2014 Profile of Home Buyers and Sellers in Florida

Transcription

2014 Profile of Home Buyers and Sellers
Florida Report
Prepared for:
Florida REALTORS®
Prepared by:
NATIONAL ASSOCIATION OF REALTORS®
Research Division
December 2014
Florida Report
Table of Contents
Introduction ........................................................................................................................................................ 2
Highlights ............................................................................................................................................................ 3
Methodology………………………………………………………………………………………………………..6
Report Prepared
by:
Jessica Lautz
Nadia Evangelou
Brandi Snowden
202-383-1155
202-383-7508
202-383-1048
1
Florida Report
Introduction
For most home buyers, the purchase of real estate is one of the largest financial transactions
they will make. Buyers purchase a home not only for the desire to own a home of their own, but
also because of changes in jobs, family situations, and the need for a smaller or larger living
area. This annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent
primary residence home buyers and sellers helps to gain insight into detailed information about
their experiences with this important transaction. The information provided supplies
understanding, from the consumer level, of the trends that are transpiring and the changes
seen. The survey covers information on demographics, housing characteristics and the
experience of consumers in the housing market. Buyers and sellers also provide valuable
information on the role that real estate professionals play in home sales transactions.
Buyers continue to face tighter credit standards than seen in previous years. A notable finding
from this year’s report was the drop in first-time home buyers to a share not reported since 1987.
Buyers in this year’s report showed incomes of buyers continuing to increase and buyers this year
more likely to have the financial capability to own more than one property. Additionally, there is
a continuation of trends seen last year of an elevated share of married couples and suppressed
levels of single buyers. Married couples who purchased a home have the advantage of more
buying power and added financial stability—their typical household incomes are higher than
single households.
Tightened inventory is affecting the home search process of buyers and the homes that buyers
are purchasing. Due to suppressed inventory levels in many areas of the country, buyers are
typically buying more expensive homes as prices increase. The number of weeks a buyer is
searching fell in this year’s report. Buyer’s continue to report the most difficult task for them in the
home buying process is just finding the right home to purchase.
Buyers need the help of a real estate professional to help them find the right home for them,
negotiate terms of sale, and help with price negotiations. Sellers, as well, turn to professionals to
help market their home to potential buyers, sell within a specific timeframe, and price their home
competitively. For-sale-by-owner sales remain at historic lows, while the use of the agent to sell
the home stays at historic highs. Likewise on the buyer use of the agent is at historic highs as
buyers purchasing directly from a previous owner or through a builder falls.
This report provides real estate professionals with insights into the needs and expectations of their
clients. What do consumers want when choosing a real estate professional? How do home
buyers begin the process of searching for a home? Why do some sellers choose to forego the
assistance of an agent? The answers to these questions, along with other findings in this report,
will help real estate professionals better understand the housing market and also provide the
information necessary to address the needs of America’s real estate consumers.
2
Florida Report
Highlights
Characteristics of Home Buyers
•
•
•
•
•
•
24 percent of home buyers were first-time buyers in Florida, compared to a national level
of 33 percent, which is still at a suppressed level of the historical norm of 40 percent.
Thirteen percent of buyers nationally purchased a multi-generational home due to
children over the age of 18 moving back into the house, cost savings, and health and
caretaking of aging parents. In Florida this was 14 percent.
In Florida, the typical buyer was 54-years-old, while the typical first-time buyer was 33 and
the typical repeat buyer was 59. Nationally the typical buyer was 44-years-old, while the
typical first-time buyer was 31 and the typical repeat buyer was 53.
The 2013 median household income of buyers was $84,500 nationally and $80,700 in
Florida. The median income was $68,300 among first-time buyers and $95,000 among
repeat buyers nationally, and in Florida this was $62,900 and $80,700 respectively.
Sixty-five percent of recent home buyers were married couples. 67 percent of recent
home buyers were married couples in Florida.
Nationally, for 24 percent of recent home buyers, the primary reason for the recent home
purchase was a desire to own a home. Compared to Florida at 20 percent of recent
home buyers.
Characteristics of Homes Purchased
•
•
•
•
•
New home purchases continue to drag at a share of 16 percent of all recent home
purchases on a national level. In Florida, this share is 18 percent.
The typical home purchased was 1,870 square feet in size, was built in 1993, and had
three bedrooms and two bathrooms. In Florida, the typical home purchased was 1,900
square feet, built in 1998, and also had three bedrooms and two bathrooms.
Seventy-nine percent of home buyers purchased a detached single-family home
nationally; in Florida, that figure was 81 percent.
Thirteen percent of recent buyers over the age of 50 bought a home in senior-related
housing, and 21 percent over the age of 50 made a similar purchase in Florida.
When considering the purchase of a home, heating and cooling costs were at least
somewhat important to 86 percent of buyers nationally and 81 percent in Florida.
Commuting costs were considered at least somewhat important by 70 percent of buyers
nationally and 60 percent in Florida.
The Home Search Process
•
•
For 43 percent of home buyers nationally, the first step in the home-buying process was
looking online for properties and 12 percent of home buyers first looked online for
information about the home buying process. In Florida this was 40 percent for properties
and 12 percent for information.
Ninety-two percent of buyers used the internet in some way in their home search process
and 50 percent of buyers use a mobile website or application in their home search
nationally; and 91 percent of buyers used the internet in some way in their home search
process and 12 percent of buyers use a mobile website or application in their home
search in Florida.
3
•
•
•
Real estate agents were viewed as a useful information source by 98 percent of buyers
who used an agent while searching for a home. In Florida this share was 97 percent.
The typical home buyer searched for 10 weeks and viewed 10 homes nationally; in
Florida this was also 10 weeks and 10 homes.
Approximately nine in 10 recent buyers were at least somewhat satisfied with the home
buying process. In Florida, 87 percent of buyers were satisfied with the process.
Home Buying and Real Estate Professionals
•
•
•
•
Nationally, 88 percent of buyers purchased their home through a real estate agent or
broker—a share that has steadily increased from 69 percent in 2001. In Florida, this share
was 85 percent.
Forty percent of buyers found their agent through a referral from a friend or family
member nationally, and 35 percent in Florida. Twelve percent used an agent they had
used before to buy or sell a home nationally, with that figure being 10 percent in Florida.
Two-thirds of recent buyers only interviewed one agent before they found the agent they
worked with, compared to Florida at 54 percent.
Eighty-eight percent of buyers nationally would use their agent again or recommend to
others. 89 percent of buyers in Florida would do the same.
Financing the Home Purchase
•
•
•
•
•
•
Eighty-eight percent of home buyers financed their recent home purchase on a national
level and 77 percent in Florida. Among those who financed their home purchase,
nationally buyers typically financed 90 percent and in Florida it was 91 percent.
The share of first-time buyers who financed their home purchase was 95 percent
compared to 84 percent of repeat buyers; in Florida the share was 95 percent of first-time
buyers and 71 percent of repeat buyers.
Forty-six percent of home buyers reported they have made some sacrifices such as
reducing spending on luxury items, entertainment or clothing. In Florida 44 percent of
home buyers reported they have made some sacrifices.
Twenty-six percent of buyers reported the mortgage application and approval process
was somewhat more difficult than expected nationally, and 25 percent of buyers
reported the same thing in Florida. Eighteen percent reported it was much more difficult
than expected on a national level and 24 percent in Florida.
Twelve percent of buyers overall cited saving for a downpayment was the most difficult
task in the home buying process. Among those buyers, 48 percent report credit card
debt, 44 percent reported student loan debt, and 36 percent car loans delayed them
saving from a downpayment. In Florida, 8 percent of buyers cited saving for a
downpayment was difficult and 36 percent reported student loans, 61 percent credit
card debt and 39 percent car loans as getting in the way.
Eight in ten buyers believe their home is a good financial investment. In Florida 82
percent of buyers believe their home is a good financial investment.
Home Sellers and Their Selling Experience
•
•
•
The typical seller lived in their home for ten years, up from 2007 when the typical tenure in
home was only six years. The median tenure has increased in recent years. In Florida, the
typical seller lived in their home for 11 years.
Eighty-eight percent of sellers were assisted by a real estate agent when selling their
home nationally; in Florida, that figure was 87 percent.
Recent sellers typically sold their homes for 97 percent of the listing price, and 45 percent
reported they reduced the initial asking price at least once. In Florida, sellers typically
4
•
•
sold their homes for 97 percent of the listing price and 50 percent reduced the asking
price at least once.
Seventeen percent of recent sellers had to delay or stall selling their home because the
value of their home was worth less than their mortgage on a national level. This share
was 15 percent in Florida.
Thirty-six percent of sellers offered incentives to attract buyers, most often assistance with
home warranty policies and closing costs overall. In Florida, 29 percent of sellers offered
incentives.
Home Selling and Real Estate Professionals
•
•
•
•
Nationally, thirty-eight percent of sellers who used a real estate agent found their agents
through a referral by friends or family, and 22 percent used the agent they worked with
previously to buy or sell a home. In Florida, 35 percent of sellers found their agent through
a referral and 21 percent used the agent they had worked with previously.
Seventy percent of home sellers, nationally, only contacted one agent before selecting
the one to assist with their home sale, a trend that is also true in Florida where 65 percent of
sellers only contacted one agent.
Ninety-one percent of sellers reported that their home was listed or advertised on the
multiple listing (MLS) website overall and also 92 percent in Florida.
Among recent sellers who used an agent, 83 percent reported they would definitely (68
percent) or probably (15 percent) use that real estate agent again or recommend to
others. In Florida, 81 percent reported they would definitely (68 percent) or probably (13
percent) use the agent again.
For-Sale-by-Owner (FSBO) Sellers
•
•
•
•
The share of home sellers who sold their home without the assistance of a real estate
agent was nine percent nationally, and twelve percent in Florida. Forty-four percent
overall and 33 percent in Florida knew the buyer prior to home purchase.
Among sellers who did not know the buyer of the home previously, 15 percent were
contacted by a buyer they did not know to buy the home. In Florida 8 percent were
contacted by a buyer they did not know to buy the home.
The primary reason that sellers choose to sell their home without the assistance of a real
estate agent to a buyer they did not know was that they did not want to pay a fee or
commission (47 percent nationally, 50 percent in Florida).
FSBOs typically have a lower median selling price: $208,700 compared to $235,000. Thus,
the typical agent-assisted home sale typically has a 13 percent higher sales price than
the typical FSBO sale. In Florida the median selling price of FSOB sales is $170,000
compared to agent-assisted sales at $230,000. Thus, in Cleveland the typical agentassisted home sale typically has a 35 percent higher sales price than the typical FSBO
sale.
5
Methodology
In July 2014, NAR mailed out a 127-question survey using a random sample weighted to be
representative of sales on a geographic basis to 72,206 recent home buyers. The recent home
buyers had to have purchased a home between July of 2013 and June of 2014. A total of 6,572
responses were received from primary residence buyers. After accounting for undeliverable
questionnaires, the survey had an adjusted response rate of 9.4 percent. For Florida there were
460 responses, accounting for a response rate of 8.5 percent.
Consumer names and addresses were obtained from Experian, a firm that maintains an
extensive database of recent home buyers derived from county records. Information about
sellers comes from those buyers who also sold a home.
All information in this Profile is characteristic of the 12-month period ending June 2014, with the
exception of income data, which are reported for 2013. In some sections comparisons are also
given for results obtained in previous surveys. Not all results are directly comparable due to
changes in questionnaire design and sample size. Some results are presented for the four U.S.
Census regions: Northeast, Midwest, South and West. The median is the primary statistical
measure used throughout this report. Due to rounding and omissions for space, percentage
distributions may not add to 100 percent.
6
Florida
Prepared by:
Research Division
December 2014
The 2014 National Association of Realtors® Profile of Home Buyers and Sellers
CHARACTERISTICS OF HOME BUYERS
Exhibit 1-1
Exhibit 1-2
Exhibit 1-3
Exhibit 1-4
Exhibit 1-5
Exhibit 1-6
Exhibit 1-7
Exhibit 1-8
Exhibit 1-9
Exhibit 1-10
Exhibit 1-11
Exhibit 1-12
Exhibit 1-13
Exhibit 1-14
Exhibit 1-15
Exhibit 1-16
Exhibit 1-17
Exhibit 1-18
Exhibit 1-19
Exhibit 1-20
Exhibit 1-21
Exhibit 1-22
Exhibit 1-23
Exhibit 1-24
AGE OF HOME BUYERS, BY REGION
HOUSEHOLD INCOME OF HOME BUYERS, BY REGION, 2013
ADULT COMPOSITION OF HOME BUYER HOUSEHOLDS, 2001-2014
NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOUSEHOLD
HOME PURCHASED WAS A MULTI-GENERATIONAL HOME (WILL HOME ADULT SIBLINGS, ADULT CHILDREN, PARENTS, AND/OR GRANDPARENTS)
RACE/ETHNICITY OF HOME BUYERS, BY REGION
RACE/ETHNICITY OF HOME BUYERS, BY ADULT COMPOSITION OF HOUSEHOLD
PRIMARY LANGUAGE SPOKEN IN HOME BUYER HOUSEHOLD, BY REGION
NATIONAL ORIGIN OF HOME BUYERS, BY REGION
FIRST-TIME HOME BUYERS
FIRST-TIME HOME BUYERS, BY REGION
FIRST-TIME AND REPEAT HOME BUYERS BY HOUSEHOLD TYPE
FIRST-TIME AND REPEAT HOME BUYERS BY CHILDREN IN HOUSEHOLD
AGE OF FIRST-TIME AND REPEAT BUYERS
HOUSEHOLD INCOME OF FIRST-TIME AND REPEAT BUYERS, 2013
RACE/ETHNICITY OF FIRST-TIME AND REPEAT BUYERS
PRIMARY LANGUAGE SPOKEN IN FIRST-TIME AND REPEAT BUYER HOUSEHOLDS
NATIONAL ORIGIN OF FIRST-TIME AND REPEAT BUYERS
PRIOR LIVING ARRANGEMENT OF FIRST-TIME AND REPEAT BUYERS
PRIOR LIVING ARRANGEMENT, BY ADULT COMPOSITION OF HOUSEHOLD
PRIMARY REASON FOR PURCHASING A HOME, FIRST-TIME AND REPEAT BUYERS
PRIMARY REASON FOR PURCHASING A HOME, BY ADULT COMPOSITION OF HOUSEHOLD
PRIMARY REASON FOR THE TIMING OF HOME PURCHASE, FIRST-TIME AND REPEAT BUYERS
OTHER HOMES OWNED, BY AGE
Florida
Number of Total Respondents =
460
Exhibit 1-1
AGE OF HOME BUYERS, BY REGION
(Percentage Distribution)
BUYERS WHO PURCHASED A HOME IN THE
18 to 24 years
25 to 34 years
35 to 44 years
45 to 54 years
55 to 64 years
65 to 74 years
75 years or older
Median age (years)
Florida
1%
17
17
16
21
23
6
54
U.S.
3%
28
20
16
17
13
4
44
Northeast
4%
31
21
17
13
12
3
41
Midwest
5%
33
18
14
16
10
4
40
South
2%
26
20
17
18
15
4
46
West
2%
25
21
16
19
13
5
46
Exhibit 1-2
HOUSEHOLD INCOME OF HOME BUYERS, BY REGION, 2013
Less than $25,000
$25,000 to $34,999
$35,000 to $44,999
$45,000 to $54,999
$55,000 to $64,999
$65,000 to $74,999
$75,000 to $84,999
$85,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$200,000 or more
Median income (2013)
Florida
U.S.
4%
3%
8
6
8
7
9
8
9
9
9
8
8
8
12
10
12
14
8
9
4
5
2
3
8
9
$80,700 $84,500
Northeast
3%
6
6
9
10
8
8
9
15
10
5
4
9
$87,100
Midwest
5%
7
9
8
11
9
8
11
13
7
4
3
6
$77,700
South
3%
6
7
8
9
9
8
10
13
8
5
4
10
$85,000
West
3%
6
6
8
7
8
9
11
15
10
5
3
8
$88,700
Exhibit 1-3
ADULT COMPOSITION OF HOME BUYER HOUSEHOLDS, 2001-2014
Florida
2014
67%
18
10
5
1
Married couple
Single female
Single male
Unmarried couple
Other
U.S.
2001
68%
15
7
7
3
Married couple
Single female
Single male
Unmarried couple
Other
2003
59%
21
11
8
1
2004
62%
18
8
9
2
2005
61%
21
9
7
2
2006
61%
22
9
7
1
2007
62%
20
9
7
2
2008
61%
20
10
7
2
2009
60%
21
10
8
1
2010
58%
20
12
8
1
2011
64%
18
10
7
1
2012
65%
16
9
8
2
80%
70%
68%
60%
59%
62%
61%
61%
21
22
62%
65%
66%
65%
16
16
16
10
7
9
8
9
7
9
8
1
2
2
2
64%
61%
60%
58%
50%
40%
30%
21
20%
15
10%
0%
7
3
2001
18
20
20
21
20
11
8
9
8
9
7
9
7
9
7
10
7
10
8
12
8
1
2
2
1
2
2
1
1
2003
2004
Married couple
2005
2006
2007
Single female
2008
2009
Single male
2010
18
2011
Unmarried couple
2012
2013
Other
2014
2013
66%
16
9
7
2
2014
65%
16
9
8
2
Exhibit 1-4
NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOUSEHOLD
(Percentage Distribution of Households)
NUMBER OF CHILDREN UNDER THE AGE OF 18
RESIDING IN HOUSEHOLD
Florida
One
Two
Three or more
None
13%
13%
4%
71%
Florida
One, 13%
WISC
Two, 13%
Three or
more, 4%
None, 71%
NUMBER OF CHILDREN UNDER THE AGE OF 18
RESIDING IN HOUSEHOLD
U.S.
One
Two
Three or more
None
15%
14%
7%
65%
U.S.
One, 15%
Two, 14%
None, 65%
Three or
more, 7%
Exhibit 1-5
HOME PURCHASED WAS A MULTI-GENERATIONAL HOME (WILL HOME ADULT SIBLINGS, ADULT CHILDREN, PARENTS, AND/OR GRANDPARENTS)
(Percent of Respondents)
Florida
Multi-generational household
Reasons for purchase:
Children over 18 moving back into the house
Cost Savings
Health/Caretaking of aging parents
To spend more time with aging parents
Other
ADULT COMPOSITION OF HOUSEHOLD
All Buyers
14%
23%
18
15
15
29
U.S.
Multi-generational household
Reasons for purchase:
Cost Savings
Children over 18 moving back into the house
Health/Caretaking of aging parents
To spend more time with aging parents
Other
Married
couple
Single
female
Single
male
Unmarried
couple
14%
13%
26%
*
28%
22
12
12
28
23%
15
15
15
31
10%
40
*
20
30
*
*
*
*
*
CHILDREN IN HOME
No
children
in home
60%
17%
12%
25%
50
*
*
25
33%
14
19
24
10
18%
18
14
11
39
All Buyers
13%
24%
23
18
10
24
Married
couple
Single
female
Single
male
Unmarried
couple
13%
13%
16%
7%
21%
26
19
12
22
24%
23
18
8
26
31%
17
14
6
32
36%
3
22
14
25
CHILDREN IN HOME
`
Other
Children
under 18
in home
Other
Children
under 18
in home
No
children
in home
40%
15%
12%
36%
21
21
*
21
24%
25
19
15
18
24%
22
18
7
28
Exhibit 1-6
RACE/ETHNICITY OF HOME BUYERS, BY REGION
White/Caucasian
Hispanic/Latino/Mexican/
Puerto Rican
Asian/Pacific Islander
Black/African-American
Other
Florida
84%
U.S.
85%
Northeast
89%
Midwest
90%
South
85%
West
77%
9
2
6
1
5
5
5
3
3
4
4
2
3
3
4
2
6
4
6
2
7
11
3
5
Note: Respondents were permitted to select as many races and ethnicities as they felt applicable.
The percentage distribution may therefore sum to more than 100 percent.
Exhibit 1-7
RACE/ETHNICITY OF HOME BUYERS, BY ADULT COMPOSITION OF HOUSEHOLD
Florida
White/Caucasian
Hispanic/Latino
Other
All Buyers
84%
6
9
2
1
Married
couple
Single
female
Single
male
Unmarried
couple
85%
5
8
2
1
80%
9
8
1
3
86%
5
12
2
*
87%
4
22
*
*
CHILDREN IN HOME
Other
Children
under 18
in home
No
children
in home
75%
25
*
*
*
73%
7
16
2
2
89%
5
6
1
1
* Less than 1 percent
U.S.
White/Caucasian
Puerto Rican
Other
All Buyers
85%
5
5
5
3
Other
Children
under 18
in home
No
children
in home
85%
74%
79%
88%
6
5
4
5
8
8
6
7
8
7
6
3
4
4
4
2
Married
couple
Single
female
Single
male
Unmarried
couple
85%
85%
82%
6
6
3
2
4
2
8
2
5
6
6
4
CHILDREN IN HOME
Exhibit 1-8
PRIMARY LANGUAGE SPOKEN IN HOME BUYER HOUSEHOLD, BY REGION
English
Other
Florida
94%
6
U.S.
96%
4
Northeast
Midwest
South
96%
97%
96%
4
3
5
West
94%
6
Exhibit 1-9
NATIONAL ORIGIN OF HOME BUYERS, BY REGION
Born in U.S.
Not born in U.S.
Florida
88%
12
U.S.
89%
11
Northeast
91%
9
Midwest
94%
6
South
91%
9
West
83%
17
Exhibit 1-10
(Percent of all Home Buyers)
Year
2001
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 US
Percentage
42%
40%
40%
40%
36%
39%
41%
47%
50%
37%
39%
38%
33%
2014 Florida
24%
80%
75%
70%
65%
60%
55%
50%
50%
45%
40%
47%
42%
40%
40%
40%
39%
41%
37%
36%
39%
38%
33%
35%
30%
24%
25%
20%
2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
U.S.
2014
Exhibit 1-11
Florida
U.S.
Northeast
Midwest
South
West
24%
33%
41%
36%
30%
32%
80%
75%
70%
65%
60%
55%
50%
45%
41%
40%
36%
33%
35%
30%
32%
30%
25%
24%
20%
Florida
U.S.
Northeast
Midwest
South
West
Exhibit 1-12
FIRST-TIME AND REPEAT HOME BUYERS BY HOUSEHOLD TYPE
Florida
Married couple
Single female
Single male
Unmarried couple
Other
54%
22%
13%
10%
2%
Married couple
Single female
Single male
Unmarried couple
Other
Florida
WISC
Other, 2%
Unmarried
couple, 10%
Single male,
13%
REPEAT HOME BUYERS
Florida
71%
16%
9%
4%
1%
Married couple,
54%
Florida
Unmarried
couple, 4%
Other, 1%
Single male, 9%
Single female,
16%
Single female,
22%
U.S.
Married couple
Single female
Single male
Unmarried couple
Other
Married couple,
71%
54%
18%
11%
15%
2%
Married couple
Single female
Single male
Unmarried couple
Other
U.S.
Unmarried
couple, 15%
Other, 2%
Single female,
18%
70%
16%
8%
4%
2%
U.S.
Unmarried
couple, 4%
Other, 2%
Single male, 8%
Married couple,
54%
Single male,
11%
REPEAT HOME BUYERS
U.S.
Single female,
16%
Married couple,
70%
Exhibit 1-13
FIRST-TIME AND REPEAT HOME BUYERS BY CHILDREN IN HOUSEHOLD
Florida
One
Two
Three or more
None
One
Two
Three or more
None
Florida
One, 20%
WISC
REPEAT HOME BUYERS
Florida
20%
22%
4%
55%
10%
10%
4%
76%
Florida
One, 10%
Two, 10%
Three or more,
4%
None, 55%
Two, 22%
None, 76%
Three or more,
4%
U.S.
U.S.
One
Two
Three or more
None
REPEAT HOME BUYERS
63%
20%
12%
6%
One
Two
Three or more
None
U.S.
66%
12%
15%
7%
None, 7%
None, 6%
U.
S.
Three or more,
15%
Three or more,
12%
Two, 12%
One, 63%
Two, 20%
One, 66%
Exhibit 1-14
AGE OF FIRST-TIME AND REPEAT BUYERS
Florida
18 to 24 years
25 to 34 years
35 to 44 years
45 to 54 years
55 to 64 years
65 to 74 years
75 years or older
Median age (years)
Married couple
Single female
Single male
Unmarried couple
Other
All Buyers
1%
17
17
16
21
23
6
54
54
57
54
46
60
First-time Buyers
3%
53
26
8
8
3
*
33
34
33
31
31
65
Repeat Buyers
0%
6
14
18
25
29
8
59
59
60
65
42
52
All Buyers
3%
28
20
16
17
13
4
44
43
52
47
33
55
First-time Buyers
9%
56
19
8
6
1
*
31
31
33
31
28
45
Repeat Buyers
*
13
20
20
22
19
6
53
51
58
56
46
57
U.S.
18 to 24 years
25 to 34 years
35 to 44 years
45 to 54 years
55 to 64 years
65 to 74 years
75 years or older
Median age (years)
Married couple
Single female
Single male
Unmarried couple
Other
20
Exhibit 1-15
HOUSEHOLD INCOME OF FIRST-TIME AND REPEAT BUYERS, 2013
Florida
Less than $25,000
$25,000 to $34,999
$35,000 to $44,999
$45,000 to $54,999
$55,000 to $64,999
$65,000 to $74,999
$75,000 to $84,999
$85,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$200,000 or more
Married couple
Single female
Single male
Unmarried couple
Other
All Buyers
4%
8
8
9
9
9
8
12
12
8
4
2
8
$80,700
$93,000
$54,500
$65,000
$55,000
$77,500
First-time Buyers
4%
13
14
14
8
6
14
10
10
6
1
*
2
$62,900
$77,500
$45,000
$67,500
$47,500
$65,000
Repeat Buyers
4%
6
5
7
9
10
7
13
13
10
5
3
10
$80,700
$98,100
$63,800
$63,800
$55,000
$70,000
All Buyers
3%
6
7
8
9
8
8
10
14
9
5
3
9
$84,500
$98,300
$54,800
$65,800
$80,800
$63,500
First-time Buyers
4%
9
11
11
11
10
9
10
12
7
3
2
3
$68,300
$79,400
$47,900
$60,100
$68,300
$56,200
Repeat Buyers
3%
5
5
7
8
8
8
11
15
10
6
4
11
$95,000
$107,800
$60,600
$71,800
$97,200
$80,700
U.S.
