Part time
Full time
Other 3
33
19
14
6
20
4
0 5 10 15 20 25 30 35
What is your employment status
Employment StatusVaries byAge Group
3
33
19
14
6
20
4
5
54
14
13
8
2
4
2
22
21
15
5
5
30
Other
Full time
Part time
Unemployed looking for a job
Unemployed not looking for work
Full time student
Part time student
18-26
27-34
All
0 10 20 30 40 50 60
What is your employment status
Top Millennial Professions
What is your profession
MedianYears in Current Job 2
25
20
15
10
5
0 lt1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+
18
22
15
11
7 8
4 3 3
1
3
1 2
1 1 2
Time in Current Job (Years)
How many years have you been in your current job
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Typical Millennial
24Years Old
28 College
Educated
62 Minority
50 Single
$35K Median Income
MedianAge 24
12
10
8
6
4
2
0 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
11
9
7 7 6 6 6
6
7
5
4 4 5
4 4 4 4
Age (Years)
What is your age
frac34 Millennials Not Married
Other 2 In a committed
relationship Married 26 23
Single 50
What is your marital status
23
50
Marital StatusVaries by Age Group 100
90
80
70
60
50
40
30
20
10
0
13
47
26
23
62
21
29
18-26 27-34
Married
Single
In a committed relationship
Other
All
Source 2013 American Community Survey US Census Bureau What is your marital status
Education
6
22
38
23
4
11
36
27
11
3
3
14
44
30
4
Graduate school
Four-year college
Some College
High school
Some High school
18-26
27-34
All
0 10 20 30 40 50
Source 2013 American Community Survey US Census Bureau What is the highest level of education you have completed
62 are Minorities
0
5
10
15
20
25
30
35
40
38
35
18
7
4
Caucasian Hispanic Latino Asian African Other White American
What is your ethnic background
12 Millennials are Employed
Other 3
Student 24
Employed 52
Unemployed 20
What is your employment status
Majority Employed 100
90
80
70
30
40
50
60 Student
Unemployed
Employed
Other
20
10
0
18-26 27-34 All
2 5 3
43
68
52
20
21
20
35
6
24
What is your employment status
Only 13 Millennials Have FullTime Jobs
Part time student
Full time student
Unemployed not looking for work
Unemployed looking for a job
Part time
Full time
Other 3
33
19
14
6
20
4
0 5 10 15 20 25 30 35
What is your employment status
Employment StatusVaries byAge Group
3
33
19
14
6
20
4
5
54
14
13
8
2
4
2
22
21
15
5
5
30
Other
Full time
Part time
Unemployed looking for a job
Unemployed not looking for work
Full time student
Part time student
18-26
27-34
All
0 10 20 30 40 50 60
What is your employment status
Top Millennial Professions
What is your profession
MedianYears in Current Job 2
25
20
15
10
5
0 lt1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+
18
22
15
11
7 8
4 3 3
1
3
1 2
1 1 2
Time in Current Job (Years)
How many years have you been in your current job
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
MedianAge 24
12
10
8
6
4
2
0 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
11
9
7 7 6 6 6
6
7
5
4 4 5
4 4 4 4
Age (Years)
What is your age
frac34 Millennials Not Married
Other 2 In a committed
relationship Married 26 23
Single 50
What is your marital status
23
50
Marital StatusVaries by Age Group 100
90
80
70
60
50
40
30
20
10
0
13
47
26
23
62
21
29
18-26 27-34
Married
Single
In a committed relationship
Other
All
Source 2013 American Community Survey US Census Bureau What is your marital status
Education
6
22
38
23
4
11
36
27
11
3
3
14
44
30
4
Graduate school
Four-year college
Some College
High school
Some High school
18-26
27-34
All
0 10 20 30 40 50
Source 2013 American Community Survey US Census Bureau What is the highest level of education you have completed
62 are Minorities
0
5
10
15
20
25
30
35
40
38
35
18
7
4
Caucasian Hispanic Latino Asian African Other White American
What is your ethnic background
12 Millennials are Employed
Other 3
Student 24
Employed 52
Unemployed 20
What is your employment status
Majority Employed 100
90
80
70
30
40
50
60 Student
Unemployed
Employed
Other
20
10
0
18-26 27-34 All
2 5 3
43
68
52
20
21
20
35
6
24
What is your employment status
Only 13 Millennials Have FullTime Jobs
Part time student
Full time student
Unemployed not looking for work
Unemployed looking for a job
Part time
Full time
Other 3
33
19
14
6
20
4
0 5 10 15 20 25 30 35
What is your employment status
Employment StatusVaries byAge Group
3
33
19
14
6
20
4
5
54
14
13
8
2
4
2
22
21
15
5
5
30
Other
Full time
Part time
Unemployed looking for a job
Unemployed not looking for work
Full time student
Part time student
18-26
27-34
All
0 10 20 30 40 50 60
What is your employment status
Top Millennial Professions
What is your profession
MedianYears in Current Job 2
25
20
15
10
5
0 lt1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+
18
22
15
11
7 8
4 3 3
1
3
1 2
1 1 2
Time in Current Job (Years)
How many years have you been in your current job
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
frac34 Millennials Not Married
Other 2 In a committed
relationship Married 26 23
Single 50
What is your marital status
23
50
Marital StatusVaries by Age Group 100
90
80
70
60
50
40
30
20
10
0
13
47
26
23
62
21
29
18-26 27-34
Married
Single
In a committed relationship
Other
All
Source 2013 American Community Survey US Census Bureau What is your marital status
Education
6
22
38
23
4
11
36
27
11
3
3
14
44
30
4
Graduate school
Four-year college
Some College
High school
Some High school
18-26
27-34
All
0 10 20 30 40 50
Source 2013 American Community Survey US Census Bureau What is the highest level of education you have completed
62 are Minorities
0
5
10
15
20
25
30
35
40
38
35
18
7
4
Caucasian Hispanic Latino Asian African Other White American
What is your ethnic background
12 Millennials are Employed
Other 3
Student 24
Employed 52
Unemployed 20
What is your employment status
Majority Employed 100
90
80
70
30
40
50
60 Student
Unemployed
Employed
Other
20
10
0
18-26 27-34 All
2 5 3
43
68
52
20
21
20
35
6
24
What is your employment status
Only 13 Millennials Have FullTime Jobs
Part time student
Full time student
Unemployed not looking for work
Unemployed looking for a job
Part time
Full time
Other 3
33
19
14
6
20
4
0 5 10 15 20 25 30 35
What is your employment status
Employment StatusVaries byAge Group
3
33
19
14
6
20
4
5
54
14
13
8
2
4
2
22
21
15
5
5
30
Other
Full time
Part time
Unemployed looking for a job
Unemployed not looking for work
Full time student
Part time student
18-26
27-34
All
0 10 20 30 40 50 60
What is your employment status
Top Millennial Professions
What is your profession
MedianYears in Current Job 2
25
20
15
10
5
0 lt1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+
18
22
15
11
7 8
4 3 3
1
3
1 2
1 1 2
Time in Current Job (Years)
How many years have you been in your current job
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
23
50
Marital StatusVaries by Age Group 100
90
80
70
60
50
40
30
20
10
0
13
47
26
23
62
21
29
18-26 27-34
Married
Single
In a committed relationship
Other
All
Source 2013 American Community Survey US Census Bureau What is your marital status
Education
6
22
38
23
4
11
36
27
11
3
3
14
44
30
4
Graduate school
Four-year college
Some College
High school
Some High school
18-26
27-34
All
0 10 20 30 40 50
Source 2013 American Community Survey US Census Bureau What is the highest level of education you have completed
62 are Minorities
0
5
10
15
20
25
30
35
40
38
35
18
7
4
Caucasian Hispanic Latino Asian African Other White American
What is your ethnic background
12 Millennials are Employed
Other 3
Student 24
Employed 52
Unemployed 20
What is your employment status
Majority Employed 100
90
80
70
30
40
50
60 Student
Unemployed
Employed
Other
20
10
0
18-26 27-34 All
2 5 3
43
68
52
20
21
20
35
6
24
What is your employment status
Only 13 Millennials Have FullTime Jobs
Part time student
Full time student
Unemployed not looking for work
Unemployed looking for a job
Part time
Full time
Other 3
33
19
14
6
20
4
0 5 10 15 20 25 30 35
What is your employment status
Employment StatusVaries byAge Group
3
33
19
14
6
20
4
5
54
14
13
8
2
4
2
22
21
15
5
5
30
Other
Full time
Part time
Unemployed looking for a job
Unemployed not looking for work
Full time student
Part time student
18-26
27-34
All
0 10 20 30 40 50 60
What is your employment status
Top Millennial Professions
What is your profession
MedianYears in Current Job 2
25
20
15
10
5
0 lt1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+
18
22
15
11
7 8
4 3 3
1
3
1 2
1 1 2
Time in Current Job (Years)
How many years have you been in your current job
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Education
6
22
38
23
4
11
36
27
11
3
3
14
44
30
4
Graduate school
Four-year college
Some College
High school
Some High school
18-26
27-34
All
0 10 20 30 40 50
Source 2013 American Community Survey US Census Bureau What is the highest level of education you have completed
62 are Minorities
0
5
10
15
20
25
30
35
40
38
35
18
7
4
Caucasian Hispanic Latino Asian African Other White American
What is your ethnic background
12 Millennials are Employed
Other 3
Student 24
Employed 52
Unemployed 20
What is your employment status
Majority Employed 100
90
80
70
30
40
50
60 Student
Unemployed
Employed
Other
20
10
0
18-26 27-34 All
2 5 3
43
68
52
20
21
20
35
6
24
What is your employment status
Only 13 Millennials Have FullTime Jobs
Part time student
Full time student
Unemployed not looking for work
Unemployed looking for a job
Part time
Full time
Other 3
33
19
14
6
20
4
0 5 10 15 20 25 30 35
What is your employment status
Employment StatusVaries byAge Group
3
33
19
14
6
20
4
5
54
14
13
8
2
4
2
22
21
15
5
5
30
Other
Full time
Part time
Unemployed looking for a job
Unemployed not looking for work
Full time student
Part time student
18-26
27-34
All
0 10 20 30 40 50 60
What is your employment status
Top Millennial Professions
What is your profession
MedianYears in Current Job 2
25
20
15
10
5
0 lt1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+
18
22
15
11
7 8
4 3 3
1
3
1 2
1 1 2
Time in Current Job (Years)
How many years have you been in your current job
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
62 are Minorities
0
5
10
15
20
25
30
35
40
38
35
18
7
4
Caucasian Hispanic Latino Asian African Other White American
What is your ethnic background
12 Millennials are Employed
Other 3
Student 24