Less than $25,000
$25,000 to $34,999
$35,000 to $44,999
$45,000 to $54,999
$55,000 to $64,999
$65,000 to $74,999
$75,000 to $84,999
$85,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$200,000 or more
Married couple
Single female
Single male
Unmarried couple
Other
Exhibit 1-16
RACE/ETHNICITY OF FIRST-TIME AND REPEAT BUYERS
Florida
White/Caucasian
Hispanic/Latino
Other
All Buyers
84%
6
9
2
1
First-time Buyers
71%
12
3
17
1
Repeat Buyers
88%
4
1
6
2
All Buyers
85%
5
5
5
3
First-time Buyers
78%
7
8
7
3
Repeat Buyers
88%
4
4
3
2
U.S.
White/Caucasian
Hispanic/Latino/Mexican/Pu
Other
Exhibit 1-17
PRIMARY LANGUAGE SPOKEN IN FIRST-TIME AND REPEAT BUYER HOUSEHOLDS
Florida
English
Other
All Buyers
94%
6
First-time Buyers
90%
10
Repeat Buyers
96%
5
All Buyers
96%
4
First-time Buyers
92%
8
Repeat Buyers
97%
2
U.S.
English
Other
Exhibit 1-18
NATIONAL ORIGIN OF FIRST-TIME AND REPEAT BUYERS
Florida
Born in U.S.
Not born in U.S.
All Buyers
88%
12
First-time Buyers
84%
16
Repeat Buyers
90%
11
All Buyers
89%
11
First-time Buyers
86%
14
Repeat Buyers
9%
9
U.S.
Born in U.S.
Not born in U.S.
Exhibit 1-19
PRIOR LIVING ARRANGEMENT OF FIRST-TIME AND REPEAT BUYERS
Florida
Rented an apartment or house
Owned previous residence
Lived with parents, relatives or friends
Rented the home buyer ultimately purchased
All Buyers
First-time
Buyers
Repeat
Buyers
41%
50
8
2
75%
4
19
3
30%
65
4
1
All Buyers
First-time
Buyers
Repeat
Buyers
42%
46
10
1
75%
3
19
2
26%
67
6
1
U.S.
Note: After selling their previous home, buyers may have rented a home or apartment before
purchasing their next home. A first-time buyer could have acquired ownership of their previous home
(as an inheritance or gift, for example) without having been the buyer of the home. Thus, a
first-time buyer could have owned a home prior to their first home purchase.
Exhibit 1-20
PRIOR LIVING ARRANGEMENT, BY ADULT COMPOSITION OF HOUSEHOLD
Florida
All
Buyers
41%
50
8
2
U.S.
Married Single
couple female
40%
53
5
2
41%
45
14
*
Single
male
Unmarried
couple
Other
42%
44
12
2
48%
35
17
*
80%
20
*
*
All
Buyers
42%
46
10
1
Married Single
couple female
40%
52
7
1
43%
41
15
1
Note: After selling their previous home, buyers may have rented a home or apartment before
purchasing their next home. A first-time buyer could have acquired ownership of their previous home
(as an inheritance or gift, for example) without having been the buyer of the home. Thus, a
first-time buyer could have owned a home prior to their first home purchase.
Single
male
Unmarried
couple
Other
46%
36
16
2
56%
25
18
1
49%
35
17
*
CHILDREN IN HOME
Children
No
under 18 children
in home in home
53%
34
11
2
36%
56
7
1
CHILDREN IN HOME
Children
No
under 18 children
in home in home
45%
44
10
2
41%
47
10
1
Exhibit 1-21
PRIMARY REASON FOR PURCHASING A HOME, FIRST-TIME AND REPEAT BUYERS
Florida
Desire to own a home
Job-related relocation or move
Desire for larger home
Desire to be closer to family/friends/relatives
Change in family situation
Desire for a home in a better area
Retirement
Affordability of homes
Tax benefits
Desire to be closer to job/school/transit
Greater choice of homes on the market
Desire for smaller home
Desire for a newly built or custom-built home
Establish household
Financial security
Purchased home for family member or relative
Desire for vacation home/investment property
Other
All Buyers
First-time
Buyers
Repeat
Buyers
20%
4
4
2
*
6
8
6
6
2
*
2
2
*
2
*
2
34
37%
*
*
*
*
5
*
5
16
*
*
*
*
*
5
*
*
32
10%
7
7
3
*
7
13
7
*
3
*
3
3
*
*
*
3
36
All Buyers
First-time
Buyers
Repeat
Buyers
24%
9
8
8
7
5
3
3
3
3
3
2
2
2
53%
4
2
5
1
8
1
*
7
*
6
1
3
1
9%
12
11
9
10
3
4
5
1
4
1
3
2
2
*
19
*
8
*
24
U.S.
Desire to own a home of my own
Retirement
Establish a household
Financial security
Tax benefits
Greater number of homes on the market for
sale/better choice
Other
Exhibit 1-22
PRIMARY REASON FOR PURCHASING A HOME, BY ADULT COMPOSITION OF HOUSEHOLD
Florida
All
Buyers
Desire to own a home
Retirement
Tax benefits
Greater choice of homes on the market
Establish household
Financial security
Purchased home for family member or relative
Desire for vacation home/investment property
Other
20%
4
4
2
*
6
8
6
6
2
*
2
2
*
2
*
2
34
U.S.
13%
7
7
3
*
10
7
10
7
3
*
3
3
*
*
*
3
23
50%
*
*
*
*
*
33
*
17
*
*
*
*
*
*
*
*
*
Single Unmarried
couple
male
33%
*
*
*
*
*
*
*
*
*
*
*
*
*
17
*
*
50
Other
17%
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
83
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
100
All
Buyers
Desire to own a home of my own
Change in family situation (e.g. marriage, birth of child, d
Retirement
Establish a household
Financial security
Tax benefits
Greater number of homes on the market for sale/better c
Other
Married Single
couple female
24%
9
8
8
7
5
3
3
3
3
3
2
2
2
*
19
Married Single
couple female
19%
11
9
8
9
4
3
2
4
4
1
3
2
2
*
18
37%
2
3
6
*
11
6
3
*
*
6
6
*
2
19
Single Unmarried
couple
male
23%
6
4
9
*
3
4
13
*
*
11
1
4
*
*
21
48%
1
10
6
4
5
1
*
4
*
2
1
*
*
*
19
Other
41%
*
11
15
*
15
*
*
*
*
*
4
4
*
*
11
CHILDREN IN HOME
Children
No
under 18 children
in home in home
29%
7
7
*
*
14
*
7
*
7
*
*
*
*
*
*
*
29
18%
3
3
3
*
3
12
6
9
*
*
3
3
*
3
*
*
35
CHILDREN IN HOME
Children
No
under 18 children
in home in home
23%
12
12
13
14
5
2
*
2
1
1
3
1
4
*
8
25%
7
6
5
2
5
4
5
4
4
4
2
3
1
*
25
Exhibit 1-23
PRIMARY REASON FOR THE TIMING OF HOME PURCHASE, FIRST-TIME AND REPEAT BUYERS
Florida
It was just the right time, the buyer was ready to
buy a home
It was the best time because of affordability of
homes
Did not have much choice, had to purchase
It was the best time because of availability of
homes for sale
It was the best time because of mortgage
financing options available
Other
All Buyers
First-time
Buyers
Repeat
Buyers
47%
51%
45%
19
22
17
14
8
11
2
15
10
8
12
6
5
0
3
*
6
0
All Buyers
First-time
Buyers
Repeat
Buyers
48%
56%
43%
19
12
22
11
13
10
10
13
9
9
5
11
3
1
1
1
4
2
The buyer wished they had waited
U.S.
It was just the right time for me, I was ready to
buy a home
I did not have much choice, I had to purchase
when I did
It was the best time for me because of
affordability of homes
mortgage financing options available
availability of homes for sale
Other
I wish I had waited
Exhibit 1-24
OTHER HOMES OWNED, BY AGE
Florida
All Buyers
Recently purchased home only
One or more vacation homes
One or more investment properties
Primary residence
Previous homes that buyer is trying to sell
Other
77%
4
11
3
5
3
18 to 24
100%
*
*
*
5
*
AGE OF HOME BUYER
25 to 44 45 to 64 65 or older
82%
74%
75%
1
5
4
10
11
14
3
3
2
5
5
5
3
3
2
18 to 24
95%
2
*
1
*
*
AGE OF HOME BUYER
25 to 44 45 to 64 65 or older
84%
74%
74%
10
12
9
3
6
8
2
3
3
1
5
8
1
4
1
U.S.
All Buyers
Recently purchased home only
One or more investment properties
Previous homes that buyer is trying to sell
Primary residence
One or more vacation homes
Other
79%
10
5
3
4
2
CHARACTERISTICS OF HOMES PURCHASED
Exhibit 2-1
Exhibit 2-2
Exhibit 2-3
Exhibit 2-4
Exhibit 2-5
Exhibit 2-6
Exhibit 2-7
Exhibit 2-8
Exhibit 2-9
Exhibit 2-10
Exhibit 2-10
Exhibit 2-11
Exhibit 2-12
Exhibit 2-13
Exhibit 2-14
Exhibit 2-15
Exhibit 2-16
Exhibit 2-17
Exhibit 2-18
Exhibit 2-19
Exhibit 2-20
Exhibit 2-21
Exhibit 2-22
Exhibit 2-23
Exhibit 2-24
Exhibit 2-25
Exhibit 2-26
Exhibit 2-27
Exhibit 2-28
Exhibit 2-29
Exhibit 2-30
Exhibit 2-31
Exhibit 2-32
Exhibit 2-33
NEW AND PREVIOUSLY OWNED HOMES PURCHASED, 2001-2014
NEW AND PREVIOUSLY OWNED HOMES PURCHASED, BY REGION
WHY NEW AND PREVIOUSLY OWNED HOMES PURCHASED
TYPE OF HOME PURCHASED, BY LOCATION
TYPE OF HOME PURCHASED BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW
AND PREVIOUSLY OWNED HOMES
TYPE OF HOME PURCHASED, BY ADULT COMPOSITION OF HOUSEHOLD
LOCATION OF HOME PURCHASED, BY REGION
LOCATION OF HOME PURCHASED BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF
NEW AND PREVIOUSLY OWNED HOMES
LOCATION OF HOME PURCHASED VERSUS LOCATION OF HOME SOLD
SENIOR RELATED HOUSING BY TYPE OF HOME PURCHASED AND LOCATION
DISTANCE BETWEEN HOME PURCHASED AND PREVIOUS RESIDENCE
FACTORS INFLUENCING NEIGHBORHOOD CHOICE, BY LOCATION
FACTORS INFLUENCING NEIGHBORHOOD CHOICE, BY ADULT COMPOSITION OF
HOUSEHOLD AND CHILDREN IN HOUSHOLD
PRICE OF HOME PURCHASED, BY REGION
PRICE OF HOME PURCHASED, NEW AND PREVIOUSLY OWNED HOMES
PRICE OF HOME PURCHASED, FIRST-TIME AND REPEAT BUYERS
PURCHASE PRICE COMPARED WITH ASKING PRICE, BY REGION
SIZE OF HOME PURCHASED, FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW
SIZE OF HOME PURCHASED, BY ADULT COMPOSITION OF HOUSEHOLD
HOME SIZE AND PRICE PER SQUARE FOOT, BY REGION
NUMBER OF BEDROOMS AND BATHROOMS, BY FIRST-TIME AND REPEAT BUYERS, AND
BUYERS OF NEW AND PREVIOUSLY OWNED HOMES
NUMBER OF BEDROOMS AND BATHROOMS, BY ADULT HOUSEHOLD COMPOSITION AND
CHILDREN IN HOUSEHOLD
YEAR HOME BUILT, BY REGION
IMPORTANCE OF COMMUTING COSTS
IMPORTANCE OF HOME'S ENVIRONMENTALLY FRIENDLY FEATURES
ENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED "VERY IMPORTANT", BY REGION
ENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED "VERY IMPORTANT", BY YEAR
HOME WAS BUILT
CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED, BY LOCATION
CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED, FIRST-TIME AND
REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES
CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED, BY ADULT
COMPOSITION OF HOUSEHOLD
EXPECTED LENGTH OF TENURE IN HOME PURCHASED, FIRST-TIME AND REPEAT
BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES
EXPECTED LENGTH OF TENURE IN HOME PURCHASED, BY AGE
FACTORS THAT COULD CAUSE BUYER TO MOVE, BY AGE
FACTORS THAT COULD CAUSE BUYER TO MOVE, BY ADULT COMPOSITION OF HOUSEHOLD
Exhibit 2-1
NEW AND PREVIOUSLY OWNED HOMES PURCHASED, 2001-2014
NEW AND PREVIOUSLY OWNED HOMES PURCHASED
Florida
2014
Florida
100%
New
18%
Previously
Owned
82%
80%
82%
60%
40%
18%
20%
0%
2014
New
Previously Owned
NEW AND PREVIOUSLY OWNED HOMES PURCHASED
U.S.
100%
2001
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
New
21%
28%
21%
23%
22%
23%
21%
18%
15%
16%
16%
16%
16%
Previously
Owned
79%
72%
79%
77%
78%
77%
79%
82%
85%
84%
84%
84%
84%
80%
U.S.
79%
72%
79% 77% 78% 77% 79%
82% 85% 84% 84% 84% 84%
60%
40%
28%
21%
21% 23% 22% 23% 21%
20%
18% 15% 16% 16% 16% 16%
0%
2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
New
Previously Owned
Exhibit 2-2
NEW AND PREVIOUSLY OWNED HOMES PURCHASED, BY REGION
New
Previously Owned
Florida
18%
82
U.S.
16%
84
Northeast
8%
92
Midwest
9%
92
South
21%
79
West
16%
84
Exhibit 2-3
WHY NEW AND PREVIOUSLY OWNED HOMES PURCHASED
Florida
New Home:
Avoid renovations or problems with
plumbing or electricity
Ability to choose and customize
design features
Amenities of new home construction
communities
Lack of inventory of previously
owned home
Green/energy efficiency
Other
Previously Owned Home:
Better price
Better overall value
More charm and character
Lack of inventory of new homes
Other
18%
40%
25
20
8
6
12
82%
32%
36
13
9
12
U.S.
New Home:
Avoid renovations or problems with
plumbing or electricity
Ability to choose and customize
design features
Amenities of new home construction
communities
Lack of inventory of previously
owned home
Green/energy efficiency
Other
Previously Owned Home:
Better price
Better overall value
More charm and character
Lack of inventory of new homes
Other
16%
40%
24
17
10
9
15
84%
32%
32
19
9
14
Exhibit 2-4
TYPE OF HOME PURCHASED, BY LOCATION
Florida
BUYERS WHO PURCHASED A HOME IN A
Detached single-family home
Townhouse/row house
Apartment/condo in building
with 5 or more units
Duplex/apartment/condo in 2 to
4 unit building
Other
Rural
area
Resort/
Recreation
area
81%
2
10
82%
5
2
68%
5
14
1
2
*
5
5
6
11
9
All
Buyers
Suburb/
Subdivision
Small
Urban/
town Central city
81%
5
6
84%
6
3
76%
4
9
2
2
7
4
U.S.
Townhouse/row house
Apartment/condo in building
4 unit building
Other
Rural
area
Resort/
Recreation
area
61%
12
17
83%
3
1
67%
10
10
1
4
*
4
8
6
13
9
All
Buyers
Suburb/
Subdivision
79%
8
6
83%
8
4
82%
6
3
2
2
6
4
Small
Urban/
town Central city
Exhibit 2-5
TYPE OF HOME PURCHASED BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND
PREVIOUSLY OWNED HOMES
Florida
Townhouse/row house
Apartment/condo in building with 5 or more units
Duplex/apartment/condo in 2 to 4 unit building
Other
All
Buyers
First-time
Buyers
Repeat
Buyers
81%
5
6
2
7
81%
5
6
2
7
81%
3
7
3
6
BUYERS OF
Previously
New
Owned
Homes
Homes
89%
7
*
*
4
79%
5
7
2
7
U.S.
Townhouse/row house
Other
All
Buyers
First-time
Buyers
Repeat
Buyers
79%
8
6
2
6
75%
10
7
3
6
81%
7
5
2
6
BUYERS OF
Previously
New
Owned
Homes
Homes
84%
8
4
1
3
78%
8
6
2
7
Exhibit 2-6
TYPE OF HOME PURCHASED, BY ADULT COMPOSITION OF HOUSEHOLD
Florida
All
Buyers
Married
couple
81%
5
6
2
7
90%
3
2
1
4
Townhouse/row house
Other
Single Single
female male
62%
11
11
4
11
63%
9
14
2
12
CHILDREN IN HOME
Unmarried
couple Other
65%
9
13
*
13
80%
*
*
20
*
Children
under 18
in home
No
children
in home
90%
5
2
*
4
78%
5
7
3
8
U.S.
All
Buyers
Married
couple
79%
8
6
2
6
85%
5
3
1
5
Townhouse/row house
Other
Single Single
female male
62%
14
12
4
7
67%
12
12
3
7
CHILDREN IN HOME
Unmarried
couple Other
77%
7
7
3
6
73%
4
12
3
9
Children
under 18
in home
No
children
in home
87%
6
1
1
5
74%
8
8
3
7
Exhibit 2-7
LOCATION OF HOME PURCHASED, BY REGION
Suburb/Subdivision
Small town
Urban area/Central city
Rural area
Resort/Recreation area
Florida
51%
18
12
10
10
U.S
79%
8
6
2
6
Northeast
75%
8
8
3
6
Midwest
79%
5
6
4
7
South
82%
7
4
1
6
West
75%
10
7
2
6
Exhibit 2-8
LOCATION OF HOME PURCHASED BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF
Florida
Suburb/Subdivision
Small town
Rural area
All
Buyers
51%
18
12
10
10
First-time
Buyers
51%
18
12
10
10
Repeat
Buyers
51%
18
10
9
12
BUYERS OF
Previously
New
Owned
Homes
Homes
71%
47%
8
20
4
13
6
11
11
9
Repeat
Buyers
52%
20
13
11
3
BUYERS OF
Previously
New
Owned
Homes
Homes
63%
48%
16
21
10
17
7
12
5
2
U.S.
Suburb/Subdivision
Small town
Rural area
All
Buyers
50%
20
16
11
3
First-time
Buyers
46%
21
21
10
2
Exhibit 2-9
LOCATION OF HOME PURCHASED VERSUS LOCATION OF HOME SOLD
(Percentage Distribution Among those that Sold a Home)
Florida
LOCATION OF HOME PURCHASED
LOCATION
OF HOME
SOLD
Suburb/Subdivision
Small town
Rural area
Suburb/
Subdivision
Small
town
Urban/
Central city
Rural
area
Resort/
Recreation
area
60%
4
9
4
1
1%
4
3
1
*
7%
1
4
*
*
1%
1
*
*
*
1%
*
*
1
*
U.S.
LOCATION OF HOME PURCHASED
LOCATION
OF HOME
SOLD
Suburb/Subdivision
Small town
Rural area
Suburb/
Subdivision
Small
town
Urban/
Central city
Rural
area
Resort/
Recreation
area
36%
5
5
6
1
7%
8
2
3
*
3%
2
5
2
*
4%
3
2
3
*
2%
1
*
*
1
Exhibit 2-10
SENIOR RELATED HOUSING BY TYPE OF HOME PURCHASED AND LOCATION
Florida
Share who purchased a home in senior related
housing
Buyers over 50 who purchased senior related housing:
Type of home purchased
Townhouse/row house
Other
Location
Suburb/ Subdivision
Small town
Urban/ Central city
Rural area
Resort/ Recreation area
All buyers over
50
21%
69%
2
7
11
11
46%
17
9
*
28
U.S.
Share who purchased a home in senior related
housing
Buyers over 50 who purchased senior related housing:
Type of home purchased
Townhouse/row house
Other
Location
Suburb/ Subdivision
Small town
Urban/ Central city
Rural area
Resort/ Recreation area
All buyers over
50
13%
59%
8
12
9
13
48%
20
12
6
14
Exhibit 2-10
DISTANCE BETWEEN HOME PURCHASED AND PREVIOUS RESIDENCE
(Median Miles)
Miles
Florida
U.S.
Northeast
Midwest
South
West
15
12
10
10
15
11
DISTANCE BETWEEN HOME PURCHASED AND
PREVIOUS RESIDENCE
(Median Miles)
20
18
16
15
14
15
12
11
12
10
10
Northeast
Midwest
10
8
6
4
2
0
Florida
U.S.
South
West
Exhibit 2-11
FACTORS INFLUENCING NEIGHBORHOOD CHOICE, BY LOCATION
Florida
Quality of the neighborhood
Convenient to job
Overall affordability of homes
Convenient to friends/family
Quality of the school district
Design of neighborhood
Convenient to shopping
Convenient to schools
Convenient to entertainment/leisure activities
Convenient to parks/recreational facilities
Availability of larger lots or acreage
Convenient to health facilities
Home in a planned community
Convenient to public transportation
Convenient to airport
Other
All
Buyers
69%
38
47
37
21
33
36
21
29
21
17
18
19
3
12
6
Urban/
Suburb/ Small Central Rural
Subdivision town
city area
75% 65%
* 52%
42
37
47
36
46
55
59
*
40
32
35
33
25
15
26
19
33
37
28
29
34
39
49
29
24
16
24
21
28
23
43
10
21
24
20
5
17
13
*
*
17
15
24
19
21
13
12
5
1
5
10
2
14
4
14
7
6
4
2
2
Resort/
Recreation
area
64%
10
33
36
*
41
45
5
*
36
7
24
36
5
12
17
U.S.
Convenient to job
Other
All
Buyers
69%
52
47
43
31
30
28
25
25
23
19
15
10
8
7
6
Urban/
Suburb/ Small Central Rural
Subdivision town
city area
77% 65%
64% 48%
55
47
62
43
49
50
46
38
45
44
40
34
34
28
35
19
37
27
20
22
32
24
24
19
26
18
39
10
28
24
20
21
24
20
29
11
17
17
9
51
16
13
13
10
13
7
6
6
7
5
21
2
9
4
8
5
6
7
5
9
Resort/
Recreation
area
64%
23
41
33
38
14
39
46
11
38
8
24
34
3
8
12
Exhibit 2-12
FACTORS INFLUENCING NEIGHBORHOOD CHOICE, BY ADULT COMPOSITION OF HOUSEHOLD AND CHILDREN IN HOUSHOLD
Florida
Convenient to job
Other
All
Buyers
69%
38
47
37
21
33
36
21
29
21
17
18
19
3
12
6
Married
couple
72%
36
47
35
26
35
36
25
31
23
20
21
18
1
12
6
Single
female
63%
40
56
40
14
25
35
11
21
18
14
14
24
4
11
7
Single
male
63%
44
44
46
10
34
34
7
27
7
2
10
20
7
10
5
Unmarried
couple
74%
57
39
44
4
30
52
22
30
22
22
9
22
17
13
*
Other
60%
*
60
20
*
40
20
20
20
*
20
20
*
*
*
*
CHILDREN IN HOME
Children
No
under 18 children
in home in home
71%
69%
57
30
47
48
34
39
54
7
33
34
30
39
58
5
23
31
21
15
24
15
10
22
13
21
3
3
10
13
3
7
U.S.
Convenient to job
Other
All
Buyers
69%
52
47
43
31
30
28
25
25
23
19
15
10
8
7
6
Married
couple
70%
51
45
41
30
36
28
23
29
24
22
15
11
7
7
7
Single
female
68%
51
52
53
32
18
29
24
13
19
11
16
11
10
6
6
Single
male
63%
53
46
36
32
17
27
33
13
22
12
16
9
7
8
5
Unmarried
couple
68%
67
54
46
34
24
24
31
22
27
21
10
6
12
6
5
Other
67%
42
57
35
44
24
21
23
21
19
15
26
13
11
11
11
CHILDREN IN HOME
Children
No
under 18 children
in home in home
71%
69%
61
48
48
47
38
45
24
35
57
15
25
29
18
29
55
9
27
21
25
16
8
18
9
11
7
8
6
8
5
7
Exhibit 2-13
PRICE OF HOME PURCHASED, BY REGION
Less than $75,000
$75,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$200,000 to $249,999
$250,000 to $299,999
$300,000 to $349,999
$350,000 to $399,999
$400,000 to $499,999
$500,000 or more
Median price
Florida
9%
6
9
10
10
7
15
11
8
4
8
5
$190,000
U.S.
6%
6
7
10
9
8
14
10
8
6
8
9
$216,000
Northeast
5%
6
7
10
9
8
11
11
7
5
9
11
$219,000
Midwest
10%
10
10
13
11
10
15
9
5
3
4
3
$167,000
South
6%
6
7
10
10
8
15
10
8
6
7
6
$207,000
West
2%
3
4
6
7
7
13
12
9
8
11
19
$280,000
Exhibit 2-14
PRICE OF HOME PURCHASED, NEW AND PREVIOUSLY OWNED HOMES
Florida
BUYERS WHO PURCHASED A
Less than $75,000
$75,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$200,000 to $249,999
$250,000 to $299,999
$300,000 to $349,999
$350,000 to $399,999
$400,000 to $499,999
$500,000 or more
Median price
All Buyers
9%
6
9
10
10
7
15
11
8
4
8
5
$190,000
New Home
3%
*
3
6
8
6
24
15
14
6
11
6
$255,050
Previously Owned Home
10%
7
10
11
11
8
14
10
6
4
7
4
$179,500
U.S.