Employed 52
Unemployed 20
What is your employment status
Majority Employed 100
90
80
70
30
40
50
60 Student
Unemployed
Employed
Other
20
10
0
18-26 27-34 All
2 5 3
43
68
52
20
21
20
35
6
24
What is your employment status
Only 13 Millennials Have FullTime Jobs
Part time student
Full time student
Unemployed not looking for work
Unemployed looking for a job
Part time
Full time
Other 3
33
19
14
6
20
4
0 5 10 15 20 25 30 35
What is your employment status
Employment StatusVaries byAge Group
3
33
19
14
6
20
4
5
54
14
13
8
2
4
2
22
21
15
5
5
30
Other
Full time
Part time
Unemployed looking for a job
Unemployed not looking for work
Full time student
Part time student
18-26
27-34
All
0 10 20 30 40 50 60
What is your employment status
Top Millennial Professions
What is your profession
MedianYears in Current Job 2
25
20
15
10
5
0 lt1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+
18
22
15
11
7 8
4 3 3
1
3
1 2
1 1 2
Time in Current Job (Years)
How many years have you been in your current job
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
12 Millennials are Employed
Other 3
Student 24
Employed 52
Unemployed 20
What is your employment status
Majority Employed 100
90
80
70
30
40
50
60 Student
Unemployed
Employed
Other
20
10
0
18-26 27-34 All
2 5 3
43
68
52
20
21
20
35
6
24
What is your employment status
Only 13 Millennials Have FullTime Jobs
Part time student
Full time student
Unemployed not looking for work
Unemployed looking for a job
Part time
Full time
Other 3
33
19
14
6
20
4
0 5 10 15 20 25 30 35
What is your employment status
Employment StatusVaries byAge Group
3
33
19
14
6
20
4
5
54
14
13
8
2
4
2
22
21
15
5
5
30
Other
Full time
Part time
Unemployed looking for a job
Unemployed not looking for work
Full time student
Part time student
18-26
27-34
All
0 10 20 30 40 50 60
What is your employment status
Top Millennial Professions
What is your profession
MedianYears in Current Job 2
25
20
15
10
5
0 lt1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+
18
22
15
11
7 8
4 3 3
1
3
1 2
1 1 2
Time in Current Job (Years)
How many years have you been in your current job
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Majority Employed 100
90
80
70
30
40
50
60 Student
Unemployed
Employed
Other
20
10
0
18-26 27-34 All
2 5 3
43
68
52
20
21
20
35
6
24
What is your employment status
Only 13 Millennials Have FullTime Jobs
Part time student
Full time student
Unemployed not looking for work
Unemployed looking for a job
Part time
Full time
Other 3
33
19
14
6
20
4
0 5 10 15 20 25 30 35
What is your employment status
Employment StatusVaries byAge Group
3
33
19
14
6
20
4
5
54
14
13
8
2
4
2
22
21
15
5
5
30
Other
Full time
Part time
Unemployed looking for a job
Unemployed not looking for work
Full time student
Part time student
18-26
27-34
All
0 10 20 30 40 50 60
What is your employment status
Top Millennial Professions
What is your profession
MedianYears in Current Job 2
25
20
15
10
5
0 lt1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+
18
22
15
11
7 8
4 3 3
1
3
1 2
1 1 2
Time in Current Job (Years)
How many years have you been in your current job
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Only 13 Millennials Have FullTime Jobs
Part time student
Full time student
Unemployed not looking for work
Unemployed looking for a job
Part time
Full time
Other 3
33
19
14
6
20
4
0 5 10 15 20 25 30 35
What is your employment status
Employment StatusVaries byAge Group
3
33
19
14
6
20
4
5
54
14
13
8
2
4
2
22
21
15
5
5
30
Other
Full time
Part time
Unemployed looking for a job
Unemployed not looking for work
Full time student
Part time student
18-26
27-34
All
0 10 20 30 40 50 60
What is your employment status
Top Millennial Professions
What is your profession
MedianYears in Current Job 2
25
20
15
10
5
0 lt1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+
18
22
15
11
7 8
4 3 3
1
3
1 2
1 1 2
Time in Current Job (Years)
How many years have you been in your current job
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Employment StatusVaries byAge Group
3
33
19
14
6
20
4
5
54
14
13
8
2
4
2
22
21
15
5
5
30
Other
Full time
Part time
Unemployed looking for a job
Unemployed not looking for work
Full time student
Part time student
18-26
27-34
All
0 10 20 30 40 50 60
What is your employment status
Top Millennial Professions
What is your profession
MedianYears in Current Job 2
25
20
15
10
5
0 lt1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+
18
22
15
11
7 8
4 3 3
1
3
1 2
1 1 2
Time in Current Job (Years)
How many years have you been in your current job
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Top Millennial Professions
What is your profession
MedianYears in Current Job 2
25
20
15
10
5
0 lt1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+
18
22
15
11
7 8
4 3 3
1
3
1 2
1 1 2
Time in Current Job (Years)
How many years have you been in your current job
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
MedianYears in Current Job 2
25
20
15
10
5
0 lt1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+
18
22
15
11
7 8
4 3 3
1
3
1 2
1 1 2
Time in Current Job (Years)
How many years have you been in your current job
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Majority Earn Less than $40kYear
What is your annual household income
0
2
4
6
8
10
12
14
16
18 18
15 15
11
10
5 4
7
3
6 5
3
Income (In Thousands)
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
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middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
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TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
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CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
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Member Discounts - We have
searehed for the best deals so you
dont have to
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E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
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Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
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CAR reports 2nd Qtr housing affordability
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counties
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Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
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THANKYOU Questions
carmenhcarorg
Older Millennials Have Higher Earnings Median Annual Household Income
$0
$10000
$20000
$30000
$40000
$50000
$30000
$50000
$35000
18-26 27-34 All
Age Group
What is your annual household income
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Nearly 25 Millennials Live wParents
0
5
10
15
20
25
30
35
40
45 41
36
20
1 1
I rent I live with my I own I live in a dorm Other parents
What is your current living situation
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Nearly frac12 of 18-26Year Olds Live wParents
0
5
10
15
20
25
30
35
40
45
50
11
37
49
2 2
38
49
12
1
20
41
36
1 1
18-26
27-34
All
I own I rent I live with my I live in a dorm Other parents
What is your current living situation
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Majority Have Lived in Current Home lt2Years
0
5
10
15
20
25
30
35
40
40
19
22 20
lt1 year 1-2 years 2-5 years 5+ years
How many months have you been living in your current residence
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Slightly More than Half Live in Single Family Homes Other
Multifamily 42
Single family 55
3
In which type of home do you currently live
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
gt 12 Live in Single Family Homes
0
10
20
30
40
50
60 55
31
5 5
1 3
Single family Apartment Condo Townhouse Dorm Other home
In which type of home do you currently live
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Nearly Half Donrsquot Have Children Adults Children
0
10
20
30
40
50
60
0 1 2 3 4 5 6
Number of People
How many people live in the home
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Nearly Half Donrsquot Have Children
0
10
20
30
40
50
60
18-26
27-34
Adults Children
0 1 2 3 4 5 6
Number of people
How many people live in the home
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Most Households are Families Other 6
Roomates 10
Family 86
Please indicate the relationship between you and the other people living with you
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
RENTERS
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
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)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
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EXP
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More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Median Monthly Rent $1075
10
8
6
4
2
0
9
7 6
5
10
7
8
5
9
6
5
6
6
3
6
4
Rent ($)
How much is your monthly rent
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Affordable Rent isTop Reason forChoosingCurrent Residence
Affordable rent
I like the neighborhood
Near school
Near work
Near family
Larger space
Quietprivacy
School district
Amenities
Close to public transportation
Near shopping
Other 2
1
1
2
2
3
4
5
6
7
17
48
0 5 10 15 20 25 30 35 40 45 50
What was the most important reason for electing to live in your current residence
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
110 Renters PreviouslyOwned a Home
Yes 12
No 88
Have you ever owned a primary residence
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Majority Sold HomeAfter 2009
20
18
16
14
12
10
8
6
4
2
0
4
6
2 4
4
2
6
2
4
11
4
13
7
9
6
20
What year did you sell your primary residence
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Many Sold Home Due to Financial Distress
Financial distress
Needed to move for family reasons
Needed to move for work
Opted to become a renter
Recent rise in home values
Believe housing market is going down
Other 12
2
7
10
22
24
39
0 5 10 15 20 25 30 35 40
Why did you sell your previous primary residence
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Majority Rent Because theyCanrsquot Afford to Buy Cant afford to buy 67
Its easier to rent 24
2
4
7
9
10
15
16
17
20
37
0 10 20 30 40 50 60 70 80
Other
Believe housing market will decline in the near future
No interest in buying