BUYERS WHO PURCHASED A
Less than $75,000
$75,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$200,000 to $249,999
$250,000 to $299,999
$300,000 to $349,999
$350,000 to $399,999
$400,000 to $499,999
$500,000 or more
Median price
All Buyers
6%
6
7
10
9
8
14
10
8
6
8
9
$216,000
New Home
1%
0
2
4
7
8
18
16
14
10
9
11
$277,200
Previously Owned Home
6%
7
8
11
10
8
13
9
6
5
7
9
$200,000
Exhibit 2-15
PRICE OF HOME PURCHASED, FIRST-TIME AND REPEAT BUYERS
Florida
Less than $75,000
$75,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$200,000 to $249,999
$250,000 to $299,999
$300,000 to $349,999
$350,000 to $399,999
$400,000 to $499,999
$500,000 or more
Median price
Married couple
Single female
Single male
Unmarried couple
Other
All Buyers
9%
6
9
10
10
7
15
11
8
4
8
5
First-time Buyers
12%
6
14
18
12
6
17
7
3
2
4
*
Repeat Buyers
8%
6
7
7
10
8
15
12
9
4
9
6
$190,000
$149,400
$219,000
$137,250
$177,000
$154,250
$89,900
$169,700
$167,900
$129,000
$171,250
$111,500
$76,000
$235,000
$155,000
$177,000
$207,000
$89,900
All Buyers
6%
6
7
10
9
8
14
10
8
6
8
9
$216,000
$240,000
$153,600
$173,700
$186,600
$187,000
First-time Buyers
9%
9
9
14
12
9
12
7
5
4
6
6
$169,000
$185,000
$135,000
$161,500
$155,000
$141,500
Repeat Buyers
4%
4
6
8
8
8
15
12
9
7
8
11
$240,000
$260,000
$170,400
$182,400
$240,000
$233,300
U.S.
Less than $75,000
$75,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$200,000 to $249,999
$250,000 to $299,999
$300,000 to $349,999
$350,000 to $399,999
$400,000 to $499,999
$500,000 or more
Median price
Married couple
Single female
Single male
Unmarried couple
Other
Exhibit 2-16
PURCHASE PRICE COMPARED WITH ASKING PRICE, BY REGION
Percent of asking price:
Less than 90%
90% to 94%
95% to 99%
100%
101% to 110%
More than 110%
Median (purchase price
as a percent of asking
price)
Florida
13%
16
34
26
9
2
U.S.
10%
16
36
25
11
2
Northeast
15%
19
39
20
7
1
Midwest
12%
19
36
22
9
1
South
10%
17
37
25
9
2
West
6%
11
33
29
16
5
97%
98%
97%
97%
98%
99%
Exhibit 2-17
SIZE OF HOME PURCHASED, FIRST-TIME AND REPEAT BUYERS, AND
Florida
1,000 sq ft or less
1,001 to 1,500 sq ft
1,501 to 2,000 sq ft
2,001 to 2,500 sq ft
2,501 to 3,000 sq ft
3,001 to 3,500 sq ft
3,501 sq ft or more
Median (sq ft)
All Buyers
First-time
Buyers
Repeat
Buyers
1%
11
30
30
17
7
5
1,900
1%
13
41
28
10
4
3
1,700
0%
10
26
30
19
8
6
1,960
BUYERS OF
Previously
New
Owned
Homes
Homes
*
3
15
39
29
8
6
2,150
1%
12
33
28
15
7
5
1,830
U.S.
1,000 sq ft or less
1,001 to 1,500 sq ft
1,501 to 2,000 sq ft
2,001 to 2,500 sq ft
2,501 to 3,000 sq ft
3,001 to 3,500 sq ft
3,501 sq ft or more
Median (sq ft)
All Buyers
First-time
Buyers
Repeat
Buyers
1%
15
28
24
14
9
8
1,870
2%
24
37
22
9
5
3
1,570
*
11
24
26
17
12
11
2,030
BUYERS OF
Previously
New
Owned
Homes
Homes
*
3
19
31
21
15
12
2,200
1%
18
30
23
13
8
8
1,800
Exhibit 2-18
SIZE OF HOME PURCHASED, BY ADULT COMPOSITION OF HOUSEHOLD
Florida
1,000 sq ft or less
1,001 to 1,500 sq ft
1,501 to 2,000 sq ft
2,001 to 2,500 sq ft
2,501 to 3,000 sq ft
3,001 to 3,500 sq ft
3,501 sq ft or more
Median (sq ft)
CHILDREN IN HOME
Children
No
under 18 children
in home in home
All Buyers
Married
couple
Single
female
Single
male
Unmarried
couple
Other
1%
11
30
30
17
7
5
*
6
25
31
22
10
7
1%
25
38
28
4
3
1
3%
18
36
28
10
*
5
*
23
36
27
14
*
*
*
*
33
33
33
*
*
*
5
30
26
22
6
10
1%
13
29
32
15
7
3
1,900
2,000
1,610
1,670
1,710
2,000
1,980
1,900
U.S.
1,000 sq ft or less
1,001 to 1,500 sq ft
1,501 to 2,000 sq ft
2,001 to 2,500 sq ft
2,501 to 3,000 sq ft
3,001 to 3,500 sq ft
3,501 sq ft or more
Median (sq ft)
All Buyers
Married
couple
Single
female
Single
male
Unmarried
couple
Other
1%
15
28
24
14
9
8
1,870
*
9
24
26
18
12
11
2,090
2%
30
37
21
7
2
2
1,500
3%
24
34
22
9
5
4
1,570
*
25
36
26
8
3
3
1,640
*
17
28
24
17
11
4
1,800
CHILDREN IN HOME
Children
No
under 18 children
in home in home
*
9
22
24
18
13
14
2,170
1%
19
31
24
13
7
5
1,740
Exhibit 2-19
HOME SIZE AND PRICE PER SQUARE FOOT, BY REGION
(Median)
Florida
All homes purchased
Square feet
1,900
Price per square foot
$104
Square feet
2,000
$106
Townhouse or row house
Square feet
1,550
$98
Duplex/apartment/condo in 2-4 unit building
Square feet
1,950
$106
Square feet
1,440
$86
U.S.
Northeast
Midwest
South
West
1,870
$110
1,700
$130
1,800
$95
2,000
$100
1,780
$145
2,000
$110
1,800
$125
1,900
$95
2,100
$100
2,000
$140
1,600
$140
1,700
$130
1,460
$100
1,700
$135
1,500
$250
1,600
$105
1,400
$160
1,700
$100
1,790
$115
1,340
$135
1,200
$170
1,140
$225
1,300
$120
1,300
$140
1,090
$290
Exhibit 2-20
NUMBER OF BEDROOMS AND BATHROOMS, BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES
Florida
All First-time
Buyers
Buyers
One bedroom
Two bedrooms
Three bedrooms or more
Median number of bedrooms
One full bathroom
Two full bathrooms
Three full bathrooms or more
Median number of full bathrooms
1%
19
80
3
5
73
22
2
2%
12
87
3
6
79
15
2
Repeat
Buyers
1%
21
78
3
4
72
24
2
BUYERS OF
Previously
New
Owned
Homes
Homes
*
14
86
3
*
68
32
2
1%
20
79
3
5
75
20
2
U.S.
All First-time
Buyers
Buyers
One bedroom
Two bedrooms
One full bathroom
Two full bathrooms
2%
16
82
3
16
62
22
2
3%
18
80
3
28
61
11
2
Repeat
Buyers
1%
15
84
3
11
62
28
2
BUYERS OF
Previously
New
Owned
Homes
Homes
*
10
90
3
2
63
36
2
2%
17
81
3
19
61
20
2
Exhibit 2-21
NUMBER OF BEDROOMS AND BATHROOMS, BY ADULT HOUSEHOLD COMPOSITION AND CHILDREN IN HOUSEHOLD
Florida
One bedroom
Two bedrooms
One full bathroom
Two full bathrooms
All Buyers
Married
couple
Single
female
1%
19
80
3
5
73
22
2
0%
12
87
3
2
70
29
2
4%
38
58
3
11
81
8
2
Single Unmarried
male
couple
2%
33
65
3
7
81
12
2
*
13
87
3
9
83
9
2
Other
*
*
100
4
20
80
*
2
CHILDREN IN HOME
Children
No
under 18 children
in home in home
*
8
92
4
1
67
32
2
2%
24
75
3
6
76
18
2
U.S.
One bedroom
Two bedrooms
One full bathroom
Two full bathrooms
All Buyers
Married
couple
Single
female
2%
16
82
3
16
62
22
2
*
11
89
3
11
61
28
2
5%
29
65
3
28
63
9
2
Single Unmarried
male
couple
4%
27
69
3
27
57
17
2
2%
20
78
3
25
64
12
2
Other
4%
18
78
3
20
67
13
2
CHILDREN IN HOME
Children
No
under 18 children
in home in home
*
6
93
4
13
56
32
2
2%
21
76
3
18
65
17
2
Exhibit 2-22
YEAR HOME BUILT, BY REGION
(Median)
2013
2012 through 2010
2009 through 2007
2006 through 2002
2001 through 1987
1986 through 1960
1959 through 1910
1911 or earlier
Median
Florida
18%
1
11
15
25
23
8
0
1998
U.S. Northeast
Midwest
South
West
16%
8%
9%
22%
16%
3
2
2
3
4
7
3
6
10
7
12
5
11
14
11
21
16
18
22
23
22
25
24
20
25
17
33
25
9
15
3
8
5
0
1
1993
1970
1980
1999
1993
Exhibit 2-23
Florida
Florida
Very Important
Somewhat Important
Not Important
27%
33%
40%
Very Important,
27%
Not Important,
40%
Somewhat
Important, 33%
U.S.
Very Important
Somewhat Important
Not Important
U.S.
32%
38%
30%
Very Important,
32%
Not Important,
30%
Somewhat
Important, 38%
IMPORTANCE OF HOME'S ENVIRONMENTALLY FRIENDLY
FEATURES
Exhibit 2-24
IMPORTANCE OF HOME'S ENVIRONMENTALLY FRIENDLY FEATURES
Florida
Florida
Heating and cooling costs
Energy efficient appliances
Energy efficient lighting
Landscaping for energy
conservation
Environmentally friendly
community features
Solar panels installed on home
Very
Important
Somewhat
Important
Not
Important
31%
24
23
12
50%
44
43
36
19%
32
34
52
14
32
49
2
11
82
31%
24%
23%
conservation
19%
44%
32%
43%
12%
community features
50%
34%
36%
14%
52%
32%
49%
Solar panels installed on home 2% 11%
82%
0%
20%
40%
Very Important
60%
Somewhat Important
80%
100%
Not Important
IMPORTANCE OF HOME'S ENVIRONMENTALLY FRIENDLY
FEATURES
U.S.
U.S.
Very
Important
conservation
community features
Somewhat
Important
36%
23
22
10
50%
45
44
36
Not
Important
15%
32
34
54
14
33
53
2
9
89
36%
50%
23%
22%
conservation
54%
33%
53%
Solar panels installed on home 2% 9%
89%
20%
Very Important
Valid
Missing
Total
34%
36%
14%
0%
32%
44%
10%
community features
15%
45%
40%
60%
Somewhat Important
80%
100%
Not Important
A26 - How important were the following when you were searching for a home to purchase? - Solar panels installed on your home
Frequency Percent
Valid Percent
Cumulative Percent
Very Important 142
1.7
1.8
1.8
Somewhat Important
664
7.9
8.4
10.2
Not Important 7088
83.8
89.8
100
Total
7895
93.4
100
System
559
6.6
8454
100
Exhibit 2-25
ENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED "VERY IMPORTANT", BY REGION
conservation
community features
U.S.
Northeast
Midwest
South
West
37%
32%
39%
32%
24
36%
23
17
17
27
23
23
12
22
10
14
5
17
5
25
11
24
15
14
14
8
10
15
17
2
2
1
1
2
4
Florida
31%
Exhibit 2-26
ENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED "VERY IMPORTANT", BY YEAR HOME WAS BUILT
conservation
community features
2012
2009
2006
through through through
2010
2007
2002
2001
through
1987
1986
through
1960
1959
through 1911 or
1910 earlier
U.S.
2013
53%
44%
28%
37%
34%
29%
32%
35%
24
36%
23
49
30
21
21
17
15
17
16
23
12
22
10
41
14
28
13
19
6
21
11
17
10
17
8
18
9
19
6
14
14
27
9
13
13
12
12
11
10
2
2
4
2
1
1
2
1
2
3
Florida
31%
Exhibit 2-27
CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED, BY LOCATION
Florida
All Buyers
Price of home
Size of home
Condition of home
Distance from job
Lot size
Style of home
Distance from friends or family
Quality of the schools
Distance from school
Other compromises not listed
None - Made no compromises
Urban/
Resort/
Suburb/ Small Central
Recreation
Subdivision
town
city Rural
area
22%
19
18
10
13
16
9
7
2
2
10
34
22%
17
18
14
16
15
9
6
3
1
9
32
27%
24
19
4
16
23
7
8
*
1
15
31
28%
31
24
12
10
14
4
14
2
4
6
35
*
17
17
15
5
17
10
5
2
5
7
37
14%
14
12
*
5
12
10
5
*
2
10
48
U.S.
All Buyers
Price of home
Size of home
Condition of home
Lot size
Style of home
Distance from job
Urban/
Resort/
Suburb/ Small Central
Recreation
Subdivision
town
city Rural
area
23%
20
18
16
16
14
7
5
4
2
33
8
23%
19
17
16
15
15
7
5
4
1
32
8
20%
21
18
18
15
12
7
4
2
2
35
9
27%
24
22
13
18
11
6
10
6
2
30
7
22%
19
18
13
14
17
11
4
3
3
33
8
18%
19
11
13
16
3
7
3
1
2
43
7
Exhibit 2-28
CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED, FIRST-TIME AND
(Percentage of Respondents)
Florida
All First-time
Buyers
Buyers
Price of home
Size of home
Condition of home
Distance from job
Lot size
Style of home
22%
19
18
10
13
16
9
7
2
2
10
34
23%
24
20
17
13
25
10
7
7
5
10
22
Repeat
Buyers
22%
18
17
8
13
14
8
8
0
1
9
38
BUYERS OF
Previously
New
Owned
Homes
Homes
15%
19
3
15
24
9
14
3
1
1
4
36
24%
19
21
9
11
18
7
8
2
2
11
34
U.S.
All First-time
Buyers
Buyers
Price of home
Size of home
Condition of home
Lot size
Style of home
Distance from job
23%
20
18
16
16
14
7
5
4
2
33
8
25%
27
19
18
18
18
9
6
7
3
25
8
Repeat
Buyers
21%
17
17
15
14
11
6
5
2
1
36
8
BUYERS OF
Previously
New
Owned
Homes
Homes
19%
16
2
26
12
19
10
5
4
3
36
6
23%
21
21
14
16
13
7
5
4
2
32
9
Exhibit 2-29
CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED, BY ADULT COMPOSITION OF
HOUSEHOLD
(Percentage of Respondents)
Florida
Price of home
Size of home
Condition of home
Distance from job
Lot size
Style of home
All
Buyers
Married
couple
Single
female
Single
male
Unmarried
couple
Other
22%
19
18
10
13
16
9
7
2
2
10
34
22%
19
20
12
14
15
10
8
2
2
9
32
24%
20
9
13
6
14
9
9
*
3
11
36
21%
24
21
5
17
17
5
5
2
2
12
45
22%
9
9
4
4
26
*
*
4
*
13
44
40%
60
40
*
20
60
20
20
*
*
*
*
CHILDREN IN HOME
Children
No
under 18 children
in home in home
21%
25
19
18
15
20
12
5
5
5
12
20
23%
17
18
8
12
15
8
8
1
0
9
38
U.S.
Price of home
Size of home
Condition of home
Lot size
Style of home
Distance from job
All
Buyers
Married
couple
Single
female
Single
male
Unmarried
couple
Other
23%
20
18
16
16
14
7
5
4
2
33
8
22%
19
17
18
15
14
7
5
4
2
32
8
22%
20
18
10
15
11
7
6
2
1
36
9
23%
23
19
12
17
9
8
7
3
1
38
7
26%
24
18
16
19
18
7
5
6
2
26
7
33%
13
17
10
18
18
10
3
5
3
30
8
CHILDREN IN HOME
Children
No
under 18 children
in home in home
24%
21
18
18
16
18
8
5
6
4
27
8
22%
19
18
15
15
11
7
5
3
1
35
8
Exhibit 2-30
EXPECTED LENGTH OF TENURE IN HOME PURCHASED, FIRST-TIME AND REPEAT
Florida
BUYERS OF
1 year or less
2 to 3 years
4 to 5 years
6 to 7 years
8 to 10 years
11 to 15 years
16 or more years
Don't Know
Median
All Buyers
First-time
Buyers
Repeat
Buyers
3%
2
7
2
13
5
26
43
15
2%
*
9
3
14
5
21
47
10
4%
2
6
2
12
5
27
42
15
New
Previously
Homes Owned Homes
3%
3
5
1
15
6
22
46
15
3%
2
7
2
12
5
26
43
15
U.S.
BUYERS OF
1 year or less
2 to 3 years
4 to 5 years
6 to 7 years
8 to 10 years
11 to 15 years
16 or more years
Don't Know
Median
All Buyers
First-time
Buyers
Repeat
Buyers
2%
3
9
3
14
5
25
39
12
2%
3
12
5
16
4
22
37
10
2%
2
7
2
13
6
27
41
15
New
Previously
Homes Owned Homes
2%
3
9
2
16
7
23
38
10
2%
2
9
3
14
5
26
40
14
Exhibit 2-31
EXPECTED LENGTH OF TENURE IN HOME PURCHASED, BY AGE
Florida
1 year or less
2 to 3 years
4 to 5 years
6 to 7 years
8 to 10 years
11 to 15 years
16 or more years
Don't Know
Median
All Buyers
3%
2
7
2
13
5
26
43
15
18 to 24
*
*
25
*
*
*
*
75
13
AGE OF HOME BUYER
25 to 44
45 to 64
3%
3%
2
2
14
2
4
3
15
13
3
5
24
32
35
41
5
10
65 or older
4%
2
3
*
11
7
23
50
20
18 to 24
2%
2
19
7
18
3
14
35
8
AGE OF HOME BUYER
25 to 44
45 to 64
1%
2%
3
2
12
6
5
2
18
12
5
5
24
30
32
41
10
20
65 or older
2%
1
3
1
9
8
22
54
15
U.S.
All Buyers
1 year or less
2 to 3 years
4 to 5 years
6 to 7 years
8 to 10 years
11 to 15 years
16 or more years
Don't Know
Median
2%
3
9
3
14
5
25
39
12
Exhibit 2-32
FACTORS THAT COULD CAUSE BUYER TO MOVE, BY AGE
Florida
All Buyers
18 to 24
25 to 44
45 to 64
65 or older
36%
30
12
11
6
2
7
50%
*
25
*
25
*
*
43%
11
27
15
11
1
3
37%
36
7
11
3
1
6
29%
46
1
7
2
2
13
All Buyers
18 to 24
25 to 44
45 to 64
65 or older
44%
23
18
9
7
2
6
46%
7
21
13
13
4
3
46%
13
27
11
12
2
3
44%
28
12
8
2
1
7
36%
43
*
6
1
2
13
Move with life changes (addition to family,
marriage, children move out, retirement, etc.)
Never moving-forever home
Move with job or career change
May desire better area/neighborhood
May outgrow home
Will flip home
Other
U.S.
May outgrow home
Will flip home
Other
Exhibit 2-33
FACTORS THAT COULD CAUSE BUYER TO MOVE, BY ADULT COMPOSITION OF HOUSEHOLD
Florida
All Buyers
Married
couple
Single
female
Single
male
Unmarried
couple
Other
36%
30
12
11
6
2
7
32%
33
14
11
6
1
7
49%
25
8
10
5
*
5
49%
26
9
9
*
5
7
35%
22
4
9
17
4
9
40%
40
*
20
*
*
*
May outgrow home
Will flip home
Other
U.S.
All Buyers
Married
couple
Single
female
Single
male
Unmarried
couple
Other
44%
23
18
9
7
2
6
40%
24
20
9
7
1
6
55%
24
9
7
4
1
5
49%
15
13
12
7
3
7
44%
16
20
13
14
3
4
35%
31
7
9
6
4
10
May outgrow home
Will flip home
Other
CHILDREN IN HOME
Children
No
under 18 children
in home in home
41%
13
21
16
9
2
5
41%
13
21
16
9
2
5
CHILDREN IN HOME
Children
No
under 18 children
in home in home
43%
17
24
10
9
2
3
44%
25
14
9
6
1
7
HOME BUYING AND REAL ESTATE PROFESSIONALS
Exhibit 4-1
Exhibit 4-2
Exhibit 4-3
Exhibit 4-4
Exhibit 4-5
Exhibit 4-6
Exhibit 4-7
Exhibit 4-8
Exhibit 4-9
Exhibit 4-10
Exhibit 4-11
Exhibit 4-12
Exhibit 4-13
Exhibit 4-14
Exhibit 4-15
Exhibit 4-16
Exhibit 4-17
Exhibit 4-18
Exhibit 4-19
Exhibit 4-20
Exhibit 4-21
Exhibit 4-22
Exhibit 4-23
Exhibit 4-24
METHOD OF HOME PURCHASE, 2001-2014
METHOD OF HOME PURCHASE, BY REGION
METHOD OF HOME PURCHASE, NEW AND PREVIOUSLY OWNED HOMES
METHOD OF HOME PURCHASE, BY ADULT COMPOSITION OF HOUSEHOLD
AGENT REPRESENTATION DISCLOSURE, FIRST-TIME AND REPEAT BUYERS
BUYER REPRESENTATIVE ARRANGEMENT WITH AGENT, FIRST-TIME AND REPEAT BUYERS
HOW REAL ESTATE AGENT WAS COMPENSATED
WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS
WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS, FIRST-TIME AND REPEAT BUYERS,
AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES
WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS, BY ADULT COMPOSITION OF
HOUSEHOLD
BENEFITS
PROVIDED BY REAL ESTATE AGENT DURING HOME PURCHASE PROCESS, FIRSTTIME AND REPEAT BUYERS
HOW BUYER FOUND REAL ESTATE AGENT, FIRST-TIME AND REPEAT BUYERS
HOW BUYER FOUND REAL ESTATE AGENT, BY ADULT COMPOSITION OF HOUSEHOLD
HOW TIMES CONTACTED AGENT BEFORE RECEIVED RESPONSE AND ORIGINAL FORM OF
CONTACT
NUMBER OF REAL ESTATE AGENTS INTERVIEWED BY FIRST-TIME AND REPEAT BUYERS
BUYER USE OF ONLINE AGENT RECOMMENDATIONS
MOST IMPORTANT FACTORS WHEN CHOOSING AN AGENT
IMPORTANCE OF REAL ESTATE AGENT SKILLS AND QUALITIES
AGENT SKILLS AND QUALITIES CONSIDERED 'VERY IMPORTANT' BY FIRST-TIME AND REPEAT
AGENT SKILLS AND QUALITIES CONSIDERED 'VERY IMPORTANT' BY ADULT COMPOSITION OF
HOUSEHOLD
IMPORTANCE OF AGENT COMMUNICATIONS
SATISFACTION WITH REAL ESTATE AGENT SKILLS AND QUALITIES
WOULD BUYER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS
HOW MANY TIMES BUYER RECOMMENDED TYPICAL AGENT
Exhibit 4-1
METHOD OF HOME PURCHASE, 2001-2014
Florida
Through a real estate agent or broker
Directly from builder or builder's agent
Directly from the previous owner
2014
85%
8
6
U.S.
2001
69%
15
15
2003
75%
14
9
2004
77%
12
9
*Less than 1 percent
2005
77%
12
9
2006
77%
13
9
2007
79%
12
7
2008
81%
10
6
2009
77%
8
5
2010
83%
6
5
2011
89%
7
4
2012
89%
6
5
2013
88%
7
5
2014
88%
7
5
Exhibit 4-2
METHOD OF HOME PURCHASE, BY REGION
Knew previous owner
Did not know previous owner
Florida
85%
8
6
4
2
U.S.
88%
7
5
3
2
Northeast
90%
3
6
4
2
Midwest
89%
4
7
4
3
South
86%
9
5
3
2
West
89%
7
3
2
1
Exhibit 4-3
METHOD OF HOME PURCHASE, NEW AND PREVIOUSLY OWNED HOMES
Florida
Knew previous owner
BUYERS OF
Previously
New
Homes
Owned
Homes
All Buyers
85%
56%
91%
8
44
NA
6
N/A
8
4
N/A
5
2
N/A
3
U.S.
BUYERS OF
Knew previous owner
Previously
All Buyers New Homes Owned Homes
88%
58%
93%
7
40
NA
5
NA
6
3
NA
4
2
NA
2
NA- Not Applicable
Exhibit 4-4
METHOD OF HOME PURCHASE, BY ADULT COMPOSITION OF HOUSEHOLD
Florida
Knew previous owner
All Buyers
85%
8
6
4
2
Married Single
Single Unmarried
couple female
male
couple Other
83%
10
6
4
2
92%
3
6
3
3
85%
5
10
5
5
87%
9
4
4
*
80%
20
*
*
*
U.S.
All
Buyers
Knew previous owner
88%
7
5
3
2
Married Single
Single Unmarried
couple female
male
couple Other
87%
7
5
3
2
89%
5
5
3
2
89%
5
6
5
1
92%
4
3
2
1
85%
8
7
4
3
Exhibit 4-5
AGENT REPRESENTATION DISCLOSURE, FIRST-TIME AND REPEAT BUYERS
Florida
Disclosure Statement Signed?
Yes, at first meeting
Yes, when contract was written
Yes, at some other time
No
Don’t know
All Buyers
21%
14
6
37
23
First-time Buyers
15%
9
5
54
18
Repeat Buyers
24%
15
6
31
24
All Buyers
27%
20
12
24
17
First-time Buyers
21%
19
12
31
17
Repeat Buyers
30%
21
12
21
17
U.S.
Disclosure Statement Signed?