Dont want the responsibility of owning
Dont have a job
Enjoy the flexibilityfreedom of renting
Too costly to maintain property as owner
Cant qualify for a mortgage
Dont have a down payment
Not ready to buy
Why do you rent instead of buying
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Most Expect to Buy a HomeWithin 5Years
0
5
10
15
20
25
30
35
18-26
27-34
All
Within a In 1-3 In 3-5 When I When I Never Other Dont year years years get have a know
married child
When do you expect to buy a home
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Affordable Home Price is 1 Motivator to Buy Now
Affordable home price
Having money for down payment
Improvement in finances
Starting a family
Nothing I dont want to buy a home
Improvement in credit score
Favorable interest rates
Tax incentives
Other 2
1
4
4
9
13
15
16
36
0 5 10 15 20 25 30 35 40
What would most motivate you to buy a home now
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Most Plan to Buy Locally
Within the same county where I currently reside
In the same neighborhood where I currently reside
In another county in California
Another state
Another country
Dont knowunsure 19
1
7
9
18
46
0 5 10 15 20 25 30 35 40 45 50
Where do you plan to buy your next primary residence
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Millennials Prefer Single Family Homes
0
10
20
30
40
50
60
70
67
12
20
1
Detached single- Townhouse Dont know unsure Other family home condominium
What type of residence do you plan to purchase
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Big Lots in the Suburbs are Highly Desirable
Lots of land big lot
Suburban location
View
Live work space
Urban location
High rise building
Dont know unsure
Other 3
8
12
27
34
36
41
42
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal home
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Ideal Neighborhood Features
Pedestrian-oriented
Gated community
Historic
Urban core
Cul-de-sac
Urban pioneer
Dont know unsure
Rural
Ethnic
Resort area
41
28
22
21
20
17
14
11
10
8
Other 1
0 5 10 15 20 25 30 35 40 45
Which of the following features would you like to have in your ideal neighborhood
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
MajorityWould Begin Home SearchOnline
Online search
Contact real estate agent
Consult friendsfamily
Other 7
15
22
56
0 10 20 30 40 50 60
How would you begin your search for a home to purchase
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
810 Feel Home Ownership is Important
0
5
10
15
20
25
30
2 2
5 3
8
12
15
26
12
16
1 - Not at 2 3 4 5 6 7 8 9 10 - Very all Important
Important
How important is home ownership to you on a scale of one to 10 with one being not at all important and 10 being extremely important
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Advantages of Home Ownership
Freedom to do what you want with the property
Privacy
Satisfaction of ownership
Better quality of life
More space
Stabilitysecurity
Equityinvestment
Tax deductions 24
39
43
45
46
49
56
64
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Advantages of Home Ownership 18-26 27-34
45
51
34
60
Equityinvestment
Privacy
0 10 20 30 40 50 60 70
In your opinion what are the advantages of home ownership
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Millennialsrsquo Biggest Concerns
PriceAffordability (45)
Problems with Credit Mortgages or Taxes (19)
MaintenanceUpkeep (14)
Satisfaction with HomeLocation (7)
Responsibility (4)
What are your biggest concerns about home ownership
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
HousingCrisisAffected HomeOwnership Perspective
Yes 41
No 59
Has the recent (2007-2008) housing crisis made you less likely to consider owning a home a good investment
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
frac12 Have Student Debt
0
5
10
15
20
25 21
12 12
3 2
$1-10K $10K-20K $20K-50K $50K-100K gt$100K
Student Debt (In Thousands)
What is the balance of your outstanding student debt
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Student Debt Not Preventing Most from Buying
Yes 12 Dont know
27
No 61
Is your student debt preventing you from qualifying for a mortgage
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
More than Half haveOther Debt that Prevents Buying a Home
None
Credit cards
Auto loan
Consolidated personal loan
Private loan from friend relative
Other 4
7
8
17
41
43
0 5 10 15 20 25 30 35 40 45 50
What other type of debt do you have that would make it difficult to buy a home
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Older Millennials Have more Debt
9
23
50
8
13
36
Consolidated personal loan
Auto loan
Credit cards
18-26
27-34
0 10 20 30 40 50 60
What other type of debt do you have that would make it difficult to buy a home
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Most UncertainDoubtful theyCouldObtain a Mortgage Now
Yes 22
Dont know 45
No 33
Could you obtain a mortgage if you applied now
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
HOME OWNERS
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Most Homes Purchased after 2009
0
2
4
6
8
10
12
14
16
18
20
3
1 2