Yes, at first meeting
Yes, when contract was written
Yes, at some other time
No
Don’t know
Exhibit 4-6
BUYER REPRESENTATIVE ARRANGEMENT WITH AGENT, FIRST-TIME AND REPEAT BUYERS
Florida
Yes, a written arrangement
Yes, an oral arrangement
No
Don’t know
All Buyers
25%
20
40
16
First-time Buyers
16%
23
38
23
Repeat Buyers
27%
19
40
13
All Buyers
40%
19
29
13
First-time Buyers
35%
20
28
18
Repeat Buyers
42%
18
30
10
U.S.
Yes, a written arrangement
Yes, an oral arrangement
No
Don't know
Exhibit 4-7
Florida
All Types of
Representation
Paid by seller
Paid by buyer and seller
Paid by buyer only
Percent of sales price
Flat fee
Other
Don’t know
Other
Don't know
67%
8
15
16
2
*
#N/A
2
8
U.S.
All Types of
Representation
Paid by seller
Paid by buyer only
Flat fee
Other
Don't know
Other
Don’t know
60%
11
18
15
1
*
2
2
9
Exhibit 4-8
WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS
Help find the right home to purchase
Help buyer negotiate the terms of sale
Help with the price negotiations
Determine what comparable homes were selling for
Help with paperwork
Help determining how much home buyer can afford
Help find and arrange financing
Help teach buyer more about neighborhood or area (restaurants, parks,
public transportation)
Help find renters for buyer's property
Florida
U.S.
54%
10%
11%
11%
5%
4%
3%
53%
12%
11%
8%
6%
4%
3%
1%
0%
2%
0%
WHAT BUYERS WANT MOST FROM REAL ESTATE PROFESSIONALS
Help determining how
much home buyer can
afford, 4%
Florida
Help find and arrange
financing, 3%
Help teach buyer more
about neighborhood or
area (restaurants,
parks, public
transportation), 1%
Help with paperwork,
5%
Help find
renters for
buyer's
property, 0%
Help find the right
home to purchase, 54%
Determine what
comparable homes
were selling for, 11%
Help with the price
negotiations, 11%
Help buyer negotiate
the terms of sale, 10%
WHAT BUYERS WANT MOST FROM REAL ESTATE PROFESSIONALS
U.S.
Help determining how much
home buyer can afford, 4%
Help find and arrange
financing, 3%
Help with paperwork, 6%
Help teach buyer more about
neighborhood or area
(restaurants, parks, public
transportation),
2% find renters for buyer's
Help
property, 0%
Help find the right home to
purchase, 53%
Determine what comparable
homes were selling for, 8%
Help with the price
negotiations, 11%
Help buyer negotiate the
terms of sale, 12%
Exhibit 4-9
WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS, FIRST-TIME AND REPEAT BUYERS, AND
Florida
BUYERS OF
All First-time Repeat
New
Previously
Buyers
Buyers Buyers Homes Owned Homes
Help with paperwork
Help teach buyer more about neighborhood or area
(restaurants, parks, public transportation)
Other
54%
11
10
11
5
4
3
1
51%
12
7
8
10
7
3
1
54%
11
11
12
3
3
3
2
47%
12
7
12
7
7
7
2
55%
11
10
11
4
3
3
1
2
1
2
*
2
U.S.
Help with paperwork
Other
BUYERS OF
All First-time Repeat
New
Previously
Buyers
Buyers Buyers Homes Owned Homes
53%
12
11
8
6
4
3
2
*
1
51%
11
11
7
7
8
3
1
*
1
54%
13
11
52%
12
11
53%
12
11
9
6
2
2
2
*
1
8
7
4
4
2
*
1
9
6
4
3
2
*
1
Exhibit 4-10
WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS, BY ADULT COMPOSITION OF HOUSEHOLD
Florida
All
Buyers
Help with paperwork
Other
Single Unmarried
male
couple Other
54%
11
10
11
5
4
52%
13
9
13
4
2
55%
8
13
8
5
7
65%
*
9
9
6
9
50%
20
10
*
10
5
50%
25
25
*
*
*
3
1
3
2
3
*
3
*
*
5
*
*
2
2
2
*
*
*
U.S.
All
Buyers
Help with paperwork
Other
Married Single
couple female
Married Single
couple female
53%
12
11
8
6
4
3
2
52%
12
11
10
6
4
3
2
*
*
1
58%
13
9
5
6
5
3
53%
12
10
9
7
6
2
2
*
2
Single Unmarried
male
couple Other
1
*
1
50%
14
14
5
8
4
3
1
*
1
56%
14
18
5
2
2
2
*
1
1
Exhibit 4-11
BENEFITS PROVIDED BY REAL ESTATE AGENT DURING HOME PURCHASE PROCESS, FIRSTTIME AND REPEAT BUYERS
Florida
All Buyers
First-time
Buyers
Repeat
Buyers
62%
51
46
50
44
39
30
19
18
24
1
*
83%
50
43
49
35
36
24
17
13
32
4
*
55%
52
47
50
47
40
32
19
20
22
*
*
All Buyers
First-time
Buyers
Repeat
Buyers
Improved buyer's knowledge of search areas
48%
Pointed out unnoticed features/faults with property
31
Helped buyer understand the process
21
Negotiated better sales contract terms
10
Negotiated a better price
6
Shortened buyer's home search
6
Provided better list of mortgage lenders
5
Expanded buyer's search area
4
Narrowed buyer's search area
3
Provided a better list of service providers (e.g. home inspector)
2
None of the above
1
Other
1
46%
34
29
9
5
6
4
4
3
1
*
1
48%
30
17
10
7
6
5
4
3
3
1
1
Helped buyer understand the process
Pointed out unnoticed features/faults with property
Negotiated better sales contract terms
Improved buyer's knowledge of search areas
Provided a better list of service providers
Negotiated a better price
Shortened buyer's home search
Provided better list of mortgage lenders
Narrowed buyer's search area
Expanded buyer's search area
Other
None of the above
U.S.
Exhibit 4-12
HOW BUYER FOUND REAL ESTATE AGENT, FIRST-TIME AND REPEAT BUYERS
Florida
Referred by (or is) a friend, neighbor or relative
Used agent previously to buy or sell a home
Internet Web site (without a specific reference)
Visited an open house and met agent
Saw contact information on For Sale/Open House sign
Referred by another real estate agent/broker
Personal contact by agent (telephone, e-mail, etc.)
Referred through employer or relocation company
Walked into or called office and agent was on duty
Search engine
Newspaper, Yellow Pages or home book ad
Direct mail (newsletter, flyer, postcard, etc.)
Mobile or tablet application
Advertising specialty (calendar, magnet, etc.)
Crowdsourcing through social media/knew the person
through social media
Saw the agent's social media page without a
connection
All
Buyers
First-time
Buyers
Repeat
Buyers
35%
10
13
4
7
5
4
3
3
1
1
0
*
*
48%
2
8
2
6
3
2
5
3
2
1
*
*
1
30%
13
15
5
7
5
5
3
3
1
1
*
*
*
*
*
*
1
1
1
All
Buyers
First-time
Buyers
Repeat
Buyers
40%
12
10
5
5
5
4
3
2
1
1
*
*
*
52%
2
11
5
4
4
3
2
2
1
*
*
1
*
33%
17
10
5
6
5
4
4
2
1
1
1
*
*
*
*
*
*
*
*
U.S.
Personal contact by agent (telephone, e-mail, etc.)
Search engine
connection
Exhibit 4-13
HOW BUYER FOUND REAL ESTATE AGENT, BY ADULT COMPOSITION OF HOUSEHOLD
Florida
Saw contact information on For Sale/Open House
sign
Personal contact by agent (telephone, e-mail,
etc.)
All Married Single Single Unmarried
Buyers couple female male
couple Other
35%
10
13
4
35%
11
12
5
37%
8
16
2
37%
11
17
6
25%
10
15
5
*
*
*
*
7
5
8
6
2
5
3
*
10
10
50
*
4
4
8
*
5
25
3
4
2
*
*
25
Search engine
Crowdsourcing through social media/knew the
person through social media
connection
3
1
1
0
*
*
4
0
1
*
*
*
2
2
2
2
*
2
*
6
*
*
*
*
5
5
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
1
1
*
3
*
*
U.S.
Saw contact information on For Sale/Open House
sign
Personal contact by agent (telephone, e-mail,
etc.)
All Married Single Single Unmarried
Buyers couple female male
couple Other
40%
12
10
5
38%
13
10
6
43%
12
9
4
41%
11
12
3
46%
8
11
6
29%
14
9
9
5
5
5
5
4
4
5
2
6
3
5
7
4
4
5
3
3
5
3
4
1
3
1
1
Search engine
Crowdsourcing through social media/knew the
person through social media
connection
2
1
1
*
*
*
2
1
1
*
*
*
2
1
1
1
*
*
2
1
1
1
*
1
3
1
*
*
*
*
1
2
*
*
3
*
*
*
*
*
*
*
*
*
*
*
*
2
Exhibit 4-14
HOW TIMES CONTACTED AGENT BEFORE RECEIVED RESPONSE AND ORIGINAL FORM OF CONTACT
(Median, Percentage Distribution)
Florida
Phone call
63%
E-mail
15
Contacted friend/family
*
Web form on home listing website
6
Text message
2
Through agent's website
2
Social Media (FaceBook, Twitter, LinkedIn, etc.)1
Other
12
Number of Times Contacted (median)
1
U.S.
Phone call
56%
E-mail
21
Contacted friend/family
7
Web form on home listing website
5
Text message
3
Through agent's website
3
Social Media (FaceBook, Twitter, LinkedIn, etc.)2
Other
4
Number of Times Contacted (median)
1
Exhibit 4-15
NUMBER OF REAL ESTATE AGENTS INTERVIEWED BY FIRST-TIME AND REPEAT BUYERS
Florida
One
Two
Three
Four or more
All Buyers
54%
32
10
5
First-time Buyers
55%
32
6
7
Repeat Buyers
53%
32
11
4
All Buyers
First-time Buyers
Repeat Buyers
67%
20
8
4
64%
22
9
5
69%
19
8
4
U.S.
One
Two
Three
Four or more
Exhibit 4-16
(Percent Of Respondents)
Florida
Used online recommendations
and it influenced choice of
agent
and it did not affect my agent
choice
Did not use online
recommendations but would
consider doing so next time
Did not use online
recommendations and would
not consider using
All Buyers
13%
10
36
43
U.S.
and it influenced choice of
agent
and it did not affect my agent
choice
Did not use online
recommendations but would
consider doing so next time
Did not use online
recommendations and would
not consider using
All Buyers
Did not use online
recommendations
and would not
consider using
43%
10%
Used online
recommendations
and it influenced
choice of agent
10%
Used online
recommendations
and it did not affect
my agent choice
9%
9
38
43
Did not use online
recommendations
but would consider
doing so next time
38%
Exhibit 4-17
MOST IMPORTANT FACTORS WHEN CHOOSING AN AGENT
Reputation of agent
Agent is honest and trustworthy
Agent is friend or family member
Agent's knowledge of the neighborhood
Agent has caring personality/good
listener
Agent is timely with responses
Agent seems 100% accessible because
of use of technology like tablet or smart
phone
Florida
21%
21%
10%
18%
U.S.
23%
23%
15%
13%
8%
11%
8%
7%
5%
4%
Agent's association with a particular firm
5%
4%
Professional designations held by agent
Other
1%
0%
1%
1%
MOST IMPORTANT FACTORS IN CHOOSING AN AGENT
MOST IMPORTANT FACTORS IN CHOOSING AN AGENT
Agent seems 100%
accessible because
of use of technology
like tablet or smart
phone, 5%
Florida
U.S.
Agent's association
with a particular firm,
5%
Agent seems 100%
accessible because of Agent's association with
use of technology like
a particular firm, 4%
tablet or smart phone,
4%
Reputation of agent,
21%
Professional
designations
held by agent,
1%
Reputation of agent,
23%
Other, 1%
Agent is timely with
responses, 7%
Agent is timely with
responses, 11%
Agent has caring
personality/good
listener, 8%
Agent is honest and
trustworthy, 21%
Agent has caring
personality/good
listener, 8%
Agent's knowledge of
the neighborhood, 13%
Agent is honest and
trustworthy, 23%
Agent's knowledge of
the neighborhood,
18%
Agent is friend or
family member, 10%
Agent is friend or family
member, 15%
Exhibit 4-18
IMPORTANCE OF REAL ESTATE AGENT SKILLS AND QUALITIES
Florida
Honesty and integrity
Knowledge of purchase process
Responsiveness
Knowledge of real estate market
Communication skills
Negotiation skills
People skills
Knowledge of local area
Skills with technology
Very
Important
Somewhat
Important
Not
Important
98%
94
93
92
90
83
81
86
46
2%
5
5
7
10
16
18
12
46
*
1
2
1
*
2
1
3
8
Very
Important
Somewhat
Important
Not
Important
97%
93
94
91
86
83
80
78
45
2%
6
5
8
13
16
19
19
47
*
1
*
1
1
1
1
2
9
U.S.
Responsiveness
Negotiation skills
People skills
Exhibit 4-19
AGENT SKILLS AND QUALITIES CONSIDERED 'VERY IMPORTANT' BY FIRST-TIME AND
Florida
Responsiveness
Negotiation skills
People skills
All Buyers
First-time
Buyers
98%
94
93
92
90
83
81
86
46
99%
98
95
87
85
82
83
77
47
All Buyers
First-time
Buyers
97%
93
94
91
86
83
80
78
45
98%
95
94
89
87
82
80
72
43
BUYERS OF
Repeat
New
Previously
Buyers Homes Owned Homes
98%
93
93
94
85
83
80
89
46
98%
89
93
89
91
88
84
84
58
99%
93
96
95
89
91
82
80
54
U.S.
Responsiveness
Negotiation skills
People skills
BUYERS OF
Repeat
New
Previously
Buyers Homes Owned Homes
97%
92
95
92
86
83
81
81
46
96%
90
94
90
83
80
79
76
41
98%
93
94
91
87
83
81
79
45
Exhibit 4-20
AGENT SKILLS AND QUALITIES CONSIDERED 'VERY IMPORTANT' BY ADULT
COMPOSITION OF HOUSEHOLD
Florida
Responsiveness
Negotiation skills
People skills
All Buyers
Married
couple
Single
female
98%
94
93
92
90
83
81
86
46
99%
94
93
93
88
85
80
87
46
98%
94
95
87
84
77
84
79
48
Single Unmarried
male
couple
97%
94
91
94
58
76
79
82
46
95%
100
90
95
90
79
84
95
47
Other
100%
75
100
75
100
67
100
67
33
U.S.
All Buyers
Responsiveness
Negotiation skills
People skills
97%
93
94
91
86
83
80
78
45
Married
Single Single Unmarried
couple female
male
couple Other
97%
92
94
92
86
82
80
79
44
98%
95
96
91
91
89
85
80
51
97%
91
91
91
79
73
74
78
40
97%
94
96
91
89
86
83
72
39
99%
91
97
85
84
89
86
72
45
Exhibit 4-21
IMPORTANCE OF AGENT COMMUNICATIONS
Florida
First-time
All Buyers
Buyers
Calls personally to inform of activities
Sends postings as soon as a property is
listed/the price changes/under contract
Sends emails about specific needs
Can send market reports on recent listings
and sales
Sends property info and communicates via
text message
Has a web page
Has a mobile site to show properties
Sends an email newsletter
Advertises in newspapers
Is active on Facebook
Has a blog
Repeat
Buyers
80%
76%
82%
70
60
70
65
70
58
54
46
57
50
30
27
13
6
6
2
54
25
26
17
5
3
1
49
32
27
11
7
7
2
All Buyers
First-time
Buyers
Repeat
Buyers
79%
75%
80%
69
59
69
60
69
58
51
47
54
45
29
25
10
6
6
1
48
29
25
11
5
7
1
44
30
25
10
7
5
1
U.S.
Calls personally to inform of activities
Sends postings as soon as a property is
listed/the price changes/under contract
Sends emails about specific needs
Can send market reports on recent listings
and sales
Sends property info and communicates via
text message
Has a web page
Has a mobile site to show properties
Sends an email newsletter
Advertises in newspapers
Is active on Facebook/Twitter
Has a blog
Exhibit 4-22
SATISFACTION WITH REAL ESTATE AGENT SKILLS AND QUALITIES
Florida
People skills
Responsiveness
Negotiation skills
Very Satisfied
85%
91
84
87
89
82
84
80
76
Somewhat Satisfied
13%
6
14
10
7
16
12
18
18
Not Satisfied
2%
3
3
3
4
2
4
2
6
Very Satisfied
87%
87
85
85
84
82
82
78
73
Somewhat Satisfied
10%
11
13
12
13
14
15
19
21
Not Satisfied
3%
2
2
3
3
4
3
3
7
U.S.
Responsiveness
People skills
Negotiation skills
Exhibit 4-23
WOULD BUYER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS
(Percentage distribution)
Florida
Definitely
Probably
Probably Not
Definitely Not
Don’t Know
76%
13%
6%
4%
1%
WOULD BUYER USE ESTATE AGENT AGAIN OR
RECOMMEND TO OTHERS
80%
76%
70%
60%
50%
40%
30%
20%
13%
6%
10%
4%
1%
0%
Definitely
U.S.
Definitely
Probably
Probably Not
Definitely Not
Don't Know
All
Buyers
73%
15
5
5
1
Probably
Probably Not
Definitely Not
Don’t Know
WOULD BUYER USE ESTATE AGENT AGAIN OR RECOMMEND TO
OTHERS
80%
70%
60%
50%
40%
30%
20%
10%
0%
73%
15
5
Definitely
Probably
Probably
Not
5
Definitely
Not
1
Don't Know
Exhibit 4-24
HOW MANY TIMES BUYER RECOMMENDED TYPICAL AGENT
Florida
All Buyers
None
One time
Two times
Three times
4 or more
Times recommended since
buying (median)
U.S.
None
One time
Two times
Three times
4 or more
Times recommended since
buying (median)
36%
21
18
9
16
1
All Buyers
37%
17
18
11
17
1
THE HOME SEARCH PROCESS
Exhibit 3-1
Exhibit 3-14
FIRST STEP TAKEN DURING THE HOME BUYING PROCESS, FIRST-TIME AND REPEAT
BUYERS
FIRST STEP TAKEN DURING THE HOME BUYING PROCESS, BY AGE
INFORMATION SOURCES USED IN HOME SEARCH, BY FIRST-TIME AND REPEAT BUYERS,
INFORMATION SOURCES USED IN HOME SEARCH, BY AGE
FREQUENCY OF USE OF DIFFERENT INFORMATION SOURCES
USEFULNESS OF INFORMATION SOURCES
LENGTH OF SEARCH, BY REGION
LENGTH OF SEARCH FOR BUYERS WHO USED AN AGENT, BY FIRST-TIME AND REPEAT
BUYERS
WHERE BUYER FOUND THE HOME THEY PURCHASED, 2001-2014
BUYER INTEREST IN PURCHASING A HOME IN FORECLOSURE, BY FIRST-TIME AND REPEAT
MOST DIFFICULT STEPS OF HOME BUYING PROCESS BY FIRST-TIME AND REPEAT BUYERS
USE OF INTERNET TO SEARCH FOR HOMES, 2003-2014
ACTIONS TAKEN AS A RESULT OF INTERNET HOME SEARCH, FIRST-TIME AND REPEAT
BUYERS
CHARACTERISTICS OF HOME SEARCHERS AND SEARCH ACTIVITY, BY USE OF INTERNET
Exhibit 3-15
Exhibit 3-16
Exhibit 3-17
Exhibit 3-18
Exhibit 3-20
Exhibit 3-21
INFORMATION SOURCES USED IN HOME SEARCH, BY USE OF INTERNET
WHERE BUYERS FOUND THE HOME THEY PURCHASED, BY USE OF INTERNET
METHOD OF HOME PURCHASE, BY USE OF INTERNET
VALUE OF WEB SITE FEATURES
MOBILE SEARCH BY FIRST-TIME AND REPEAT BUYERS
SATISFACTION IN BUYING PROCESS
Exhibit 3-2
Exhibit 3-3
Exhibit 3-4
Exhibit 3-5
Exhibit 3-6
Exhibit 3-7
Exhibit 3-8
Exhibit 3-9
Exhibit 3-10
Exhibit 3-11
Exhibit 3-12
Exhibit 3-13
Exhibit 3-1
FIRST STEP TAKEN DURING THE HOME BUYING PROCESS, FIRST-TIME AND REPEAT BUYERS
Florida
Looked online for properties for sale
Contacted a real estate agent
Looked online for information about the home buying process
Drove-by homes/neighborhoods
Talked with a friend or relative about home buying process
Contacted a bank or mortgage lender
Visited open houses
Looked in newspapers, magazines, or home buying guides
Contacted builder/visited builder models
Contacted a home seller directly
Attended a home buying seminar
Looked up information about different neightborhoods or areas
(schools, local lifestyle/nightlife, parks, public transpo
Read books or guides about the home buying process
Other
All
Buyers
First-time
Buyers
Repeat
Buyers
40%
17
12
7
9
6
2
1
2
1
0
2
25%
13
17
6
16
17
1
*
1
2
1
*
45%
18
10
7
7
2
2
2
3
1
*
3
0
1
1
1
*
0
All
Buyers
First-time
Buyers
Repeat
Buyers
43%
15
12
7
6
6
3
3
34%
11
20
12
9
4
2
2
47%
18
8
4
5
7
4
3
2
1
1
1
*
*
1
1
1
2
1
*
2
1
1
0
*
*
U.S.
Visited open houses
Other
Exhibit 3-2
FIRST STEP TAKEN DURING THE HOME BUYING PROCESS, BY AGE
Florida
AGE OF HOME BUYER
Visited open houses
Other
All Buyers
40%
17
12
7
9
6
2
1
2
1
0
2
18-24
*
50
25
*
25
*
*
*
*
*
*
*
25-44
36%
12
14
6
14
12
1
*
1
1
1
2
45-64
45%
16
10
9
4
5
1
2
3
1
*
3
0
1
*
*
1
1
*
1
65 or
older
39%
22
10
5
11
1
4
2
3
2
*
2
*
*
U.S.
AGE OF HOME BUYER
All Buyers 18 to 24 25 to 44 45 to 64
43%
39%
45%
45%
15
9
10
18
12
21
16
8
65 or
older
35%
25
7
Visited open houses
7
6
6
3
3
12
10
4
1
2
8
8
4
3
3
4
6
8
4
4
7
4
9
4
1
2
1
1
1
1
*
1
*
1
1
*
1
2
2
1
*
4
2
3
*
Other
*
*
*
*
1
1
*
*
*
*
Exhibit 3-3
INFORMATION SOURCES USED IN HOME SEARCH, BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF
Florida
Online website
Real estate agent
Yard sign
Open house
Mobile or tablet website or
application
Mobile or tablet search engine
Online video site
Print newspaper advertisement
Home builder
Home book or magazine
Billboard
Television
Relocation company
BUYERS OF
New
Previously
Homes Owned Homes
All Buyers
First-time Buyers
Repeat
Buyers
85%
88
46
37
85%
90
50
22
86%
88
45
42
76%
80
30
37
87%
90
50
37
44
43
29
3
25
19
3
3
3
55
55
20
14
22
18
3
6
2
40
38
32
23
26
19
3
3
3
41
40
30
22
74
15
8
7
3
45
44
29
20
*
20
2
3
3
U.S.
Online website
Real estate agent
application
Yard sign
Open house
Online video site
Home builder
Billboard
Television
Relocation company
BUYERS OF
New
Previously
Homes Owned Homes
All Buyers
First-time Buyers
Repeat
Buyers
88%
87
92%
88
87%
87
84%
75
89%
90
50
48
48
44
26
18
21
14
4
4
3
59
57
46
42
22
14
19
12
5
5
3
46
43
49
46
28
20
22
15
4
3
4
50
49
42
50
29
68
22
19
15
8
5
51
48
49
44
25
9
21
13
3
3
3
Exhibit 3-4
INFORMATION SOURCES USED IN HOME SEARCH, BY AGE
Florida
AGE OF HOME BUYER
Online website
Real estate agent
Yard sign
Open house
application
Online video site
Home builder
Billboard
Television
Relocation company
All Buyers
85%
88
46
3
18 to 24
25%
100
75
25
25 to 44
88%
87
42
33
45 to 64
88%
88
50
40
65 or older
79%
87
44
40
25
50
63
41
20
19
3
50
*
60
23
39
28
24
39
3
25
19
3
3
3
*
*
25
*
*
*
10
26
14
2
4
2
21
27
18
2
4
4
34
23
23
6
2
2
U.S.
AGE OF HOME BUYER
Online website
Real estate agent
application
Yard sign
Open house
Online video site
Home builder
Billboard
Television
Relocation company
All Buyers
88%
87
18 to 24
96%
87
25 to 44
94%
88
45 to 64
87%
87
65 or older
73%
87
50
48
48
44
26
18
59
62
52
23
16
8
65
61
46
46
23
17
41
39
51
45
29
19
21
21
47
44
31
19
21
14
4
4
3
19
13
5
5
3
17
12
4
3
4
24
16
4
4
4
29
17
6
4
2
Exhibit 3-5
Florida
Online website
Real estate agent
application
Yard sign
Open house
Online video site
Home builder
Billboard
Television
Relocation company
Frequently
70%
68
29
Occasionally
70%
20
29
27
16
6
14
10
0
2
*
0
1
27
30
31
14
15
3
17
3
3
2
Rarely or
not at all
70%
12
29
27
54
63
14
75
97
81
97
97
97
Florida
Online website
70
70
Real estate agent
70
68
Mobile or tablet website or…
20
29
29
27
Yard sign
27
16
Open house
6
54
31
63
14
Home builder
27
30
Online video site
10
12
29
14
14
15
75
Print newspaper advertisement 03
97
Home book or magazine 2
17
81
Billboard 03
97
Television 0 3
97
Relocation company 12
97
0%
20%
40%
Frequently
60%
Occasionally
80%
100%
Rarely or not at all
U.S.
Online website
Real estate agent
application
Yard sign
Open house
Online video site
Home builder
Billboard
Television
Relocation company
Frequently
74%
63
Occasionally
14%
24
Rarely or
not at all
12%
13
34
31
16
11
11
7
4
2
1
1
1
16
17
32
33
15
11
17
12
3
3
2
50
52
52
56
74
82
80
86
96
96
96
U.S.
Online website
74
Real estate agent
application
34
Yard sign
16
7
32
52
56
15
74
11
4
Home book or magazine 2
82
17
80
12
86
Billboard 1 3
96
Television 1 3
96
96
0%
20%
Frequently
52
33
11
Home builder
12
13
50
17
11
Online video site
24
16
31
Open house
14
63
40%
Occasionally
60%
80%
Rarely or not at all
100%
Exhibit 3-6
(Percentage Distribution Among Buyers that Used Each Source)
(Percentage Distribution Among Buyers that Used Each Source )
Florida
Florida
Very Somewhat
Useful
Useful
Online website
Real estate agent
application
Home builder
Online video site
Open house
Yard sign
Relocation company
Billboard
Television
Not
Useful
78%
79
19%
18
3%
2
65
33
2
64
57
54
27
34
*
11
34
33
40
59
56
100
78
2
10
6
14
10
*
11
Online website
78
Real estate agent
79
Home builder
64
56
75
17
33
22
33
2
64
34
2
33
6
59
34
14
56
10
100
Billboard
11
0
78
19
11
64
11
10
40
27
Yard sign
2
65
54
Open house
3
18
57
Online video site
Television
19
11
3
19
17
56
3
33
75
0%
20%
22
40%
Very Useful
60%
80%
Somewhat Useful
100%
Not Useful
(Percentage Distribution Among Buyers that Used Each Source )
U.S.
U.S.
Online website
Very Somewhat
Useful
Useful
Online website
Real estate agent
application
Home builder
Online video site
Open house
Yard sign
Relocation company
Billboard
Television
Not
Useful
82%
75
16%
23
2%
3
69
64
44
47
37
32
28
21
29
33
45
47
55
56
55
62
2
3
9
6
8
9
17
17
17
16
13
68
67
67
15
17
20
82
Real estate agent
75
Home builder
37
55
17
Television
16
17
62
17
68
15
67
13
0%
8
9
55
21
6
56
28
Billboard
9
47
32
Relocation company
17
67
20%
Very Useful
3
45
47
Yard sign
2
33
44
Open house
3
29
64
Online video site
2
23
69
16
40%
20
60%
Somewhat Useful
80%
Not Useful
100%
Exhibit 3-7
LENGTH OF SEARCH, BY REGION
(Median)
Number of Weeks Searched
2001
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Number of homes viewed
Florida
10
10
U.S.
7
8
8
8
8
8
10
12
12
12
12
12
10
Northeast
7
10
12
10
12
12
12
12
14
12
12
12
12
Midwest
7
8
8
8
8
8
10
10
10
10
12
10
10
South
7
8
8
8
8
8
8
10
10
10
10
10
10
West
7
6
8
6
8
8
10
12
12
12
12
12
10
10
10
10
10
10
Exhibit 3-8
LENGTH OF SEARCH FOR BUYERS WHO USED AN AGENT, BY FIRST-TIME AND REPEAT BUYERS
(Median Weeks)
Florida
All
Buyers
Total number of weeks searched
Number of weeks searched before
contacting agent
Buyers who First-time
Used an Agent
Buyers
10
NA
10
2
Repeat
Buyers
10
3
9
2
LENGTH OF SEARCH FOR BUYERS WHO USED AN AGENT, BY
AGE AND BY FIRST-TIME AND REPEAT BUYERS
(Median)
Florida
12
10
10
10
10
9
8
6
4
3
2
2
2
0
All Buyers
Buyers who Used an First-time Buyers
Agent
Repeat Buyers
Number of weeks searched before contacting agent
U.S.
All
Buyers
Number of weeks searched before
contacting agent
Buyers who First-time
Used an Agent
Buyers
10
NA
10
2
Repeat
Buyers
12
3
9
2
LENGTH OF SEARCH FOR BUYERS WHO USED AN AGENT, BY
AGE AND BY FIRST-TIME AND REPEAT BUYERS
(Median)
U.S.
14
12
12
10
10
10
9
8
6
4
3
2
2
2
0
All Buyers
Buyers who Used an
Agent
First-time Buyers
Repeat Buyers
Number of weeks searched before contacting agent
NA=Not applicable
Exhibit 3-9
WHERE BUYER FOUND THE HOME THEY PURCHASED, 2001-2014
Florida
Real estate agent
Internet
Yard sign/open house sign
Friend, relative or neighbor
Home builder or their agent
Directly from sellers/Knew the sellers
Other
2014
39%
35
9
6
6
1
3
0
--
U.S.
Internet
Real estate agent
Other
2001
8%
48
15
8
3
4
7
2
3
2003
11%
41
16
7
7
4
7
1
6
2004
15%
38
16
7
7
5
5
2
4
2005
24%
36
15
7
7
3
5
1
--
2006
24%
36
15
8
8
3
5
1
--
2007
29%
34
14
8
8
3
3
1
--
2008
32%
34
15
7
7
2
3
1
--
2009
36%
36
12
6
5
2
2
*
--
2010
37%
38
11
6
4
2
2
*
--
2011
40%
35
11
6
5
2
2
*
--
2012
42%
34
10
6
5
2
1
*
--
2013
43%
33
9
6
5
2
1
*
1
2014
43%
33
9
6
5
3
1
*
--
Exhibit 3-10
BUYER INTEREST IN PURCHASING A HOME IN FORECLOSURE, BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS
OF NEW AND PREVIOUSLY OWNED HOMES
Florida
Did not consider purchasing a home in foreclosure
Considered purchasing a home in foreclosure, but did not:
Could not find the right home
The process was too difficult or complex
The home was in poor condition
The home price was too high
The neighborhood was undesirable
Financing options were not attractive
First-time Repeat
Buyers Buyers
All Buyers
47%
24%
55%
26
18
13
4
3
6
34
27
20
6
5
14
23
15
10
3
3
4
BUYERS OF
New
Previously
Homes
Owned Homes
69%
43%
17
10
5
3
*
1
28
20
14
4
4
8
U.S.
Did not consider purchasing a home in foreclosure
Considered purchasing a home in foreclosure, but did not:
Could not find the right home
The process was too difficult or complex
The home was in poor condition
The home price was too high
The neighborhood was undesirable
Financing options were not attractive
N/A- Not Applicable
First-time Repeat
Buyers Buyers
All Buyers
53%
42%
59%
27
13
12
4
4
3
32
16
16
6
6
6
24
12
9
3
3
2
BUYERS OF
New
Previously
Homes
Owned Homes
68%
50%
20
10
6
4
3
2
28
14
13
4
4
4
Exhibit 3-11
MOST DIFFICULT STEPS OF HOME BUYING PROCESS BY FIRST-TIME AND REPEAT BUYERS AND BUYERS OF NEW AND PREVIOUSLY OWNED HOMES
Florida
Finding the right property
Paperwork
Understanding the process and steps
No difficult steps
Getting a mortgage
Saving for the down payment
Appraisal of the property
Other
All Buyers
First-time Buyers
52%
24
13
18
14
8
4
7
59%
32
32
7
18
22
3
3
Repeat Buyers
50%
22
6
22
13
4
5*
8
BUYERS OF
New
Previously
Homes Owned Homes
45%
27
13
24
15
9
4
53%
24
13
17
14
8
5
7
U.S.
Finding the right property
Paperwork
Understanding the process and steps
Getting a mortgage
Saving for the down payment
Appraisal of the property
No difficult steps
Other
All Buyers
First-time Buyers
Repeat Buyers
53%
24
16
14
12
5
16
6
54%
28
34
16
23
6
8
5
52%
22
7
13
7
5
20
6
BUYERS OF
New
Previously
Homes Owned Homes
43%
25
14
13
12
4
22
7
55%
24
16
14
12
5
15
6
Exhibit 3-12
USE OF INTERNET TO SEARCH FOR HOMES, 2003-2014
U.S.
Frequently
42%
53%
57%
59%
66%
69%
76%
74%
75%
79%
81%
80%
75%
2003
2004
2005
2005
2007
2008
2009
2010
2011
2012
2013
2014
Florida
Occasionally
29%
24%
22%
21%
18%
18%
13%
15%
13%
11%
11%
12%
16%
USE OF INTERNET TO SEARCH FOR HOMES
100%
90%
80%
18%
70%
24%
22%
13%
15%
13%
76%
74%
75%
2009
2010
2011
18%
11%
12%
79%
81%
80%
2012
2013
2014
11%
16%
21%
60%
29%
50%
40%
30%
53%
20%
57%
59%
2005
2005
66%
69%
2007
2008
75%
42%
10%
0%
2003
2004
Frequently
Occasionally
Florida
Exhibit 3-13
ACTIONS TAKEN AS A RESULT OF INTERNET HOME SEARCH, FIRST-TIME AND REPEAT BUYERS
(Percent of Respondents Among Buyers Who Used the Internet)
Florida
All
First-time
Repeat
Buyers
Buyers
Buyers
Drove by or viewed home
70%
75%
69%
Walked through home viewed online
56
56
56
Found the agent used to search for or buy home
30
28
31
Requested more information
23
29
21
Looked for more information on how to get a mortgage and general
12
home 25
buyers tips 7
Pre-qualified for a mortgage online
13
15
13
Contacted builder/developer
12
10
13
Applied for a mortgage online
8
12
6
Found a mortgage lender online
8
13
6
U.S.
Drove by or viewed home
Walked through home viewed online
Found the agent used to search for or buy home
Requested more information
Looked for more information on how to get a
mortgage and general home buyers tips
Pre-qualified for a mortgage online
Contacted builder/developer
Applied for a mortgage online
Found a mortgage lender online
All
Buyers
76%
64
26
22
First-time
Buyers
75%
63
29
28
Repeat
Buyers
76%
64
25
19
13
13
8
8
7
24
15
6
9
9
7
12
9
8
6
Exhibit 3-14
CHARACTERISTICS OF HOME SEARCHERS AND SEARCH ACTIVITY, BY
USE OF INTERNET
Florida
Household Compostion
Married couple
Single female
Single male
Unmarried couple
Other
Median age (years)
Length of Search (Median weeks)
All buyers
First-time buyers
Repeat buyers
Buyers using an agent
Before contacting agent
Number of Homes Visited (median)
Used Internet to Did Not Use Internet
Search
to Search
68%
54%
16
23
9
17
6
3
1
3
53
66
$83,800
$83,800
10
12
10
10
3
10
5
8
6
5
*
6
U.S.
Household Compostion
Married couple
Single female
Single male
Unmarried couple
Other
Median age (years)
Length of Search (Median weeks)
All buyers
First-time buyers
Repeat buyers
Buyers using an agent
Before contacting agent
Number of Homes Visited (median)
Used Internet to Did Not Use Internet
Search
to Search
67%
56%
15
24
9
15
8
3
2
2
42
62
$86,800
$66,200
10
12
10
10
3
10
4
3
4
4
*
4
Exhibit 3-15
INFORMATION SOURCES USED IN HOME SEARCH, BY USE OF INTERNET
Florida
Online website
Real estate agent
Yard sign
application
Open house
Online video site
Home builder
Billboard
Television
Relocation company
Used
Internet to
Search
Did Not Use
Internet to
Search
3%
90
48
31%
72
25
48
38
45
30
20
25
19
3
3
3
4
26
12
8
30
27
19
*
4
*
Used
Internet to
Search
Did Not Use
Internet to
Search
93%
89
NA
70
54
51
49
36
27
21
18
14
4
4
4
NA
NA
35
31
NA
27
19
10
5
5
2
U.S.
Online website
Real estate agent
application
Yard sign
Open house
Online video site
Home builder
Billboard
Television
Relocation company
Exhibit 3-16
WHERE BUYERS FOUND THE HOME THEY PURCHASED, BY USE OF INTERNET
Florida
Internet
Real estate agent
Used Internet to
Search
Did Not Use
Internet to Search
37%
39
9
6
5
1
3
0
14%
33
14
11
11
8
8
#N/A
Used Internet to
Search
Did Not Use
Internet to Search
46%
32
8
5
5
2
1
*
NA
42
13
8
15
13
3
1
U.S.
Internet
Real estate agent
Exhibit 3-17
METHOD OF HOME PURCHASE, BY USE OF INTERNET
Florida
Through a real estate agent/broker
Directly from previous owner whom buyer didn't know
Directly from previous owner whom buyer knew
Other
Used Internet
to Search
Did Not Use Internet
to Search
87%
8
2
3
0
68%
11
5
16
*
Used Internet
to Search
Did Not Use Internet
to Search
90%
6
2
2
1
67%
12
4
15
2
U.S.
Through a real estate agent/broker
Directly from previous owner whom buyer didn't know
Directly from previous owner whom buyer knew
Other
Exhibit 3-18
VALUE OF WEB SITE FEATURES
(Percentage Distribution Among Buyers Who Used the Internet)
Florida
Photos
Detailed information about properties for sale
Virtual tours
Interactive maps
Real estate agent contact information
Neighborhood information
Detailed information about recently sold properties
Pending sales/contract status
Information about upcoming open houses
Videos
Real estate news or articles
Very
Useful
83%
80
46
37
40
40
37
34
11
22
6
Somewhat
Useful
14%
16
34
37
29
40
42
32
31
31
26
Not
Useful
1%
1
8
9
14
10
10
18
26
20
28
Did not
use/Not
Available
2%
3
12
16
17
11
11
15
33
28
41
Very
Useful
83%
79
41
40
37
34
33
33
21
19
6
Somewhat
Useful
14%
18
35
34
42
35
31
42
32
32
22
Not
Useful
1%
1
9
10
9
14
15
12
19
17
27
Did not
use/Not
Available
2%
2
15
16
12
16
21
13
28
32
45
U.S.
Photos
Detailed information about properties for sale
Interactive maps
Virtual tours
Neighborhood information
Pending sales/contract status
Real estate agent contact information
Detailed information about recently sold properties
Information about upcoming open houses
Videos
Real estate news or articles
Exhibit 3-20
MOBILE SEARCH BY FIRST-TIME AND REPEAT BUYERS
(Percent of Respondents Among those Who Used Mobile Search)
Searched with an iPhone
Search with an iPad
Searched with an Android
Found my home with a mobile
application
Search with a different tablet
Used QR Code that lead me to
more information on the property
Found my agent with a mobile
application
Searched with a Windows based
mobile device
Searched with an iPhone
Search with an iPad
Searched with an Android
Found my home with a mobile
application
Search with a different tablet
Searched with a Windows based
mobile device
Found my agent with a mobile
application
Used QR Code that lead me to
more information on the property
First-time
Buyers
All Buyers
24%
44%
24
28
15
32
Repeat
Buyers
44%
44
27
11
4
17
7
26
9
3
2
5
2
4
3
6
6
10
First-time
Buyers
All Buyers
52%
54%
46
39
27
33
Repeat
Buyers
51%
50
23
27
30
24
10
11
9
6
5
7
4
4
4
3
3
4
Exhibit 3-21
Florida
Very Satisfied
Somewhat Satisfied
Somewhat Dissatisfied
Very Dissatisfied
56%
31
8
5
Somewhat
Dissatisfied
8%
Very
Dissatisfied
5%
Very Satisfied
56%
Somewhat
Satisfied
31%
U.S.
Very Satisfied
Somewhat Satisfied
Very Dissatisfied
Very
Dissatisfied
4%
Somewhat
Dissatisfied
8%
56%
33
8
4
Very Satisfied
55%
Somewhat
Satisfied
33%
FINANCING THE HOME PURCHASE
Exhibit 5-1
Exhibit 5-2
Exhibit 5-3
Exhibit 5-4
Exhibit 5-5
Exhibit 5-6
Exhibit 5-7
Exhibit 5-8
Exhibit 5-9
Exhibit 5-10
Exhibit 5-11
Exhibit 5-12
Exhibit 5-13
Exhibit 5-14
Exhibit 5-15
Exhibit 5-16
Exhibit 5-17
Exhibit 5-18
Exhibit 5-19
BUYERS WHO FINANCED THEIR HOME PURCHASE, BY AGE
BUYERS WHO FINANCED THEIR HOME PURCHASE, BY ADULT COMPOSITION OF HOUSEHOLD
PERCENT OF HOME FINANCED BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW AND
PREVIOUSLY OWNED HOMES
SOURCES OF DOWNPAYMENT, FIRST-TIME AND REPEAT BUYERS
SOURCES OF DOWNPAYMENT, BY ADULT COMPOSITION OF HOUSEHOLD
LENGTH OF TIME TO SAVE FOR A DOWNPAYMENT, FIRST-TIME AND REPEAT BUYERS
LENGTH OF TIME TO SAVE FOR A DOWNPAYMENT, BY ADULT COMPOSITION OF HOUSEHOLD
EXPENSES THAT DELAYED SAVING FOR A DOWNPAYMENT OR SAVING FOR A HOME PURCHASE, BY
FIRST-TIME AND REPEAT BUYERS
EXPENSES THAT DELAYED SAVING FOR A DOWNPAYMENT OR SAVING FOR A HOME PURCHASE, BY
SACRIFICES MADE TO PURCHASE HOME, BY FIRST-TIME AND REPEAT BUYERS
SACRIFICES MADE TO PURCHASE HOME, BY ADULT COMPOSITION OF HOUSEHOLD
DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESS, BY FIRST-TIME AND REPEAT
BUYERS
DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESS, BY ADULT COMPOSITION OF
HOUSEHOLD
BUYERS WHO HAD MORTGAGE APPLICATION REJECTED BY LENDER
BUYER PREVIOUSLY SOLD A DISTRESSED PROPERTY (SHORT SALE OR FORECLOSURE)
TYPE OF MORTGAGE, FIRST-TIME AND REPEAT BUYERS
TYPE OF LOAN, FIRST-TIME AND REPEAT BUYERS
BUYERS' VIEW OF HOMES AS A FINANCIAL INVESTMENT, FIRST-TIME AND REPEAT BUYERS, AND
BUYERS' VIEW OF HOMES AS A FINANCIAL INVESTMENT, BY ADULT COMPOSITION OF HOUSEHOLD
Exhibit 5-1
BUYERS WHO FINANCED THEIR HOME PURCHASE, BY AGE
Florida
All Buyers
18 to 24
25 to 44
45 to 64
65 or older
77%
100%
98%
76%
53%
BUYERS WHO FINANCED THEIR HOME PURCHASE, BY
AGE
Florida
100%
100%
80%
98%
77%
76%
60%
53%
40%
20%
0%
All Buyers
18 to 24
25 to 44
45 to 64
65 or older
Age
U.S.
All Buyers
18 to 24
25 to 44
45 to 64
65 or older
88%
97%
97%
84%
64%
BUYERS WHO FINANCED THEIR HOME PURCHASE, BY
AGE
U.S.
97%
100
97%
88%
84%
80
64%
60
40
20
0
All Buyers
18 to 24
25 to 44
45 to 64
Age
65 or older
Exhibit 5-2
BUYERS WHO FINANCED THEIR HOME PURCHASE, BY ADULT COMPOSITION OF HOUSEHOLD
Florida
All buyers
All Buyers
First-time Buyers
Repeat Buyers
77%
95
71
Married
Single
Single Unmarried
couple
female
male
couple
79%
95
74
77%
100
67
67%
82
60
83%
100
67
Other
50%
100
33
U.S.
All buyers
All Buyers
First-time Buyers
Repeat Buyers
88%
95
84
Married
Single
Single Unmarried
couple
female
male
couple
88%
96
86
82%
95
76
85%
92
81
96%
97
93
Other
83%
90
76
Exhibit 5-3
PERCENT OF HOME FINANCED BY FIRST-TIME AND REPEAT BUYERS, AND BUYERS OF NEW
Florida
BUYERS OF
Less than 50%
50% to 59%
60% to 69%
70% to 79%
80% to 89%
90% to 94%
95% to 99%
100% – Financed the entire
purchase price with a mortgage
Median percent financed
All Buyers
9%
3
4
14
19
11
27
13
First-time
Buyers
5%
*
3
7
12
11
46
16
Repeat
Buyers
11%
4
4
17
22
12
19
12
New
Homes
15%
3
*
15
19
8
25
15
Previously
Owned Homes
8%
3
5
14
19
12
27
13
91%
96%
87%
89%
91%
U.S.
BUYERS OF
Less than 50%
50% to 59%
60% to 69%
70% to 79%
80% to 89%
90% to 94%
95% to 99%
100% – Financed the entire
purchase price with a mortgage
Median percent financed
All Buyers
First-time
Buyers
Repeat
Buyers
New
Homes
Previously
Owned Homes
9%
3
5
12
23
15
21
14
5%
1
3
9
19
15
31
17
10%
4
6
13
26
14
15
12
11%
4
3
12
23
15
18
15
8%
3
5
12
23
15
21
14
90%
94%
87%
89%
90%
Exhibit 5-5
SOURCES OF DOWNPAYMENT, BY ADULT COMPOSITION OF HOUSEHOLD
(Percent of Respondents Among those who Made a Downpayment)
Florida
All Buyers
Savings
Proceeds from sale of primary residence
Gift from relative or friend
Sale of stocks or bonds
401k/pension fund including a loan
Loan from relative or friend
Equity from primary residence buyer continue to own
Inheritance
Individual Retirement Account (IRA)
Loan or financial assistance from source other than employer
Proceeds from sale of real estate other than primary residence
Loan from financial institution other than a mortgage
Loan or financial assistance through employer
Other
65%
37
13
10
10
4
2
3
3
1
2
1
*
3
Married Single Single Unmarried
couple female male
couple Other
63%
41
14
10
10
3
2
3
2
1
2
*
*
4
63%
31
13
10
11
7
1
*
6
3
3
1
*
3
70%
22
3
14
11
5
3
8
3
3
*
*
*
*
89%
22
22
6
17
*
*
6
*
*
*
*
*
*
75%
50
*
*
*
*
*
*
*
*
*
*
*
*
U.S.
All Buyers
Savings
65%
Proceeds from sale of primary residence
33
Gift from relative or friend
14
Sale of stocks or bonds
9
401k/pension fund including a loan
9
Inheritance
4
Loan from relative or friend
4
Individual Retirement Account (IRA)
3
Equity from primary residence buyer continue to own
2
Proceeds from sale of real estate other than primary residence
2
Loan or financial assistance from source other than employer
1
Loan from financial institution other than a mortgage
1
Loan or financial assistance through employer
1
Other
4
couple female male
couple Other
64%
37
13
10
9
3
3
3
3
2
1
1
1
4
59%
30
14
6
9
6
6
4
2
3
2
1
*
5
71%
25
12
8
8
6
4
3
2
2
1
1
1
2
79%
14
23
9
13
7
4
3
3
1
2
1
1
4
55%
30
12
5
7
11
*
2
*
7
*
*
2
7
Exhibit 5-6
LENGTH OF TIME TO SAVE FOR A DOWNPAYMENT, FIRST-TIME AND REPEAT BUYERS
(Percentage Distribution Among those who Made a Downpayment)
Florida
6 months or less
6 to 12 months
12 to 18 months
18 to 24 months
24 months to 5 years
More than 5 years
All Buyers
First-time
Buyers
Repeat
Buyers
41%
13
5
6
17
17
34%
21
6
7
18
14
43%
11
5
6
17
19
All Buyers
First-time
Buyers
Repeat
Buyers
37%
15
10
9
16
13
28%
19
12
9
19
13
43%
13
8
8
14
14
U.S.
6 months or less
6 to 12 months
12 to 18 months
18 to 24 months
More than 5 years
Exhibit 5-7
LENGTH OF TIME TO SAVE FOR A DOWNPAYMENT, BY ADULT COMPOSITION OF HOUSEHOLD
(Percentage Distribution Among those who Made a Downpayment)
Florida
6 months or less
6 to 12 months
12 to 18 months
18 to 24 months
More than 5 years
All Buyers
41%
13
5
6
17
17
Married
couple
45%
14
4
5
17
15
Single
female
29%
16
6
10
14
25
Single Unmarrie
male d couple
41%
35%
9
10
6
5
12
5
12
35
21
10
Other
*
33
*
*
33
33
U.S.
6 months or less
6 to 12 months
12 to 18 months
18 to 24 months
More than 5 years
All Buyers
37%
15
10
9
16
13
Married
couple
39%
15
9
9
15
13
Single
female
36%
14
9
9
17
15
Single Unmarrie
male d couple
35%
33%
15
19
11
11
7
12
18
16
14
10
Other
34%
16
14
1
21
14
Exhibit 5-8
EXPENSES THAT DELAYED SAVING FOR A DOWNPAYMENT OR SAVING FOR A HOME PURCHASE, BY FIRST-TIME AND REPEAT BUYERS
(Percent of Respondents Who Reported Saving for a Down Payment was Difficult)
Florida
All First-time
Buyers
Buyers Repeat Buyers
Share Saving for Downpayment was
Most Difficult Task in Buying Process:
Debt that Delayed Saving:
Student Loans
Credit card debt
Car loan
Child care expenses
Health care costs
Other
8%
22%
4%
36%
61
39
11
25
14
47%
53
53
11
26
11
11%
78
11
11
22
22
U.S.
Student Loans
Credit card debt
Car loan
Child care expenses
Health care costs
Other
All Buyers
12%
46%
50
38
17
12
8
First-time
23%
7%
57%
45
42
13
8
5
28%
58
32
24
17
14
Exhibit 5-9
EXPENSES THAT DELAYED SAVING FOR A DOWNPAYMENT OR SAVING FOR A HOME PURCHASE, BY ADULT COMPOSITION OF HOUSEHOLD
(Percent of Respondents Who Reported Saving for a Down Payment was Difficult)
Florida
Student Loans
Credit card debt
Car loan
Child care expenses
Health care costs
Other
All Buyers
Married
couple
Single
female
Single
male
Unmarried
couple
Other
8%
8%
12%
5%
9%
*
36%
61
39
11
25
14
35%
53
29
12
24
24
38%
88
50
13
25
*
50%
50
50
*
50
*
*
*
100
*
*
*
*
*
*
*
*
*
All Buyers
Married
couple
Single
female
Single
male
Unmarried
couple
Other
12%
12%
11%
13%
18%
10%
44%
48
36
20
11
9
42%
59
34
12
14
12
54%
36
51
8
8
5
57%
55
37
6
12
*
57%
17
57
43
43
*
U.S.