0 2 2 2 1
6
11
8 10
19
15
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
What year was the home purchased
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
lt310 Inherited their Homes
I purchased the home
My parent(s)
My spousesignificant other
Another family member 3
7
18
72
0 10 20 30 40 50 60 70 80
Who originally purchased the home
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Majority Purchased their Homes
9
9
79
4
36
57
My spousesignificant other
My parent(s)
I purchased the home
18-26
27-34
0 10 20 30 40 50 60 70 80 90
Who originally purchased the home
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Most Millennials are First-Time Buyers
Yes 88
No 12
Was this your first home purchase
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Median Purchase Price $267000
12
10
8
6
4
2
0
9
10 11 11
8 7
9
4
6 6
3
Purchase Price (In Thousands)
What was the purchase price of the home
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
OlderCohort Purchased Pricier Homes Median Price
$0
$50000
$100000
$150000
$200000
$250000
$300000
$210500
$295500
$267000
18-26 27-34 All
What was the purchase price of the home
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Purchase Price Highest in NorCal
$400000
$350000
$300000
$250000
$200000
$150000
$100000
$50000
$0
Median Price
$400000
$267000
$200000
$267000
Northern CA Southern CA Other CA All
What was the purchase price of the home
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Affordability is Main Reason for Buying a Home Affordable price
Change in family status
Desired larger home
Desired betterother location
Tired of renting
Changed jobsRelocated
Favorable financing
InvestmentTax advantages
Desired smaller home
To flip it for a profit
To rent it out
Other 1
1
2
5
11
17
22
23
24
29
30
37
0 5 10 15 20 25 30 35 40
What were your main reasons for buying a home
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Many Didnrsquot Buy Sooner Due to Lack of Urgency
No buying urgency
Waited to see when prices would stabilize
Needed to save for down payment
Waited until finances improved
Not many good housing options
Needed to sell existing home first
Difficulty qualifying for mortgage
Other 5
7
8
26
26
27
32
33
0 5 10 15 20 25 30 35
Why didnrsquot you buy a home sooner
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Location Location Location
2
4
5
6
8
18
57
Other
School district
Size
Walkability
Home features
Neighborhood
Location
0 10 20 30 40 50 60
What was the most important reason for selecting the home you purchased
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Majority Found HomeThroughAgent
4
4
6
7
26
54
Other
Newspaper
Open House
For sale sign
Internet
Real estate agent
0 10 20 30 40 50 60
How did you find the home you purchased
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Most Found Home on Zillow or Realtorcom
6
2
3
5
6
6
10
23
39
Other
Broker
Zip Realty
Redfin
Trulia
Agent
Craigslist
Realtorcom
Zillow
0 5 10 15 20 25 30 35 40 45
If found home on internet on which website did you find your home
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Future Home Price Expectations are Positive 100
90
80
70
60
50
40
30
20
10
0 11 15
9 12
21 10
59 63
Up
Flat
Dont know
Down
In one year In five years
Do you think home prices in the neighborhood where you purchased will go up down or stay flat in hellip
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
PositiveAttitudeToward Home Buying Process
0
10
20
30
40
50
60 50
34
8 4
4
Positive Negative Neutral NA Other
How would you describe your attitude towards the home buying process
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Home Buying Experience vs Expectations
0
5
10
15
20
25
30
35
40
45 40
25
20
Better than Worse than expectedBad Same as expected expectedGood
How did the actual home buying experience compare to your expectations prior to beginning the process
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
More than 45 are Satisfied with Home
Satisfied 85
Selected best option given
limited supply 15
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Most Planning to Keep Property lt5Years
0
5
10
15
20
25
7
15 15
10
18
9
4
22
lt1 1-2 2-3 3-4 4-5 5-6 6-7 7+ Years
How long do you plan to keep the property
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Older Millennials Plan to Keep Home 1Year Longer Average
18-26 27-34 All
Millennial Age Group
00
10
20
30
40
50 38
47 43
o
f
Y
e
a
r
s
How long do you plan to keep the property
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
MostWant BetterAgent Communication
Better communication with agent
Better market understanding
Nothing I would not change anything
Faster agent response
Better agent negotiation
Other 9
16
31
53
64
69
0 10 20 30 40 50 60 70 80
If there were one thing you could change about your home buying experience what would it be
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Advice to First-Time Buyers
Do your homework online
Find out how fast your agent will respond to you
Make your agent prove heshe will negotiate hard for you
Check agents references
Get pre-qualified for a mortgage by more than 1 lender
Dont use the sellers agent
Find out how frequently your agent will be in contact
Other 3
13
16
22
24
28
33
54
0 10 20 30 40 50 60
What advice would you give to other first time buyers
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
MostWouldnrsquot Sell Home Now
Yes 27
No 57
Dont know 16
Would you consider selling your home now
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Financing
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
MajorityObtained Financing
Obtained financing 83
All cash 17
How did you pay for the home you purchased
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Cash Funds Mainly from Personal Savings
Personal savings
Proeeds from a previous residence
Inheritance
Borrowed or gifted
Sales from personal assets
Other
Supplied from governent
Supplied by employer contribution 2
2
5
12
17
22
27
51
0 10 20 30 40 50 60
If all cash where did the funds come from N = 41
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Average Down Payment 26
0
2
4
6
8
10
12
14
16
0 1 to 5 6 to 10 11 to 15 16 to 20 21 to 25 26 to 30 31 to 35 36 to 50 50+
5
8
13
8
15 14
9 8
11
12
Down Payment ()
How much was your down payment for the home purchased (as a percentage of the sale price)
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Average Difficulty Rating 44
0
2
4
6
8
10
12
14
16
18
20
9 10
19
13
17
15
8 8
1 1
1 -Very 2 3 4 5 6 7 8 9 10 - Very Easy Difficult
Please rate how easy or difficult it was to obtain financing on a scale of one to 10 with one being very easy and 10 being very difficult
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Buyer Agent Relationship
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Many Related to Agent
Agent is a relative or friend
Referral from friends relatives neighbors or other contacts
Internet
Did not use an agent
Agents farming material
Met at an event
For Sale signs in the neighborhood
Prior dealings with real estate agent
Other
Prior dealings with the company in other areas 2
3
3
6
6
8
10
12
19
31
0 5 10 15 20 25 30 35
How did you find your real estate agent
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Average Number of Agents Interviewed 2
0
10
20
30
40
50
60
58
22
12
4 2 3
1 2 3 4 5 6+
Agents Interviewed
How many agents did you interview prior to selecting the agent you used in your recent home purchase
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
ResponsiveAgents are Most Desired
Seemed most reponsive
Most knowledgeable
Previously used agent
Other
Negotiating ability
Seemed most aggressive
Distressed property knowledge 3
4
8
9
17
27
31
0 5 10 15 20 25 30 35
What was the single most important reason for selecting that agent
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
410 GoogledTheirAgent Dont know
8
Yes 40
No 52
Did you ldquoGooglerdquo (conduct an internet search for) your agent to find out information about himher
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Average Number of HomesViewed 82
0
5
10
15
20
25
10 11
19
7
12
21
13
7
1 2 3 4 5 6-10 11-20 21+
Homes Viewed
How many different homes did you preview and visit with your agent prior to making a purchase
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Average Number of Offers onOther Homes 23
0
5
10
15
20
25
30
20
28 25
12
3
6 4
3
0 1 2 3 4 5 6 to 10 11+
Number of Offers
How many offers did you make on other homes
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Preferred vs Actual Communication Preferred Actual
0
5
10
15
20
25
30
35
40
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Preferred vs Actual Response Rate Preferred Actual
2
28
48
22
3
29
48
20
0
10
20
30
40
50
60
gt1 business day Within 1 business day Within 1 hour Instantly
When attempting to reach your agent what response time were you typically expecting for your agent to get back to you and on average what was the actual response time for your agent to return your communication
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Overall Home Buying ProcessAverageSatisfaction Rating 73
0
5
10
15
20
25
30
35
1 1
4 2
6
11
21
33
11 11
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10 where one is least satisfied and 10 is most satisfied
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
AverageAgent Satisfaction Rating 75
0
5
10
15
20
25
30
2 1
4
2
6
9
17
28
14
17
1 - Least 2 3 4 5 6 7 8 9 10 - Most Satisfied Satisfied
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10 where one is least satisfied and 10 is most satisfied
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
WhyWere Millennials Satisfied with theirAgent
Agent worked hard
Agent negotiated good deal
Agent helped find the best home
Agent listened to my needs
Agent was always quick to respond
Other 2
4
7
16
18
38
0 5 10 15 20 25 30 35 40
Why do you have that level of satisfaction with your agent
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
What CouldAgents Improve
Agent did not communicate efficiently
Agent needed to do a better job of monitoring the transaction
Agent was not aggressive in negotiation
Agent did not communicate according to my preference 3