Student Loans
Credit card debt
Car loan
Child care expenses
Health care costs
Other
Exhibit 5-10
SACRIFICES MADE TO PURCHASE HOME, BY FIRST-TIME AND REPEAT BUYERS
Florida
Cut spending on luxury items or non-essential items
Cut spending on entertainment
Cut spending on clothes
Cancelled vacation plans
Earned extra income through a second job
Sold a vehicle or decided not to purchase a vehicle
Other
Did not need to make any sacrifices
All
Buyers
First-time
Buyers
Repeat
Buyers
32%
24
19
10
5
6
3
56
60%
45
36
15
8
10
3
27
20%
15
11
8
4
5
3
68
All
Buyers
First-time
Buyers
Repeat
Buyers
72%
56
45
24
13
12
4
54
77%
63
51
19
14
11
3
40
68%
49
39
28
11
13
4
62
U.S.
Canceled vacation plans
Other
Exhibit 5-11
SACRIFICES MADE TO PURCHASE HOME, BY ADULT COMPOSITION OF HOUSEHOLD
Florida
All
Buyers
Cancelled vacation plans
Other
32%
24
19
10
5
6
3
56
couple female male
couple Other
31%
23
17
11
5
8
3
56
38%
32
28
7
8
3
2
48
32%
29
18
14
*
4
*
57
42%
26
21
5
11
5
5
47
*
*
*
*
*
*
*
100
U.S.
All
Buyers
Canceled vacation plans
Other
72%
56
45
24
13
12
4
54
couple female male
couple Other
71%
53
41
25
12
13
4
57
74%
57
57
21
16
6
4
48
69%
61
34
23
8
12
2
56
76%
64
51
24
14
14
3
41
72%
54
40
51
9
23
*
51
Exhibit 5-12
DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESS, BY FIRST-TIME
AND REPEAT BUYERS
(Percentage Distribution Among those who Financed their Home Purchase)
Florida
Much more difficult than expected
Somewhat more difficult than expected
Not difficult/No more difficult than expected
Easier than expected
All Buyers
24%
25
39
13
First-time
Buyers
21%
30
30
18
Repeat
Buyers
25%
23
43
10
All Buyers
First-time
Buyers
Repeat
Buyers
18%
26
42
15
17%
30
36
18
18%
23
45
14
U.S.
Exhibit 5-13
DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESS, BY ADULT COMPOSITION OF
HOUSEHOLD
Florida
All Buyers
24%
25
39
13
Married
couple female
male
couple Other
27%
24
38
12
17%
20
40
23
12%
27
50
12
32%
21
37
11
*
67
*
33
U.S.
All Buyers
Married
couple female
male
couple Other
18%
26
42
15
17%
26
43
14
19%
20
41
20
13%
24
45
18
21%
30
35
14
23%
44
21
11
Exhibit 5-14
BUYERS WHO HAD MORTGAGE APPLICATION REJECTED BY LENDER
(Percenage Distribution)
Florida
All Buyers
Was rejected by a
lender (s)
Did not have
application
rejected
6%
94
U.S.
All Buyers
Was rejected by a
lender (s)
Did not have
application
rejected
4%
96
Exhibit 5-15
BUYER PREVIOUSLY SOLD A DISTRESSED PROPERTY (SHORT SALE OR FORECLOSURE)
Florida
All Buyers
Previously had a distressed property sale
10%
Median year of sale
2010
U.S.
Previously had a distressed property
sale
Median year of sale
All Buyers
8%
2009
Exhibit 5-16
TYPE OF MORTGAGE, FIRST-TIME AND REPEAT BUYERS
Florida
Fixed-rate mortgage
Adjustable-rate mortgage
Don't know
Other
All Buyers
90%
2
0
2
First-time
94%
89%
*
4
1
*
1
2
All Buyers
92%
5%
3
*
1
First-time
93%
91%
4%
5%
2
3
*
*
*
1
U.S.
Fixed-rate mortgage
Fixed-then adjustable rate mortgage
Adjustable-rate mortgage
Don't know
Other
Exhibit 5-17
TYPE OF LOAN, FIRST-TIME AND REPEAT BUYERS
Florida
Conventional
VA
FHA
Don't know
Other
All Buyers
53%
14
28
2
3
First-time
29%
63%
11
15
49
19
6
1
5
2
All Buyers
61%
22
12
4
2
First-time
48%
69%
35
15
9
13
6
2
3
1
U.S.
Conventional
FHA
VA
Don't Know
Other
Exhibit 5-18
BUYERS' VIEW OF HOMES AS A FINANCIAL INVESTMENT, FIRST-TIME AND REPEAT BUYERS,
Florida
BUYERS OF
Good financial investment
Better than stocks
About as good as stocks
Not as good as stocks
Not a good financial investment
Don’t know
All Buyers
82%
45
23
13
7
12
First-time
Buyers
Repeat
Buyers
New
Homes
Previously
Owned Homes
87%
49
26
13
3
10
80%
44
23
13
8
12
85%
44
23
18
9
6
81%
46
23
12
6
13
U.S.
BUYERS OF
Better than stocks
Don't know
All Buyers
First-time
Buyers
Repeat
Buyers
New
Homes
Previously
Owned Homes
79%
40
27
12
7
14
83%
44
29
10
4
14
78%
38
26
14
8
15
80%
37
30
13
7
13
79%
41
26
12
7
14
Exhibit 5-19
BUYERS' VIEW OF HOMES AS A FINANCIAL INVESTMENT, BY ADULT COMPOSITION OF HOUSEHOLD
Florida
Better than stocks
Don’t know
All Buyers
82%
45
23
13
7
12
Married
Single
Single
Unmarried
couple
female
male
couple
83%
45
24
14
7
11
79%
44
25
10
7
14
79%
50
10
19
7
14
Other
83%
35
39
9
9
9
80%
80
*
*
20
*
Married
Single
Single
Unmarried
couple
female
male
couple
Other
U.S.
All Buyers
Better than stocks
Don't know
79%
40
27
12
7
14
79%
39
27
13
7
14
78%
46
25
7
6
15
81%
40
24
17
8
12
83%
37
33
13
6
12
77%
46
27
4
4
20
HOME SELLERS AND THEIR SELLING EXPERIENCE
Exhibit 6-1
Exhibit 6-2
Exhibit 6-3
Exhibit 6-4
Exhibit 6-5
Exhibit 6-6
Exhibit 6-7
Exhibit 6-8
Exhibit 6-9
Exhibit 6-10
Exhibit 6-11
Exhibit 6-12
Exhibit 6-13
Exhibit 6-14
Exhibit 6-15
Exhibit 6-16
Exhibit 6-17
Exhibit 6-18
Exhibit 6-19
Exhibit 6-20
Exhibit 6-21
Exhibit 6-22
Exhibit 6-23
Exhibit 6-24
Exhibit 6-25
Exhibit 6-26
Exhibit 6-27
Exhibit 6-28
Exhibit 6-29
Exhibit 6-30
Exhibit 6-31
Exhibit 6-32
Exhibit 6-33
Exhibit 6-34
Exhibit 6-35
Exhibit 6-36
Exhibit 6-37
Exhibit 6-38
Exhibit 6-39
AGE OF HOME SELLERS, BY REGION
HOUSEHOLD INCOME OF HOME SELLERS, 2013
ADULT COMPOSITION OF HOME SELLER HOUSEHOLDS
NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOME SELLER HOUSEHOLD
RACE/ETHNICITY OF HOME SELLERS, BY REGION
PRIMARY LANGUAGE SPOKEN IN HOME SELLER HOUSEHOLD, BY REGION
HOME SELLING SITUATION AMONG REPEAT BUYERS
FIRST-TIME OR REPEAT SELLER
HOMES SOLD AND FOR SALE, BY REGION
LOCATION OF HOME SOLD
PROXIMITY OF HOME SOLD TO HOME PURCHASED
TYPE OF HOME SOLD, BY LOCATION
SIZE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
SIZE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD, BY AGE OF SELLER
NUMBER OF BEDROOMS AND BATHROOMS BY ADULT COMPOSITION OF HOUSEHOLD AND CHILDREN IN HOUSEHOLD
AGE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
PRICE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
PRICE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD, BY AGE OF SELLER
PRIMARY REASON FOR SELLING PREVIOUS HOME, BY MILES MOVED
PRIMARY REASON FOR SELLING PREVIOUS HOME, BY FIRST-TIME AND REPEAT SELLERS
SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE, BY FIRST-TIME AND REPEAT SELLERS
SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE, BY TENURE IN HOME
TENURE IN PREVIOUS HOME
TENURE IN PREVIOUS HOME, BY AGE OF SELLER
DISTANCE BETWEEN HOME PURCHASED AND HOME RECENTLY SOLD, BY REGION
DISTANCE BETWEEN HOME PURCHASED AND HOME RECENTLY SOLD, BY AGE
METHOD USED TO SELL HOME, BY REGION
METHOD USED TO SELL HOME, BY SELLER URGENCY
METHOD OF SALE, BY BUYER AND SELLER RELATIONSHIP
METHOD USED TO SELL HOME, 2001-2014
SALES PRICE COMPARED WITH LISTING PRICE, BY REGION
SALES PRICE COMPARED WITH LISTING PRICE, BY SELLER URGENCY
NUMBER OF WEEKS RECENTLY SOLD HOME WAS ON THE MARKET, BY REGION
SALES PRICE COMPARED WITH LISTING PRICE, BY NUMBER OF WEEKS HOME WAS ON THE
MARKET
NUMBER OF TIMES ASKING PRICE WAS REDUCED, BY NUMBER OF WEEKS HOME WAS ON
THE MARKET
INCENTIVES OFFERED TO ATTRACT BUYERS, BY REGION
INCENTIVES OFFERED TO ATTRACT BUYERS, BY NUMBER OF WEEKS HOME WAS ON THE
MARKET
EQUITY EARNED IN HOME RECENTLY SOLD, BY TENURE IN HOME
SATISFACTION WITH THE SELLING PROCESS
Exhibit 6-1
AGE OF HOME SELLERS, BY REGION
18 to 34 years
35 to 44 years
45 to 54 years
55 to 64 years
65 to 74 years
75 years or older
Median age (years)
Florida
4%
8
17
29
33
9
62
U.S.
14%
18
18
23
21
6
54
SELLERS WHO SOLD A HOME IN THE
Northeast
Midwest
South
West
11%
16%
14%
12%
18
19
19
17
22
18
17
18
21
22
23
26
24
19
22
20
5
7
5
8
54
52
54
57
Exhibit 6-2
HOUSEHOLD INCOME OF HOME SELLERS, 2013
Less than $25,000
$25,000 to $34,999
$35,000 to $44,999
$45,000 to $54,999
$55,000 to $64,999
$65,000 to $74,999
$75,000 to $84,999
$85,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$200,000 or more
U.S.
Florida
5%
3%
6
5
4
5
6
6
8
7
12
8
8
9
13
10
12
15
9
10
5
7
4
4
7
12
$86,000 $96,700
Northeast
2%
4
3
8
9
8
8
9
11
10
7
3
16
$96,300
Midwest
South
4%
3%
5
5
7
3
6
5
7
7
7
7
7
10
12
9
15
17
10
10
7
7
3
5
12
13
$96,500 $101,700
West
2%
5
6
8
8
8
10
11
14
12
5
2
9
$89,200
Exhibit 6-3
ADULT COMPOSITION OF HOME SELLER HOUSEHOLDS
Florida
Married couple
Single female
Single male
Unmarried couple
Other
2014
72%
15
8
4
1
U.S.
Married couple
Single female
Single male
Unmarried couple
Other
2004
74%
15
5
5
1
2005
71%
17
6
3
1
2006
72%
17
6
4
1
2007
75%
15
6
3
1
2008
74%
15
7
3
1
2009
75%
14
6
4
1
2010
75%
16
6
3
1
2011
77%
16
6
3
1
2012
76%
14
5
4
1
2013
77%
14
5
4
1
2014
74%
14
7
4
1
Exhibit 6-4
NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOME SELLER HOUSEHOLD
(Percentage Distribution of Home Seller Households)
NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN
HOME SELLER HOUSEHOLD
Florida
One
Two
Three or more
None
8%
9%
2%
81%
Florida
One, 8%
Two, 9%
WISC
Three or more,
2%
None, 81%
NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN
HOME SELLER HOUSEHOLD
U.S.
One
Two
Three or more
None
11%
15%
7%
67%
U.S.
One, 11%
Two, 15%
Three or more,
7%
None, 67%
Exhibit 6-5
RACE/ETHNICITY OF HOME SELLERS, BY REGION
White/Caucasian
Puerto Rican
Other
Florida
93%
1
U.S.
92%
3
Northeast
96%
1
Midwest
94%
2
South
91%
3
West
90%
4
6
1
1
4
2
2
2
2
*
2
1
2
5
3
1
3
1
3
Exhibit 6-6
PRIMARY LANGUAGE SPOKEN IN HOME SELLER HOUSEHOLD, BY REGION
English
Other
Florida
98%
2
U.S.
98%
2
Northeast
99%
1
Midwest
99%
1
South
98%
2
West
98%
2
Exhibit 6-7
Florida
Sold in 2014
Sold in 2013
Sold in 2012 or
earlier
Home has not yet
sold and is
currently vacant
Home has not yet
sold, but currently
renting to others
(Percentage Distribution
30%
31%
17%
Florida
Home has not
yet sold, but
currently
renting to
others, 4%
4%
4%
Do not plan to sell
previous home
#N/A
Did not own
previous home
#N/A
Sold in 2014,
30%
Home has not
yet sold and is
currently
vacant, 4%
Sold in 2012 or
earlier, 17%
Sold in 2013,
31%
U.S.
Sold in 2014
Sold in 2013
Sold in 2012 or
earlier
Home has not yet
sold and is
currently vacant
Home has not yet
sold, but currently
renting to others
Do not plan to sell
previous home
Did not own
previous home
31%
31%
14%
5%
4%
9%
6%
Do not plan to
sell previous
home, 9%
Home has not
yet sold, but
currently
renting to
others, 4%
U.S.
Did not own
previous home,
6%
Sold in 2014,
31%
Home has not
yet sold and is
currently
vacant, 5%
Sold in 2012 or
earlier, 14%
Sold in 2013,
31%
Exhibit 6-8
Florida
First-time
seller
Repeat
seller
First-time seller,
18%
18%
82%
Repeat seller,
82%
U.S.
First-time
seller
30%
Repeat
seller
70%
U.S.
First-time seller,
30%
Repeat seller,
70%
Exhibit 6-9
HOMES SOLD AND FOR SALE, BY REGION
U.S.
Home has not
Homes
yet sold and is
Sold currently vacant
Northeast
Midwest
South
West
14%
23
40
23
Home has not yet
sold, but currently
renting to others
15%
23
39
23
11%
22
47
20
Exhibit 6-10
LOCATION OF HOME SOLD
Florida
Home has not
yet sold and is
Homes Sold currently vacant
Suburb/Subdivision
Small town
Rural area
52%
18
8
15
7
Home has not yet
sold, but currently
renting to others
50%
17
*
25
8
33%
17
25
8
17
Home has not
yet sold and is
Homes Sold currently vacant
Home has not yet
sold, but currently
renting to others
U.S.
Suburb/Subdivision
Small town
Rural area
53%
17
14
14
3
48%
22
11
17
2
44%
17
22
13
4
Exhibit 6-11
Florida
Same state
Same region
Other region
49%
18%
33%
WISC
Other region,
33%
Same state,
49%
Same region,
18%
U.S.
Same state
Same region
Other region
68%
15%
17%
Other region,
17%
U.S.
Same region,
15%
Same state,
68%
Exhibit 6-12
TYPE OF HOME SOLD, BY LOCATION
Florida
SELLERS WHO SOLD A HOME IN A
Townhouse/row house
Apartment/condo in a building
4 unit building
Other
All
Sellers
Suburb/
Subdivision
Small
town
Urban/
Central city
Rural
area
Resort/
Recreation
area
82%
77%
80%
44%
79%
50%
11
2
7
7
6
6
6
31
*
*
*
29
1
3
3
13
*
*
5
7
6
6
21
21
U.S.
Townhouse/row house
Apartment/condo in a building
4 unit building
Other
All
Sellers
Suburb/
Subdivision
Small
town
Urban/
Central city
Rural
area
Resort/
Recreation
area
81%
6
5
85%
7
4
85%
4
2
59%
13
18
87%
1
1
69%
2
11
2
2
3
4
*
*
6
3
8
6
12
19
Exhibit 6-13
SIZE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
Florida
SIZE OF
HOME
SOLD
1,000 sq ft or less
1,001 to 1,500 sq ft
1,501 to 2,000 sq ft
2,001 to 2,500 sq ft
2,501 to 3,000 sq ft
More than 3,000 sq ft
*
*
0
*
*
*
SIZE OF HOME PURCHASED
1,001 sq ft to
1,501 sq ft to 2,001 sq ft to 2,501 sq ft to
1,500 sq ft
2,000 sq ft
2,500 sq ft
3,000 sq ft
0%
0%
0%
0%
3
3
5
3
3
6
9
3
2
6
9
5
1
6
3
3
2
3
6
5
More than
3,000 sq ft
*
0
1
5
2
7
1,000 sq ft or
less
*
*
*
*
*
*
SIZE OF HOME PURCHASED
1,001 sq ft to
1,501 sq ft to 2,001 sq ft to 2,501 sq ft to
1,500 sq ft
2,000 sq ft
2,500 sq ft
3,000 sq ft
*
*
*
*
3
4
4
1
3
8
8
4
2
5
5
4
1
3
4
3
*
3
5
5
More than
3,000 sq ft
*
1
3
7
4
9
1,000 sq ft or
less
U.S.
SIZE OF
HOME
SOLD
1,000 sq ft or less
1,001 to 1,500 sq ft
1,501 to 2,000 sq ft
2,001 to 2,500 sq ft
2,501 to 3,000 sq ft
More than 3,000 sq ft
40%
Trading Up
31%
Remaining at the same size range
29%
Trading Down
Exhibit 6-14
SIZE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD, BY AGE OF SELLER
(Median Square Feet)
Florida
18 to 34 years
35 to 44 years
45 to 54 years
55 to 64 years
65 to 74 years
75 years or older
Size of home
sold
Size of home
purchased
1,700
1,960
2,000
2,300
1,950
1,750
1,800
2,030
1,930
1,900
1,960
1,600
Size of home
sold
Size of home
purchased
1,600
1,800
2,100
2,190
2,000
1,800
2,240
2,400
2,130
1,930
1,900
1,800
Difference
100
70
-70
-400
10
-150
U.S.
18 to 34 years
35 to 44 years
45 to 54 years
55 to 64 years
65 to 74 years
75 years or older
Difference
640
600
30
-260
-100
*
Exhibit 6-15
NUMBER OF BEDROOMS AND BATHROOMS BY ADULT COMPOSITION OF HOUSEHOLD AND CHILDREN IN HOUSEHOLD
(Precentage Distribution)
Florida
One bedroom
Two bedrooms
One full bathroom
Two full bathrooms
All Sellers
Married
couple
Single
female
Single
male
Unmarried
couple
Other
2%
14
84
3
9
62
29
2
1%
12
86
3
9
59
32
2
*
17
83
3
3
83
14
2
*
20
80
3
7
53
40
2
13%
25
63
3
25
75
*
2
*
50
50
3
*
100
*
2
CHILDREN IN HOME
Children
No
under 18 children
in home in home
*
9
91
3
6
66
29
2
2%
16
82
3
10
62
28
2
U.S.
One bedroom
Two bedrooms
One full bathroom
Two full bathrooms
All Sellers
Married
couple
Single
female
Single
male
Unmarried
couple
Other
1%
13
86
3
16
58
26
2
1%
11
88
3
15
57
28
2
3%
22
75
3
20
61
20
2
1%
17
83
3
14
61
25
2
4%
18
78
3
22
64
15
2
*
6
94
3
6
69
25
2
CHILDREN IN HOME
Children
No
under 18 children
in home in home
1%
8
91
3
18
55
27
2
2%
15
83
3
14
60
26
2
Exhibit 6-16
AGE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
(Median Square Feet)
Florida
2013
2010 through 2012
Year home sold was built 2007 through 2009
2002 through 2006
1987 through 2001
1960 through 1986
1913 through 1961
1750 through 1912
2013
1
0
2
6
5
3
1
1
2010
through
2012
1
0
2
6
5
3
1
1
YEAR PURCHASED HOME WAS BUILT
2007
2002
1987
1960
through through
through through
2009
2006
2001
1986
1
1
1
1
0
0
0
0
2
2
2
2
6
6
6
6
5
5
5
5
3
3
3
3
1
1
1
1
1
1
1
1
1913
through
1961
1
0
2
6
5
3
1
1
1750
through
1912
1
0
2
6
5
3
1
1
2013
1
1
2
4
6
4
1
*
2010
through
2012
*
*
*
*
1
1
*
*
YEAR PURCHASED HOME WAS BUILT
2007
2002
1987
1960
through through
through through
2009
2006
2001
1986
*
*
*
*
*
*
1
1
1
1
2
2
1
4
3
3
3
4
6
4
2
3
7
6
1
2
3
5
*
*
1
1
1913
through
1961
*
*
*
1
2
3
4
1
1912 or
earlier
*
*
*
*
*
*
1
*
U.S.
2013
2010 through 2012
Year home sold was built 2007 through 2009
2002 through 2006
1987 through 2001
1960 through 1986
1913 through 1961
1912 or earlier
22%
Purchased Older Home
25%
Purchased a Home the Same Age
53%
Purchased a Newer Home
Exhibit 6-17
PRICE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
Florida
PRICE OF HOME PURCHASED
PRICE OF
HOME
SOLD
Less than $100,000
$100,000 to $149,999
$150,000 to $199,999
$200,000 to $249,999
$250,000 to $299,999
$300,000 to $349,999
$350,000 to $399,999
$400,000 to $499,999
$500,000 or more
Less than
$100,000
6
4
1
*
*
0
*
*
0
$100,000 $150,000 $200,000 $250,000 $300,000
to
to
to
to
to
$149,999 $199,999 $249,999 $299,999 $349,999
6
0
3
1
0
1
0
4
3
1
3
0
2
1
3
1
0
4
3
1
1
0
1
2
0
1
0
0
2
1
*
*
0
1 *
*
0
0
1
2
0
0
1
0
0
$350,000
to
$399,999
*
0
1
0
1
*
1
0
0
$400,000
to $500,000
$499,999 or more
*
0
1 *
1 *
1 *
1
0
*
1
1 *
1 *
1
4
U.S.
PRICE OF
HOME
SOLD
Less than $100,000
$100,000 to $149,999
$150,000 to $199,999
$200,000 to $249,999
$250,000 to $299,999
$300,000 to $349,999
$350,000 to $399,999
$400,000 to $499,999
$500,000 or more
Less than
$100,000
2%
2
1
1
*
*
*
*
*
PRICE OF HOME PURCHASED
$100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000
to
to
to
to
to
to
to $500,000
$149,999 $199,999 $249,999 $299,999 $349,999 $399,999 $499,999 or more
3%
1%
1%
*
*
*
*
*
3
5
3
2
1
*
*
*
2
4
4
3
1
1
1
*
1
2
3
2
2
2
1
1
1
2
2
2
2
2
1
1
1
1
1
*
1
1
1
1
*
1
1
1
1
1
1
1
*
*
1
1
1
1
2
2
*
*
*
1
1
1
1
6
47%
Trading Up
25%
Remaining at the same price range
28%
Trading Down
Exhibit 6-18
PRICE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD, BY AGE OF SELLER
(Median)
Florida
18 to 34 years
35 to 44 years
45 to 54 years
55 to 64 years
65 to 74 years
75 years or older
Price of home
sold
Price of home
purchased
$154,000
$199,900
$224,000
$262,500
$240,000
$179,500
$175,000
$234,250
$202,500
$220,000
$190,000
$148,500
Price of home
sold
Price of home
purchased
$170,900
$220,000
$270,000
$250,000
$250,000
$220,000
$247,000
$304,900
$277,000
$235,000
$234,600
$187,500
Difference
$21,000
$34,350
-$21,500
-$42,500
-$50,000
-$31,000
U.S.
18 to 34 years
35 to 44 years
45 to 54 years
55 to 64 years
65 to 74 years
75 years or older
Difference
$76,100
$84,900
$7,000
-$15,000
-$15,400
-$32,500
Exhibit 6-19
PRIMARY REASON FOR SELLING PREVIOUS HOME, BY MILES MOVED
Florida
AGE OF HOME SELLER
All Sellers
Job relocation
Home is too small
Change in family situation (e.g., marriage, birth of a child,
divorce)
Want to move closer to friends or family
Neighborhood has become less desirable
Home is too large
Moving due to retirement
Want to move closer to current job
Upkeep of home is too difficult due to health or financial
limitations
Can not afford the mortgage and other expenses of owning
home
Other
10 miles 11 to 20 21 to 50 51 to 100 101 to 500 501 miles
or less
miles
miles
miles
miles or more
10%
8
7
5%
25
9
*
14
14
*
*
8
20%
*
*
12%
*
6
14%
*
5
13
9
9
22
1
5
*
12
18
N/App
*
5
14
36
*
7
*
7
58
8
8
8
8
*
*
40
20
*
*
*
24
6
6
12
*
6
15
1
5
41
*
4
6
7
*
*
*
12
6
10
12
7
*
*
18
10
U.S.
MILES MOVED
Home is too small
Job relocation
Want to move closer to friends or family
Neighborhood has become less desirable
Change in family situation (e.g., marriage, birth of a child,
divorce)
Home is too large
Upkeep of home is too difficult due to health or financial
limitations
Can not afford the mortgage and other expenses of owning
home
To avoid possible foreclosure
Other
All Sellers
15%
15
14
10
10
10 miles 11 to 20 21 to 50 51 to 100 101 to 500 501 miles
or less
miles
miles
miles
miles or more
30%
3
2
13
14
18%
1
7
19
18
8%
5
17
14
13
5%
16
27
10
5
2%
41
25
5
3
*
33
29
2
3
10
8
5
15
2
7
12
3
7
12
5
3
7
10
4
4
9
*
3
22
1
4
4
2
4
6
4
14
3
10
4
2
4
1
2
*
6
*
8
*
5
*
7
1
4
*
5
*
4
Exhibit 6-20
PRIMARY REASON FOR SELLING PREVIOUS HOME, BY FIRST-TIME AND REPEAT SELLERS
Florida
All Sellers
8%
10
13
First-time Seller
Repeat Seller
9%
21
12
8%
7
14
9
15
8
9
7
3
9
10
7
22
1
15
*
24
1
Upkeep of home is too difficult due
to health or financial limitations
5
3
5
Can not afford the mortgage and
other expenses of owning home
6
9
5
1
10
*
6
1
11
All Sellers
15%
15
14
First-time Seller
Repeat Seller
30%
18
7
9%
13
16
10
16
8
10
10
10
Home is too large
Upkeep of home is too difficult due
to health or financial limitations
10
8
5
3
3
3
13
10
5
4
3
4
Can not afford the mortgage and
other expenses of owning home
Other
4
2
4
*
6
*
5
*
7
Home is too small
Job relocation
Want to move closer to friends or
family
Neighborhood has become less
desirable
Home is too large
Change in family situation (e.g.,
marriage, birth of a child, divorce)
Other
U.S.
Home is too small
Job relocation
Want to move closer to friends or
family
Neighborhood has become less
desirable
Change in family situation (e.g.,
marriage, birth of a child, divorce)
Exhibit 6-21
SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE, BY FIRST-TIME AND REPEAT SELLERS
Florida
Yes, and lived in home
Yes, but rented home to
others and lived elsewhere
No, sold home when I
wanted to sell
All Sellers
14%
1
85
First-time
Seller
Repeat
Seller
14%
1
14%
*
85
86
First-time
Seller
Repeat
Seller
20%
3
14%
1
77
85
U.S.
others and lived elsewhere
wanted to sell
All Sellers
16%
1
83
Exhibit 6-22
SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE, BY TENURE IN HOME
Florida
All Sellers
14%
Yes, but rented home to others
1
and lived elsewhere
No, sold home when I wanted
85
to sell
1 year or
less
2 to 3
years
4 to 5
years
6 to 7
years
8 to 10
years
11 to 15
years
16 to 20 21 years
years or more
14%
*
14%
*
10%
*
13%
*
24%
2
17%
*
6%
*
15%
*
86
86
90
87
73
83
94
85
1 year or
less
2 to 3
years
4 to 5
years
6 to 7
years
8 to 10
years
11 to 15
years
3%
*
2%
1
12%
1
19%
3
26%
2
22%
2
12%
1
8%
1
97
97
86
78
72
77
87
91
U.S.
All Sellers
16%
Yes, but rented home to others
1
and lived elsewhere
No, sold home when I wanted
83
to sell
16 to 20 21 years
years or more
Exhibit 6-23
TENURE IN PREVIOUS HOME
Florida
1 year or less
2 to 3 years
4 to 5 years
6 to 7 years
8 to 10 years
11 to 15 years
16 to 20 years
21 years or more
Median
All Types
3%
7
8
8
24
24
9
17
11
U.S.
1 year or less
2 to 3 years
4 to 5 years
6 to 7 years
8 to 10 years
11 to 15 years
16 to 20 years
21 years or more
Median
All Types
4%
9
12
11
20
20
9
16
10
Duplex/ Apartment/
apartment/
condo in
condo in building with
Cabin/
2-4 unit
5 or more
cottage
structure
units
21%
14
14
3
31
10
7
9
6%
14
6
12
31
16
12
4
8
5%
13
17
11
20
25
4
6
8
Detached
singleTownhouse/
family
row house
home
4%
9
19
10
24
16
12
6
9
3%
8
12
11
19
20
9
18
10
Mobile/
manufactured
home
Other
5%
19
13
8
17
19
16
5
9
5%
9
5
13
11
25
11
21
12
Exhibit 6-24
TENURE IN PREVIOUS HOME, BY AGE OF SELLER
Florida
All Sellers
1 year or less
2 to 3 years
4 to 5 years
6 to 7 years
8 to 10 years
11 to 15 years
16 to 20 years
21 years or more
Median
3%
7
8
8
24
24
9
17
11
U.S.
1 year or less
2 to 3 years
4 to 5 years
6 to 7 years
8 to 10 years
11 to 15 years
16 to 20 years
21 years or more
Median
All Sellers
18 to 34
years
4%
9
12
11
20
20
9
16
10
3%
21
32
22
19
3
N/A
N/A
5
AGE OF HOME SELLER
35 to 44
45 to 54
55 to 64 65 to 74
years
years
years
years
5%
8
15
14
30
25
3
*
8
NA= Not applicable
4%
8
10
8
20
24
14
11
10
3%
7
8
9
15
20
12
26
12
3%
5
5
7
18
21
13
28
13
75 years
or older
3%
7
5
3
11
25
10
37
14
Exhibit 6-25
DISTANCE BETWEEN HOME PURCHASED AND HOME RECENTLY SOLD, BY REGION
(Median Miles)
SELLERS WHO SOLD A HOME IN THE:
Florida
191
2014
U.S.
20
Northeast
15
Midwest
19
South
20
DISTANCE BETWEEN HOME PURCHASED AND HOME
RECENTLY SOLD, BY REGION
(Median Miles)
250
200
191
150
100
50
20
15
19
20
20
U.S.
Northeast
Midwest
South
West
0
Florida
Region of Home Sold
West
20
Exhibit 6-26
DISTANCE BETWEEN HOME PURCHASED AND HOME RECENTLY SOLD, BY AGE
Florida
AGE OF HOME SELLER
5 miles or less
6 to 10 miles
11 to 15 miles
16 to 20 miles
21 to 50 miles
51 to 100 miles
101 to 500 miles
501 to 1,000 miles
1,001 miles or more
Median (miles)
All Sellers
18 to 34
years
35 to 44
years
45 to 54
years
55 to 64
years
65 to 74
years
75 years
or older
21%
10
4
4
6
3
9
17
26
191
30%
27
11
8
10
4
*
1
10
9
33%
21
14
6
11
2
2
5
8
10
26%
13
8
3
12
2
8
13
15
19
22%
8
3
2
7
6
11
18
23
178
22%
15
3
2
10
1
11
12
25
46
26%
17
4
4
*
4
4
13
26
18
AGE OF HOME SELLER
35 to 44 45 to 54
55 to 64
years
years
years
65 to 74
years
75 years
or older
21%
11
6
5
9
4
15
15
16
50
30%
14
6
2
6
6
16
9
13
16
U.S.
5 miles or less
6 to 10 miles
11 to 15 miles
16 to 20 miles
21 to 50 miles
51 to 100 miles
101 to 500 miles
501 to 1,000 miles
1,001 miles or more
Median (miles)
All Sellers
18 to 34
years
26%
15
8
6
10
4
13
9
11
20
25%
19
9
7
10
4
13
5
8
15
34%
15
9
6
11
2
10
7
7
12
27%
16
10
4
12
4
11
8
9
15
23%
15
8
6
10
4
13
9
13
20
Exhibit 6-27
METHOD USED TO SELL HOME, BY REGION
SELLERS WHO SOLD A HOME IN THE:
Sold home using an agent or broker
Seller used agent/broker only
Seller first tried to sell it themselves, but then used an agent
For-sale-by-owner (FSBO)
Seller sold home without using a real estate agent or broker
First listed with an agent, but then sold home themselves
Sold home to a homebuying company
Other
Florida
87%
85
2
12
11
1
1
1
U.S. Northeast Midwest
88%
88%
86%
87
87
84
2
1
2
9
8
12
8
7
11
1
1
1
1
*
1
2
3
1
South
89%
87
2
9
8
1
1
2
West
89%
89
*
8
5
3
*
3
Exhibit 6-28
METHOD USED TO SELL HOME, BY SELLER URGENCY
SELLER NEEDED TO SELL
Florida
Other
All Sellers
87%
85
2
12
11
1
1
1
U.S.
All Sellers
88%
87
2
9
8
1
1
Other
2
Very Somewhat
urgently
urgently
82%
80
2
11
9
2
2
4
Not
urgently
87%
85
2
10
9
1
2
1
86%
85
1
13
13
*
*
1
Very Somewhat
urgently
urgently
83%
81
2
12
10
2
2
3
90%
88
2
8
7
1
*
2
Not
urgently
89%
88
1
9
8
1
*
2
Exhibit 6-29
METHOD OF SALE, BY BUYER AND SELLER RELATIONSHIP
Florida
Buyer and Seller Relationship
All sellers
Sold home without using a real estate agent or broker
Other
Seller Knew
Buyer
7%
3
3
3
29
3
3
14
Seller did not
Know Buyer
93%
97
97
97
71
97
97
86
Seller Knew
Buyer
8%
2
2
10
49
48
56
39
Seller did not
Know Buyer
92%
98
98
90
51
52
44
61
U.S.
Buyer and Seller Relationship
All sellers
Sold home without using a real estate agent or broker
Other
Exhibit 6-30
METHOD USED TO SELL HOME, 2001-2014
Florida
Sold it to a home buying company
Other
2014
87%
12
1
1
U.S.
Sold to home buying company
Other
2001
79%
13
1
7
2003
83%
14
1
3
2004
82%
14
1
3
2005
85%
13
1
2
2006
84%
12
1
3
2007
85%
12
1
2
2008
84%
13
1
2
2009
85%
11
1
3
2010
88%
9
1
3
2011
87%
9
1
3
2012
88%
9
1
2
2013
88%
9
1
2
2014
88%
9
1
2
Exhibit 6-31
SALES PRICE COMPARED WITH LISTING PRICE, BY REGION
(Percentage Distribution of Sales Price as a Percent of List Price)
Less than 90%
90% to 94%
95% to 99%
100%
101% to 110%
More than 110%
Median (sales price as a
percent of listing price)
Florida
13%
22
40
17
6
2
U.S.
11%
17
40
22
9
2
Northeast
17%
18
38
18
8
1
Midwest
12%
19
44
16
6
1
South
10%
18
39
23
8
2
West
6%
13
37
26
14
4
97%
97%
98%
97%
97%
98%
Exhibit 6-32
SALES PRICE COMPARED WITH LISTING PRICE, BY SELLER URGENCY
(Percentage Distribution of Sales Price as a Percent of Listing Price)
Florida
Less than 90%
90% to 94%
95% to 99%
100%
101% to 110%
More than 110%
All Sellers
13%
22
40
17
6
2
97%
Very
urgently
Somewhat
urgently
Not
urgently
38%
17
29
12
2
2
23%
22
28
20
4
2
7%
17
50
18
6
2
93%
96%
97%
U.S.
Less than 90%
90% to 94%
95% to 99%
100%
101% to 110%
More than 110%
All Sellers
11%
17
40
22
9
2
97%
Very Somewhat
Not
urgently
urgently
urgently
14%
18
36
18
11
3
13%
18
38
22
7
2
7%
15
42
23
11
2
97%
97%
98%
Exhibit 6-33
NUMBER OF WEEKS RECENTLY SOLD HOME WAS ON THE MARKET, BY REGION
Less than 1 week
1 to 2 weeks
3 to 4 weeks
5 to 6 weeks
7 to 8 weeks
9 to 10 weeks
11 to 12 weeks
13 to 16 weeks
17 to 24 weeks
25 to 36 weeks
37 to 52 weeks
53 or more weeks
Median weeks
Florida
7%
28
15
9
6
3
4
4
7
4
6
8
5
U.S.
6%
33
12
7
6
4
7
5
6
6
4
4
4
Northeast
8%
27
8
8
4
6
7
5
9
7
6
4
6
Midwest
5%
31
12
7
6
3
7
5
8
8
5
3
5
South
7%
31
14
7
6
5
6
5
5
5
3
5
4
West
6%
40
11
7
7
3
8
4
4
4
2
2
3
Exhibit 6-34
SALES PRICE COMPARED WITH LISTING PRICE, BY NUMBER OF WEEKS HOME WAS ON THE MARKET
(Percentage Distribution of Sales Price as a Percent of Listing Price)
Florida
SELLERS WHOSE HOME WAS ON THE MARKET FOR
Less than 90%
90% to 94%
95% to 99%
100%
101% to 110%
More than 110%
Median (sales price
as a percent of listing
price)
All Sellers
13%
22
40
17
6
2
97%
Less than
1 week
1 to 2
weeks
3 to 4
weeks
5 to 8
weeks
9 to 16
weeks
17 or
more
weeks
13%
*
27
53
7
*
11%
16
29
30
13
2
13%
9
56
16
*
6
13%
19
50
16
3
*
29%
29
31
9
*
3
31%
27
34
5
2
2
100%
99%
97%
96%
93%
93%
U.S.
Less than 90%
90% to 94%
95% to 99%
100%
101% to 110%
More than 110%
Median (sales price
as a percent of listing
price)
Less than
1 week
All Sellers
11%
6%
17
4
40
17
22
48
9
22
2
3
97%
1%
1 to 2
weeks
3 to 4
weeks
5 to 8
weeks
9 to 16
weeks
17 or
more
weeks
3%
6
37
35
16
3
1%
5%
11
52
23
6
2
98%
8%
21
53
10
6
2
96%
14%
29
42
12
3
1
95%
27%
30
34
5
2
2
93%
Exhibit 6-35
NUMBER OF TIMES ASKING PRICE WAS REDUCED, BY NUMBER OF WEEKS HOME WAS ON THE MARKET
Florida
Less than
1 week
All Sellers
None, did not reduce
the asking price
One
Two
Three
Four or more
1 to 2
weeks
3 to 4
weeks
5 to 8
weeks
9 to 16
weeks
17 or
more
weeks
50%
93%
79%
56%
56%
31%
21%
29
11
7
4
7
*
*
*
18
4
*
*
44
*
*
*
25
14
6
*
31
17
17
6
28
18
18
15
U.S.
Less than
1 week
All Sellers
None, did not reduce
the asking price
One
Two
Three
Four or more
1 to 2
weeks
3 to 4
weeks
5 to 8
weeks
9 to 16
weeks
17 or
more
weeks
55%
92%
84%
62%
45%
31%
17%
25
11
5
4
7
1
*
*
14
2
1
*
31
6
1
*
36
15
3
1
37
21
6
4
29
23
16
15
Exhibit 6-36
INCENTIVES OFFERED TO ATTRACT BUYERS, BY REGION
None
Home warranty policies
Assistance with closing costs
Credit toward remodeling or repairs
Other incentives, such as a car, flat screen TV, etc.
Assistance with condo association fees
Other
Florida
71%
16
10
4
5
1
3
U.S.
64%
19
18
6
4
1
3
Northeast
75%
8
12
5
4
1
2
Midwest
60%
22
17
7
4
*
2
South
61%
23
22
5
5
1
4
West
67%
16
14
7
3
1
2
Exhibit 6-37
INCENTIVES OFFERED TO ATTRACT BUYERS, BY NUMBER OF WEEKS HOME WAS ON THE MARKET
Florida
None
Other
All
Sellers
71%
10
16
4
5
1
3
Less than 1
week
1 to 2
weeks
93%
*
*
*
*
*
7
84%
4
11
2
2
2
*
3 to 4 5 to 8
weeks weeks
61%
15
27
6
3
3
6
80%
6
9
*
9
*
*
9 to 16
weeks
17 or more
weeks
66%
17
6
6
9
*
3
69%
12
17
3
5
*
5
U.S.
None
Other
All
Sellers
64%
19
18
6
4
1
3
Less than 1
week
1 to 2
weeks
87%
6
3
1
3
*
1
72%
16
12
5
3
*
2
3 to 4 5 to 8
weeks weeks
61%
21
18
8
5
*
2
53%
21
28
6
5
*
2
9 to 16
weeks
17 or more
weeks
60%
21
20
6
6
1
3
55%
24
24
9
5
*
5
Exhibit 6-38
EQUITY EARNED IN HOME RECENTLY SOLD, BY TENURE IN HOME
TENURE IN HOME
1 year or less
2 to 3 years
4 to 5 years
6 to 7 years
8 to 10 years
11 to 15 years
16 to 20 years
21 years or more
Median
U.S.
Dollar value
$20,000
$30,000
$17,000
$6,000
$7,500
$38,000
$87,000
$122,000
$30,100
Percent
10%
14%
10%
3%
4%
20%
59%
125%
17%
Median
Florida
Dollar value
$25,000
Percent
13%
Exhibit 6-39
SATISFACTION WITH THE SELLING PROCESS
Very Satisfied
Somewhat Satisfied
Very Dissatisfied
Florida
59%
27
8
6
U.S.
58%
30
7
5
Satisfaction with Selling Process
Somewhat
Dissatisfied, 8%
Very Dissatisfied,
6%
Very Satisfied,
59%
Somewhat
Satisfied, 27%
Satisfaction with Selling Process
U.S.
Somewhat
Dissatisfied, 7
Very Dissatisfied,
5
Very Satisfied,
58%
Somewhat
Satisfied, 30
FOR SALE BY OWNERS SELLERS
Exhibit 8-1
Exhibit 8-2
Exhibit 8-3
Exhibit 8-4
Exhibit 8-5
Exhibit 8-6
Exhibit 8-7
Exhibit 8-8
Exhibit 8-9
Exhibit 8-10
Exhibit 8-11
Exhibit 8-12
Exhibit 8-13
Exhibit 8-14
Exhibit 8-15
Exhibit 8-16
FSBO AND AGENT-ASSISTED SALES, BY LOCATION
FSBO AND AGENT-ASSISTED SALES, 2003-2014
CHARACTERISTICS OF FSBO AND AGENT-ASSISTED SELLERS
TYPE OF HOME SOLD, FSBO AND AGENT-ASSISTED SELLERS
LOCATION OF HOME SOLD, FSBO AND AGENT-ASSISTED SELLERS
SELLING PRICE, FSBO AND AGENT-ASSISTED SELLERS
HOW FSBO SELLER DETERMINED ASKING PRICE OF HOME SOLD
TIME ON THE MARKET, FSBO AND AGENT-ASSISTED SELLERS
SELLER URGENCY, FSBO AND AGENT-ASSISTED SELLERS
INCENTIVES OFFERED TO ATTRACT BUYERS, FSBO AND AGENT-ASSISTED SELLERS
MOST IMPORTANT REASON FOR SELLING HOME AS FSBO
SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE
METHOD USED BY FSBO SELLERS TO MARKET HOME
MOST DIFFICULT TASK FOR FSBO SELLERS
HOW FSBO SELLERS WILL SELL THEIR CURRENT HOME
FSBO SELLERS SATISFACTION PROCESS OF SELLING HOME
Exhibit 8-1
FSBO AND AGENT-ASSISTED SALES, BY LOCATION
Florida
Seller knew buyer
Seller did not know buyer
Agent-assisted
Other
All Sellers
Suburb/
Subdivision
12%
4
9
87
1
11%
2
9
89
*
Urban/
Central
Small town
city
17%
3
14
83
*
13%
7
7
87
*
Rural
area
Resort/
Recreation
area
7%
7
*
85
7
21%
7
14
79
*
U.S.
Seller knew buyer
Agent-assisted
Other
All Sellers
9%
4
5
88
2
Suburb/
Subdivision
8%
3
5
90
3
Urban/
Central
Small town
city
14%
8
6
84
2
9%
4
5
88
3
Rural
area
Resort/
Recreation
area
9%
7
2
89
2
14%
6
8
86
*
Exhibit 8-2
FSBO AND AGENT-ASSISTED SALES, 2003-2014
Florida
All FSBO (For-sale-by-owner)
Seller knew buyer
Agent-assisted
Other
2014
12%
4
9
87
1
U.S.
All FSBO (For-sale-by-owner)
Seller knew buyer
Agent-assisted
Other
2003
14%
5
9
83
4
2004
14%
5
10
82
4
2005
13%
5
8
85
2
2006
12%
5
7
84
3
2007
12%
5
7
85
3
2008
13%
6
7
84
3
2009
11%
5
6
85
4
2010
9%
5
5
88
3
2011
10%
4
6
87
3
2012
9%
3
6
88
2
2013
9%
4
6
88
3
2014
9%
4
5
88
2
Exhibit 8-3
CHARACTERISTICS OF FSBO AND AGENT-ASSISTED SELLERS
Florida
All Sellers
Median age
Household composition
Married couple
Single female
Single male
Unmarried couple
Other
FSBO
Seller
Knew
Buyer
Seller did
not Know
Buyer
AGENT-ASSISTED
AgentFirst FSBO,
All Agent- assisted then Agentassisted
only
assisted
62
$86,000
All FSBO
60
$73,800
55
$70,000
66
$106,300
62
$88,200
62
$88,200
59
$112,500
72%
15
8
4
1
67%
17
17
*
*
43%
29
29
*
*
77%
12
12
*
*
72%
15
7
5
1
72%
16
7
5
1
100%
*
*
*
*
Seller did
not Know
Buyer
54
$96,700
All FSBO
54
$97,600
FSBO
Seller
Knew
Buyer
49
$93,500
58
$101,100
55
$97,300
55
$97,300
49
$107,200
74%
14
7
4
1
77%
13
7
1
2
76%
17
5
2
*
79%
9
7
2
3
74%
14
7
4
1
75%
14
7
4
1
64%
17
10
10
*
U.S.
All Sellers
Median age
Household composition
Married couple
Single female
Single male
Unmarried couple
Other
AGENT-ASSISTED
AgentFirst FSBO,
All Agent- assisted then Agentassisted
only
assisted
Exhibit 8-4
TYPE OF HOME SOLD, FSBO AND AGENT-ASSISTED SELLERS
Florida
All
Sellers
All FSBO
FSBO
Seller
Knew
Buyer
73%
5
3
9
5
5
58%
4
*
21
13
4
57%
*
*
29
14
*
59%
6
*
18
12
6
75%
6
4
8
3
5
All
Sellers
All FSBO
FSBO
Seller
Knew
Buyer
Seller did
not Know
Buyer
AgentAssisted
81%
6
2
5
3
3
76%
3
1
7
9
4
81%
3
*
6
7
4
74%
3
3
6
12
4
82%
7
2
5
2
3
Townhouse/row house
Apartment/condo in a building with 5 or more units
Mobile/manufactured home
Other
Seller did
not Know
Buyer
AgentAssisted
U.S.
Townhouse/row house
Apartment/condo in a building with 5 or more units
Mobile/manufactured home
Other
Exhibit 8-5
LOCATION OF HOME SOLD, FSBO AND AGENT-ASSISTED SELLERS
Florida
FSBO
Suburb/Subdivision
Small town
Rural area
All Sellers
All FSBO
52%
18
8
15
7
46%
25
8
8
13
Seller Knew Seller did not
Buyer Know Buyer
29%
14
14
29
14
Agent-Assisted
53%
29
6
*
12
53%
18
8
14
7
Seller Knew Seller did not
Buyer Know Buyer
Agent-Assisted
U.S.
FSBO
Suburb/Subdivision
Small town
Rural area
All Sellers
All FSBO
53%
14
17
14
3
44%
14
25
13
4
34%
14
28
21
3
54%
13
23
6
4
54%
14
16
14
3
Exhibit 8-6
SELLING PRICE, FSBO AND AGENT-ASSISTED SELLERS
Florida
FSBO
All Sellers
Median selling price
Lowest selling price
Highest selling price
$230,000
AGENT-ASSISTED
Seller Knew
Buyer
All FSBO
$170,000
$175,000
$1,800
$1,800
$10,000
$1,180,000
$670,000
$340,000
Sample size
187
Sales price compared with asking price:
Less than 90%
13%
90% to 94%
22
95% to 99%
40
100%
17
101% to 110%
6
More than 110%
2
97%
percent of asking price)
Number of times asking price was reduced:
50%
None
One
29
Two
11
Three
7
Four or more
4
Seller did
First FSBO,
not Know All AgentAgent- then AgentBuyer
assisted assisted only
assisted
$165,000
$230,000
$230,000
$315,000
$1,800
$15,000
$15,000
$85,000
$670,000 $1,180,000
$1,180,000
$395,000
23
7
16
161
158
3
22%
17
48
13
*
*
96%
14%
14
43
29
*
*
96%
25%
19
50
6
*
*
96%
12%
23
40
17
7
2
97%
12%
23
40
17
7
2
97%
33%
*
67
*
*
*
97%
46%
46
4
*
4
43%
43
14
*
*
47%
47
*
*
6
50%
27
12
8
4
50%
27
12
8
3
67%
*
*
33
*
CAUTIONARY NOTE: Small sample sizes in some cases do not allow statistically robust results to be obtained. Please use
caution when interpreting the results in cases where sample sizes are small.
U.S.
FSBO
All Sellers
Median selling price
$230,200
Sales price compared with asking price:
Less than 90%
11%
90% to 94%
17
95% to 99%
40
100%
22
101% to 110%
9
More than 110%
2
97%
percent of asking price)
Number of times asking price was reduced:
55%
None
One
25
Two
11
Three
5
Four or more
4
Seller Knew
Buyer
All FSBO
$208,700
$206,800
AGENT-ASSISTED
Seller did
First FSBO,
not Know All AgentAgent- then AgentBuyer
assisted assisted only
assisted
$209,900
$235,000
$235,000
$222,900
15%
8
37
34
3
2
98%
17%
7
23
46
5
3
100%
15%
10
51
22
1
2
97%
10%
18
40
20
10
2
97%
10%
18
41
20
10
2
97%
28%
18
23
28
*
3
95%
64%
24
4
6
2
69%
23
5
3
*
59%
26
3
10
2
54%
26
12
5
3
54%
26
12
5
3
44%
18
13
5
20
N/A- Not Available
Exhibit 8-7
HOW FSBO SELLER DETERMINED ASKING PRICE OF HOME SOLD
Florida
Recent home sold in area
Agent presentation-who seller did not use to sell
home
Profit seller needed from sale
Attending open houses in area/viewing homes for
sale online
Online home evaluation tool
To cover what was owed on home
Other
All FSBO
58%
Seller Knew
Buyer
57%
Seller did not
Know Buyer
59%
17
13
29
14
12
12
8
21
8
*
*
14
14
*
12
24
6
*
All FSBO
50%
Seller Knew
Buyer
39%
Seller did not
Know Buyer
61%
23
21
34
22
13
19
16
16
9
3
11
17
14
2
20
16
4
5
U.S.