3
4
5
0 1 2 3 4 5 6
Why do you have that level of satisfaction with your agent
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Value of Hiring an Agent
0
5
10
15
20
25
25
19
10 10
8 8 6
4 4
What value did you receive from hiring an agent to represent you in the transaction
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
45WouldWork with SameAgent Again
Yes 78
No 12
Dont know 11
Would you work with the same agent again
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Where do Millennials NeedAgent Assistance
Finding the right home
Negotiating purchase price
Negotiating terms of sale
Determining affordability
Determining comps
Other 2
6
6
16
27
43
0 5 10 15 20 25 30 35 40 45 50
In which part(s) of the transaction did you need the most assistance from your agent
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Advice for Real EstateAgents
Communicate according to client preference
Respond faster
Negotiate better
Understand the real estate market better
Communicate better
Other 5
16
17
26
35
40
0 5 10 15 20 25 30 35 40 45
What advice would you give to real estate agents to improve the home buying process or their level of service
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Join us for our next webinarhellip
Baby Boomers in the Housing MarketmdashWhatrsquos Ahead in their
GoldenYears Thursday October 30 2014
200 PM - 300 PM
To register
WWWCARORGMARKETDATAVIDEOS
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
Government Affairs
p bull C ~ CALIFORNIA ASSOCIATION X
~ i1 Yahoo Mail ~ Constant Contact IJ Eventbrite IJ Facebook Bl Google Appsfor LA NABE Bl Google ~ GoToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics Igt Suggested Sites bull
)2 cart I Sign Ini~ CA L I F 0 R N 1 11
middot~AS SOC I AT I ON Of RE A LT O R S Is_e_a_rch_ c_ar_o_rg________J 111111
Education Member Resources Newsstand Meetings amp Events
FREE one-on-one help With your financing
turdles from CAR CLOSE x
TRANSACTION FORMSLEGAL ADVICE
Talk to an Attorney ziprorm lgt Gel help with your Access CA R s electronic real estate real estate related transaction fonns software from legal quesuons anywhere or anyume
Learn more bull Access nowbull
ONE COOL
EXP
Prot~ssioml OM Cool One Cool SWKirdbull Expo 2014 Thing (Young (Executiw Opbmis1m)
More Videos gt
o~~ (C)C)r ~~j The SmallestCutest Elec tric Car EVER
- NAR petitions for drone use
CAR launches new Center for Calif Real Estate website
The Center for California Real Estate is CARs new institute dedicated to
the intellectual engagement in the field of real estate bull
August 2014 pending and distressed sales report
Diminished housing affordability continued to hold back pending home
sales for the fifth straight month in August bull
UPCOMING WEBINARS
Sep 25 Digital Inkreg Digital Signatures
Sep 26 Your Guide to the RPA
Sep 29 Selling Apartment Buildings (PMC7)
QUICK LINKS
bull Legal QampAs - Find answers to over
CI J 150 subjects in more than 50
l categories
Member Discounts - We have
searehed for the best deals so you
dont have to
--
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
x raquo- Di Yahoo Mail ~ Constant Contact (j Eventbrite I() Facebook BJ Google Apps for LA NABE BJ Google Go ToMeeting Moodys DataBuffet P Pandora Radio al Qualtrics ~ Suggested Sites bull
E cart I Sign In 4middot~ C A L I F 0 R N I A
-~ AS S O C IA T I O ~ O F REALTORS
~Is____ __________~I 11111earch carorg
Home Legal Government Affairs Education Member Resources Newsstand Meetings ampEvents Business Tools About Us
MARKET DATA [Homegt Mrlcet Dota
Current Research WHArSNEW QUICK LINKS Market A Glance
bull legal QampAs - Find answers to Interactive Market Stats Interactive Market Stats
( over 150 subjects in more than 50 Data amp Statistics View and customize the lastest quarterly housing market statistic for your categories l l County Market Updates area Download or share them with your clients
lnfographics Member Discounts - We have
2014 Market Forecast searched for the best deals so
Surveys you dont have to Market Snapshot August 2014 pending and d istressed sales report
Real Estate Analysis Diminished housing affordability continued lo hold back pending home sales for the fifth Member Benefits - Did you know
straight month in August Videos and Webinars your CA R membership gives Research Highlights you access to over 150 benefits
Speeches ampPresentations August home sales and price report
California home sates pulled back in August reversing two months of increases as the California Property Search
median home price rose from the previous month and year Buscar Propiedad
Find a REAL TORreg
ClientDIRECTreg Champions of Home
CAR reports 2nd Qtr housing affordability
Second quarter housing affordability declines statewide and in 19 of 26 California
counties
lnfographics
Download and share the latest housing market trends and survey results in an infographic
County Market Updates
All in one page are your countys housing trends at a glance Indicators provided are sales
median prices inventory indicators and so much more
THANKYOU Questions
carmenhcarorg
THANKYOU Questions
carmenhcarorg