Recent home sold in area
Agent presentation-who seller did not use to sell
home
Profit seller needed from sale
Attending open houses in area/viewing homes for
sale online
Online home evaluation tool
To cover what was owed on home
Other
Exhibit 8-8
TIME ON THE MARKET, FSBO AND AGENT-ASSISTED SELLERS
Florida
FSBO
All Sellers
Less than 1 week
1 to 2 weeks
3 to 4 weeks
5 to 6 weeks
7 to 8 weeks
9 to 10 weeks
11 to 12 weeks
13 to 16 weeks
17 to 24 weeks
25 to 36 weeks
37 to 52 weeks
53 or more weeks
Median weeks
7%
28
15
9
6
3
4
4
7
4
6
8
5
All FSBO
17%
42
17
4
8
*
*
*
4
*
4
4
2
Seller
Knew
Buyer
43%
29
14
*
*
*
*
*
*
*
14
*
1
AGENT-ASSISTED
Seller did
not Know All AgentBuyer
assisted
6%
47
18
6
12
*
*
*
6
*
*
6
2
4%
26
15
10
6
4
5
4
8
4
6
9
6
Agent- First FSBO,
assisted then Agentonly
assisted
4%
26
15
10
6
3
5
4
8
4
6
9
6
*
33
*
*
*
33
*
*
*
*
*
33
9
N/A- Not Available
U.S.
FSBO
All Sellers
Less than 1 week
1 to 2 weeks
3 to 4 weeks
5 to 6 weeks
7 to 8 weeks
9 to 10 weeks
11 to 12 weeks
13 to 16 weeks
17 to 24 weeks
25 to 36 weeks
37 to 52 weeks
53 or more weeks
Median weeks
6%
33
12
7
6
4
7
5
6
6
4
4
4
All FSBO
17%
37
11
5
6
2
8
1
2
5
4
2
2
Seller
Knew
Buyer
30%
35
11
3
5
*
6
3
*
3
5
*
1
AGENT-ASSISTED
Seller did
assisted
4%
39
11
7
7
3
9
*
4
8
3
4
4
5%
32
13
7
6
5
7
5
6
6
4
4
5
Agent- First FSBO,
assisted
5%
33
13
7
6
5
7
5
6
6
4
4
4
*
20
*
*
2
10
7
7
20
12
10
12
20
Exhibit 8-9
SELLER URGENCY, FSBO AND AGENT-ASSISTED SELLERS
Florida
FSBO
Sellers needed to sell:
Very urgently
Somewhat urgently
Not urgently
All Sellers
15%
37
48
All FSBO
21%
33
46
Seller
Knew
Buyer
14%
71
14
AGENT-ASSISTED
Seller did
assisted
24%
15%
18
37
59
48
Agent- First FSBO,
assisted
14%
33%
37
33
49
33
N/A- Not Available
U.S.
FSBO
Sellers needed to sell:
Very urgently
Somewhat urgently
Not urgently
All Sellers
16%
40
45
All FSBO
20%
35
44
Seller
Knew
Buyer
22%
45
34
AGENT-ASSISTED
Seller did
assisted
19%
15%
26
40
55
45
Agent- First FSBO,
assisted
14%
22%
40
54
45
24
Exhibit 8-10
INCENTIVES OFFERED TO ATTRACT BUYERS, FSBO AND AGENT-ASSISTED SELLERS
Florida
FSBO
None
Credit toward remodeling or
repairs
Other incentives, such as a
car, flat screen TV, etc.
Other
AGENT-ASSISTED
All Sellers
71%
16
10
4
All FSBO
76%
5
5
*
Seller
Knew
Buyer
80%
*
*
*
Seller did
Agent- First FSBO,
not Know All Agent- assisted then AgentBuyer assisted
only
assisted
75%
70%
70%
67%
6
17
17
*
*
11
11
*
*
4
4
33
5
10
*
13
5
5
*
3
*
20
*
3
3
*
U.S.
FSBO
No
Credit toward remodeling or
repairs
Other incentives, such as a
car, flat screen TV, etc.
Assistance with condo
association fees
Other
All Sellers
64%
19
18
6
All FSBO
73%
9
15
4
4
AGENT-ASSISTED
Seller
Knew
Buyer
Seller did
Agent- First FSBO,
not Know All Agent- assisted then AgentBuyer assisted
only
assisted
73%
8
17
4
74%
10
13
5
62%
20
19
6
62%
20
18
6
63%
10
24
10
3
*
5
4
4
*
1
*
*
1
1
1
10
3
3
5
3
2
2
12
Exhibit 8-11
MOST IMPORTANT REASON FOR SELLING HOME AS FSBO
Florida
Did not want to pay a commission or fee
Sold it to a relative, friend or neighbor
Buyers contacted seller directly
Did not want to deal with an agent
Agent was unable to sell home
Seller has real estate license
Could not find an agent to handle transaction
Other
All FSBO
50%
29
8
13
*
*
*
*
Seller Knew
Buyer
*
71
14
14
*
*
*
*
Seller did not
Know Buyer
71%
12
6
12
*
*
*
*
All FSBO
47%
24
15
8
4
1
1
1
Seller Knew
Buyer
33%
45
15
2
3
1
1
1
Seller did not
Know Buyer
61%
3
15
15
6
*
*
*
U.S.
Did not want to pay a commission or fee
Sold it to a relative, friend or neighbor
Buyers contacted seller directly
Did not want to deal with an agent
Agent was unable to sell home
Seller has real estate license
Could not find an agent to handle transaction
Other
Exhibit 8-12
SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE
Florida
FSBO
others and lived
elsewhere
wanted to sell
All Sellers
14%
All FSBO
14%
1
85
Seller
Knew
Buyer
14%
6%
14%
15%
*
1
*
*
1
1
*
85
86
94
85
84
100
FSBO
others and lived
elsewhere
wanted to sell
AGENT-ASSISTED
Seller
did not
AgentFirst FSBO,
Know All Agent- assisted then AgentBuyer assisted
only
assisted
All Sellers
16%
All FSBO
13%
1
83
Seller
Knew
Buyer
AGENT-ASSISTED
Seller
did not
AgentFirst FSBO,
Know All Agent- assisted then AgentBuyer assisted
only
assisted
16%
12%
16%
15%
36%
3
4
1
1
1
*
84
80
88
83
83
64
Exhibit 8-13
METHOD USED BY FSBO SELLERS TO MARKET HOME
Florida
Yard sign
For-sale-by-owner Web site
Social networking Web sites
Multiple Listing Service (MLS) website
Open house
Online classified ads
Third party aggregator
Friends, relatives, or neighbors
Newspaper website
Other Web sites with real estate listings
Realtor.com
For-sale-by-owner magazine
Direct mail (flyers, postcards, etc)
Video
Television
Video hosting Web sites
None - Did not actively market home
Other
All FSBO
21%
21
7
7
21
7
14
7
*
*
*
7
7
*
*
*
*
*
*
Seller Knew
Buyer
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
100
*
Seller did not
Know Buyer
30%
30
10
10
30
10
*
10
*
*
*
10
10
*
*
*
*
50
*
All FSBO
30%
25
22
19
18
18
15
15
9
7
6
5
5
2
1
*
*
50
3
Seller Knew
Buyer
15%
7
20
12
8
8
5
10
3
*
3
*
*
2
*
*
*
72
5
Seller did not
Know Buyer
45%
43
22
27
28
30
26
20
13
15
7
10
10
*
2
*
*
30
*
U.S.
Yard sign
For-sale-by-owner Web site
Social networking Web sites
Multiple Listing Service (MLS) website
Open house
Online classified ads
Third party aggregator
Friends, relatives, or neighbors
Newspaper website
Other Web sites with real estate listings
Realtor.com
For-sale-by-owner magazine
Direct mail (flyers, postcards, etc)
Video
Television
Video hosting Web sites
None - Did not actively market home
Other
Exhibit 8-14
MOST DIFFICULT TASK FOR FSBO SELLERS
(Percentage of Distribution)
Florida
Understanding and performing paperwork
Preparing or fixing up the home for sale
Getting the price right
Selling within the length of time planned
Attracting potential buyers
Having enough time to devote to all aspects of the sale
Helping buyer obtain financing
None/Nothing
All FSBO
8%
4
29
8
4
8
*
38
Seller Knew
Buyer
14%
*
57
*
*
*
*
29
Seller did not
Know Buyer
6%
6
18
12
6
12
*
41
All FSBO
15%
12
11
9
4
4
3
3
39
Seller Knew
Buyer
18%
10
9
11
2
4
2
1
44
Seller did not
Know Buyer
13%
13
14
6
6
5
4
5
36
U.S.
Getting the price right
Selling within the length of time planned
Preparing or fixing up the home for sale
Understanding and performing paperwork
Having enough time to devote to all aspects of the sale
Helping buyer obtain financing
Attracting potential buyers
Other
None/Nothing
Exhibit 8-15
Florida
U.S.
HOW FSBO SELLERS WILL SELL THEIR
CURRENT HOME - FSBO, Seller Knew Buyer
CURRENT HOME - FSBO, Seller Knew Buyer
Florida
FSBO- Seller Knew
Buyer
Sell Themselves
Use a Real Estate
Agent
Don't Know/ Not
Sure
25%
63%
13%
FSBO- Seller Knew
Buyer
Sell
Themselves,
25%
Don't Know/
Not Sure, 13%
Sell Themselves
Use a Real Estate
Agent
Don't Know/ Not
Sure
U.S.
28%
27%
45%
Sell
Themselves,
28%
F
Don't Know/
Not Sure, 45%
Use a Real
Estate Agent,
27%
Use a Real
Estate Agent,
63%
CURRENT HOME - FSBO, Seller Did Not Know
Buyer
CURRENT HOME - FSBO, Seller Did Not Know
Buyer
FSBO- Seller Did Not
Know Buyer
Sell Themselves
Use a Real Estate
Agent
Don't Know/ Not
Sure
Know Buyer
Florida
45%
25%
Sell
Themselves,
45%
30%
Don't Know/
Not Sure, 30%
Sell Themselves
Use a Real Estate
Agent
Don't Know/ Not
Sure
Don't Know/
Not Sure, 22%
U.S.
56%
21%
Sell
Themselves,
56%
22%
Use a Real
Estate Agent,
21%
Use a Real
Estate Agent,
25%
Exhibit 8-16
FSBO SELLERS SATISFACTION PROCESS OF SELLING HOME
Florida
U.S.
FSBO- Seller Knew
Buyer
FSBO SELLERS SATISFACTION PROCESS OF SELLING HOME Seller Knew Buyer
63%
25%
Very satisfied
Somewhat
satisfied
Somewhat
dissatisfied
Somewhat
dissatisfied, 13%
Very dissatisfied,
0%
13%
*
Very dissatisfied
Very satisfied,
63%
Somewhat
satisfied, 25%
FSBO SELLERS SATISFACTION PROCESS OF SELLING HOME Seller Knew Buyer
FSBO- Seller Knew
Buyer
Very satisfied
Somewhat
satisfied
Somewhat
dissatisfied
Very
dissatisfied
70%
22%
4%
3%
FSBO SELLERS SATISFACTION PROCESS OF SELLING HOME Seller Did Not Know Buyer
Somewhat
dissatisfied, 0%
Somewhat
satisfied, 10%
Know Buyer
Very satisfied
Somewhat
satisfied
Somewhat
dissatisfied
Know Buyer
*
5%
Very dissatisfied
Very satisfied,
85%
Somewhat
satisfied
22%
Very dissatisfied
3%
Very satisfied
71%
FSBO SELLERS SATISFACTION PROCESS OF SELLING HOME Seller Did Not Know Buyer
Very dissatisfied,
5%
85%
10%
Somewhat
dissatisfied
4%
Very satisfied
Somewhat
satisfied
Somewhat
dissatisfied
Very
dissatisfied
69%
25%
3%
3%
Somewhat
dissatisfied
3%
Somewhat
satisfied
25%
Very dissatisfied
3%
Very satisfied
69%
HOME SELLING AND REAL ESTATE PROFESSIONALS
Exhibit 7-1
Exhibit 7-2
Exhibit 7-3
Exhibit 7-4
Exhibit 7-5
Exhibit 7-6
Exhibit 7-7
Exhibit 7-8
Exhibit 7-9
Exhibit 7-10
Exhibit 7-11
Exhibit 7-12
Exhibit 7-13
METHOD USED TO FIND REAL ESTATE AGENT, BY FIRST TIME OR REPEAT SELLER
METHOD USED TO FIND REAL ESTATE AGENT, BY MILES MOVED
NUMBER OF AGENTS CONTACTED BEFORE SELECTING ONE TO ASSIST WITH SALE OF
HOME
SELLER USED THE SAME REAL ESTATE AGENT FOR THEIR HOME PURCHASE, BY MILES
MOVED
HOME LISTED ON MULTIPLE LISTING SERVICE
LEVEL OF SERVICE PROVIDED BY THE REAL ESTATE AGENT
WHAT SELLERS MOST WANT FROM REAL ESTATE AGENTS, BY LEVEL OF SERVICE
PROVIDED BY THE AGENT
MOST IMPORTANT FACTOR IN CHOOSING A REAL ESTATE AGENT TO SELL HOME, BY LEVEL
OF SERVICE PROVIDED BY THE AGENT
METHODS REAL ESTATE AGENT USED TO MARKET HOME
NEGOTIATING THE COMMISSION RATE OR FEE WITH THE REAL ESTATE AGENT
WOULD SELLER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS
HOW MANY TIMES SELLER RECOMMENDED TYPICAL AGENT
Exhibit 7-1
METHOD USED TO FIND REAL ESTATE AGENT, BY FIRST TIME OR REPEAT SELLER
Florida
First-time
Seller
35%
41%
21
6
3
*
Internet website (without a specific reference)
2
*
Personal contact by agent (telephone, email, etc.)
5
3
Referred by another real estate or broker
4
3
5
6
1
3
2
3
4
9
Newspaper, Yellow pages or home book ad
2
3
1
*
Crowdsourcing through social media/knew the person through social1media 3
Saw the person's social media page without a connection
2
*
Other
13
19
Repeat
Seller
34%
25
4
3
5
4
5
*
2
2
2
1
1
2
12
U.S.
Saw the person's social media page without a
connection
Other
All sellers
38%
22
5
4
4
4
First-time
Seller
44%
17
4
6
2
4
Repeat
Seller
35%
24
4
3
5
4
3
3
2
2
1
1
2
4
1
2
1
*
4
3
2
2
1
1
*
1
*
*
14
*
13
*
14
Exhibit 7-2
METHOD USED TO FIND REAL ESTATE AGENT, BY MILES MOVED
Florida
10 miles
or less
29%
39
6
2
2
2
6
2
2
*
2
*
2
*
6
11 to 20
miles
33%
17
*
8
8
8
25
*
*
*
*
*
*
*
*
21 to 50 51 to 100
101 to
miles
miles 500 miles
40%
33%
39%
10
33
23
10
*
*
*
*
8
10
33
8
*
*
*
*
*
*
*
*
*
10
*
*
*
*
15
*
*
*
*
*
*
*
*
*
10
*
*
10
*
8
501or
more
39%
11
1
1
4
6
4
*
3
4
1
1
*
3
20
All sellers
38%
22
5
4
4
4
3
3
2
2
1
10 miles
or less
39%
27
6
4
3
3
3
*
1
1
1
11 to 20
miles
38%
22
5
7
2
4
6
1
*
1
*
21 to 50 51 to 100
101 to
miles
miles 500 miles
38%
40%
32%
22
16
21
5
7
3
1
5
6
6
9
4
2
4
6
2
4
3
*
*
9
3
5
2
3
*
4
2
1
1
501or
more
42%
17
2
3
3
4
2
6
2
1
1
1
1
*
*
1
1
1
*
*
14
1
*
11
*
*
13
*
1
15
*
*
9
*
*
10
1
1
14
All sellers
35%
21
3
2
5
4
5
1
2
4
2
1
Crowdsourcing through social media/knew the person through social media
1
2
Other
13
U.S.
Internet website (without a specific reference
Crowdsourcing through social media/knew the person through social media
Other
Exhibit 7-3
NUMBER OF AGENTS CONTACTED BEFORE SELECTING ONE TO ASSIST WITH SALE OF HOME
Florida
One
Two
Three
Four
Five or more
65%
20%
10%
2%
3%
NUMBER OF AGENTS CONTACTED BEFORE SELECTING
ONE TO ASSIST WITH SALE OF HOME
90%
Florida
80%
70%
65%
60%
50%
40%
30%
20%
20%
10%
10%
2%
3%
Four
Five or more
0%
One
U.S.
One
Two
Three
Four
Five or more
Two
Three
NUMBER OF AGENTS CONTACTED BEFORE SELECTING
ONE TO ASSIST WITH SALE OF HOME
70%
17
8
3
2
80%
U.S
70%
70%
60%
50%
40%
30%
17%
20%
8%
10%
3%
2%
Four
Five or more
0%
One
Two
Three
Exhibit 7-4
SELLER USED THE SAME REAL ESTATE AGENT FOR THEIR HOME PURCHASE, BY MILES MOVED
(Percentage Distribution Among Sellers Who Used an Agent to Purchase a Home)
Florida
Yes
No
34%
66%
10 miles
or less
64%
36%
11 to 20
miles
67%
33%
21 to 50 51 to 100
101 to
miles
miles 500 miles
89%
0%
18%
11%
100%
82%
501or
more
2%
98%
All
sellers
51%
49%
10 miles
or less
80%
20
11 to 20
miles
82%
18
21 to 50 51 to 100
101 to
miles
miles 500 miles
65%
24%
6%
35
76
94
501or
more
4%
96
U.S.
Yes
No
Exhibit 7-5
Florida
Yes
No
Don't know
92%
7%
2%
Florida
Don't know, 2%
No, 7%
Yes, 92%
U.S.
Yes
No
Don't know
91%
5%
4%
Don't know, 4%
U.S.
No, 5%
Yes, 91%
Exhibit 7-6
LEVEL OF SERVICE PROVIDED BY THE REAL ESTATE AGENT
Florida
A broad range of
services and
management of
most aspects of the
home sale
79%
A limited set of
services as
requested by the
seller
11%
The agent listed the
home on the MLS
and performed few if
any additional
services
11%
LEVEL OF SERVICE PROVIDED BY THE REAL ESTATE
AGENT
The agent listed
the home on the
MLS and
performed few if
any additional
Florida
services, 11%
Florida
A limited set of
services as
requested by the
seller, 11%
A broad range of
services and
management of
most aspects of
the home sale,
79%
LEVEL OF SERVICE PROVIDED BY THE REAL ESTATE
AGENT
U.S.
A broad range of
services and
management of
most aspects of the
home sale
A limited set of
services as
requested by the
seller
home on the MLS
and performed few if
any additional
services
The agent listed
the home on the
MLS and
performed few if
any additional
services, 12%
79%
9%
A limited set of
services as
requested by the
seller, 9%
12%
U.S.
A broad range of
services and
management of
most aspects of
the home sale,
79%
Exhibit 7-7
WHAT SELLERS MOST WANT FROM REAL ESTATE AGENTS, BY LEVEL OF SERVICE PROVIDED BY THE AGENT
All sellers
18%
21
18
22
10
6
2
3
*
LEVEL OF SERVICE SOUGHT FROM THE AGENT BY THE SELLER
A broad range of
services and
A limited set of
home on the MLS
management of
services as and performed few if
most aspects of the requested by the
any additional
home sale
seller
services
19%
18%
12%
19
29
29
16
18
24
26
12
6
12
6
6
6
6
12
1
6
6
2
6
*
*
*
*
All sellers
23%
20
19
14
13
5
3
2
*
*
A broad range of
services and
A limited set of
home on the MLS
management of
services as and performed few if
most aspects of the requested by the
any additional
home sale
seller
services
24%
21%
18%
20
24
19
19
19
17
12
18
25
14
5
10
5
5
5
3
6
2
3
2
2
*
1
*
*
*
1
Florida
Help price home competitively
Help sell the home within specific timeframe
Help find a buyer for home
Help seller market home to potential buyers
Help seller find ways to fix up home to sell it for more
Help with negotiation and dealing with buyers
Help with paperwork/inspections/preparing for settlement
Help seller see homes available to purchase
Other
U.S.
Help seller market home to potential buyers
Help sell the home within specific timeframe
Help price home competitively
Help find a buyer for home
Help seller find ways to fix up home to sell it for more
Help with negotiation and dealing with buyers
Help with paperwork/inspections/preparing for settlement
Help seller see homes available to purchase
Help create and post videos to provide tour of my home
Other
Exhibit 7-8
MOST IMPORTANT FACTOR IN CHOOSING A REAL ESTATE AGENT TO SELL HOME, BY LEVEL OF SERVICE PROVIDED BY THE AGENT
Florida
A broad range of
services and
A limited set of
management of
services as home on the MLS and
most aspects of the requested by the performed few if any
All sellers
home sale
seller
additional services
Reputation of agent
33%
34%
31%
31%
11
13
6
6
14
14
19
13
Agent’s knowledge of the neighborhood
23
20
19
38
Agent’s association with a particular firm
5
5
13
*
Agent has caring personality/good listener
4
4
6
6
Agent's commission
5
6
*
*
Agent seems 100% accessible because of use of technology like tablet3 or smartphone
2
6
*
1
1
*
*
Other
1
1
*
6
U.S.
Reputation of agent
Agent’s knowledge of the neighborhood
Agent has caring personality/good listener
Agent’s association with a particular firm
Agent's commission
Agent seems 100% accessible because of use of
technology like tablet or smartphone
Other
All sellers
36%
19
15
13
4
4
4
3
2
2
A broad range of
services and
A limited set of
management of
services as home on the MLS and
most aspects of the requested by the performed few if any
home sale
seller
additional services
38%
25%
36%
19
20
15
14
17
17
13
17
9
4
6
5
3
5
6
4
3
3
2
1
1
4
4
1
5
2
3
Exhibit 7-9
METHODS REAL ESTATE AGENT USED TO MARKET HOME
(Percent of Respondents Among Sellers Who Used an Agent)
Florida
Multiple Listing (MLS) website
Yard sign
Open house
Real estate agent website
Real estate company website
Realtor.com
Third party aggregators
Direct mail (flyers, postcards, etc.)
Real estate magazine
Newspaper website
Video
Other Web sites with real estate listings (e.g.
Google, Yahoo)
Real estate magazine website
Social networking websites (e.g.
Facebook,Twitter, etc.)
Online Classified Ads
Video hosting Web sites (e.g. Youtube, etc.)
Television
Other
All Homes
90%
61
40
54
38
41
11
14
11
9
11
11
4
6
9
7
2
1
3
U.S.
Multiple Listing (MLS) website
Yard sign
Real estate agent website
Open house
Real estate company website
Realtor.com
Third party aggregators
Direct mail (flyers, postcards, etc.)
Video
Newspaper website
Social networking websites (e.g.
Facebook,Twitter, etc.)
Other Web sites with real estate listings (e.g.
Google, Yahoo)
Real estate magazine
Online Classified Ads
All Homes
89%
71
51
47
44
43
33
13
12
11
9
9
8
7
7
Exhibit 7-10
Florida
Paid by seller
Flat fee
Per task fee
Other
Don't Know
Paid by buyer only
Other
Don't Know
81%
8
1
*
*
0
8
6
3
3
U.S.
Paid by seller
Flat fee
Per task fee
Other
Don't Know
Paid by buyer only
Other
Don't Know
78%
72
4
*
*
2
10
5
4
4
Exhibit 7-11
NEGOTIATING THE COMMISSION RATE OR FEE WITH THE REAL ESTATE AGENT
Florida
Real estate agent initiated discussion of
compensation
Client brought up the topic and the real estate
agent was able and willing to negotiate their
commission or fee
agent was unwilling or unable to negotiate
their commission or fee
Client did know commissions and fees could
be negotiated but did not bring up the topic
Client did not know commissions and fees
could be negotiated
47%
26
8
9
11
U.S.
Real estate agent initiated discussion of
compensation
agent was able and willing to negotiate their
commission or fee
agent was unwilling or unable to negotiate
their commission or fee
Client did know commissions and fees could
be negotiated but did not bring up the topic
Client did not know commissions and fees
could be negotiated
46%
21
7
11
15
Exhibit 7-12
WOULD SELLER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS
Florida
Definitely
Probably
Probably Not
Definitely Not
Don't Know/
Not Sure
10 miles or
less
74%
16%
4%
4%
2%
11 to 20
miles
83%
0%
0%
17%
0%
21 to 50 51 to 100
101 to
miles
miles 500 miles
40%
67%
46%
20%
33%
23%
20%
0%
8%
10%
0%
15%
10%
0%
8%
501or
more
68%
10%
11%
11%
0%
All 10 miles or
sellers
less
68%
70%
15
15
8
7
7
6
11 to 20
miles
72%
13
6
7
21 to 50 51 to 100
101 to
miles
miles 500 miles
61%
68%
66%
17
8
19
12
9
5
6
12
8
501or
more
66%
16
10
8
68%
13%
8%
10%
2%
U.S.
Definitely
Probably
Probably Not
Definitely Not
Don't Know/
Not Sure
2
2
3
3
2
2
1
Exhibit 7-13
HOW MANY TIMES SELLER RECOMMENDED TYPICAL AGENT
Florida
All Sellers
None
One time
Two times
Three times
Four or more times
43%
12
18
13
15
Times recommended
since buying (median)
1
U.S.
All Sellers
None
One time
Two times
Three times
Four or more times
Times recommended
since buying (median)
39%
15
18
10
18
1

2014 Profile of Home Buyers and Sellers in Florida

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