2012 Home Seller Survey - California Association of Realtors

Transcription

2012 Home Seller Survey
California Assocation of Realtors® | 2012 Home Seller Survey
Table of Contents
Introduction .................................................................... 2
Housing Market Environment ......................................... 2
Survey Methodology ....................................................... 2
Executive Summary......................................................... 3
Who is the 2012 Home Seller?........................................ 4
The Typical Home............................................................ 7
The Selling Experience .................................................... 8
Transaction Process ...................................................... 11
Sellers Working with Agents ......................................... 12
Key Conclusions ............................................................ 15
Opportunities ................................................................ 15
Bibliography .................................................................. 17
List of Exhibits ............................................................... 18
1
Introduction
Home sellers experienced improved
housing market conditions in 2012.
The CALIFORNIA ASSOCIATION OF
REALTORS® (C.A.R.) 2012 Home
Seller Survey looked at sellers in
greater detail. The Survey covers
home seller demographics, the
types of homes sold, the details of
the selling experience from the
owners’ perspective, and many
aspects about client and real estate
agent interaction.
Housing Market Environment
California home sales posted the strongest year-to-date gains in November in three years (5.8 percent).
Sales of existing single family homes increased 2.7 percent to 518,290 from 504,470 in November of last
year. The growth in the housing market continued to be fueled by strong sales in higher-priced
segments of the market as supply shortages remained a constraint on sales in the lower price segments.
The statewide median price is expected to be near $350,000 at the end of the year. Already at $349,300
in November, the median price is up about 30 percent from the beginning of the year when it was
$268,280. The median price has posted year-over-year increases for the ninth straight month. The
increase in price is due to upward price pressure resulting from the limited supply of inventory, as well
as more demand of higher-priced homes. The combination of these two factors led to the change in the
mix of sales, which was the primary contributor to the jump in the statewide median price.
Survey Methodology
The Survey was conducted by telephone in August and September of 2012 with 600 home sellers
participating statewide. Eligible respondents all closed escrow on their new homes within the six months
prior to August/September. Participants were selected on a random probability basis and the reported
results are subject to a maximum sampling error of +/- 4.1 percent (a 95 percent confidence level at two
standard deviations).
2
Executive Summary
The typical home seller is changing. The median age has fallen from 46 in 2007 to 37 in 2012. Ethnic
minorities now represent almost two-thirds of sellers. Sellers are more likely to be first-time sellers; the
share of first-time sellers has been steadily increasing from 15 percent in 2007 to 57 percent in 2012.
Homeowners have typically considered selling more than a year a before they actually do, and
affordability problems were the most widely held reason for selling. Those financial problems are
reflected in the share of sellers considering strategic default doubling from 22 percent in 2011 to 44
percent in 2012. Furthermore, most recent sellers rent after the home sale and do not intend to buy.
Nearly half of the sellers surveyed moved out of state and the majority are not optimistic about future
home prices. The average sale price is about six percent lower than the list price.
Website listings have become an integral part of the selling process and more than two-thirds of sellers
find REALTOR.com as the most important website in the selling process.
Much to the seller’s dismay, escrows not closing on time have been increasingly common. The share of
sellers who reported their escrow did not close on time has soared from 17 percent in 2004 to 70
percent in 2012. On the other hand, sellers received an average of three offers on their home. There
was also a three-week decline in the average number of weeks that a home was on the market from
29.2 weeks in 2011 to 26 weeks in 2012.
The internet was the most common resource for sellers to find an agent, with 75 percent of sellers who
found their agent online. Sellers typically interview about four agents, and 77 percent of selected agents
are REALTORS®. Quickest response time is the most important factor sellers look for in an agent. Nearly
all sellers expect their agent to respond to any inquiries within the hour.
Sellers frequently turnover agents during the selling process, with the share of sellers listing home with
a different agent other than the one they sold with doubling from 22 percent in 2011 to 44 percent in
2012. The fickleness of sellers with agents can be derived from the decline in seller satisfaction since
2004 with both agents and selling process. Selling for a higher price and in a faster time were the two
most preferred changes sellers wanted in their most recent home sale.
Social media is now more prevalent in the home-selling process. The percentage of sellers incorporating
social media into the selling process has risen from 24 percent in 2010 to 74 percent in 2012.
The challenges in the market have dampened seller’s optimism about future home prices. Sixty-three
percent of sellers believe prices will either stay flat or decline.
The mix of loan products obtained by sellers is increasingly returning to more traditional products, such
as fixed-rate mortgages. Most sellers tapped into their home equity and considered strategic default.
3
Who is the 2012 Home Seller?
The demographic composition of sellers is changing. The majority of sellers are younger, of various
ethnicities, have a slightly lower income than the previous year, and a growing number of them are not
married.
Females still make up the majority of sellers at 58 percent, up one percent from 2011. The level of
female sellers has generally been on the rise since the lowest point in the history of the Survey at 52
percent in 2007. Women now make up the majority of college graduates in the U.S. As they gain ground
in the work place and advance in their careers, they become home owners. It is not uncommon for
women to form households without being married or as single parents.
The median age of sellers in 2012 is 37, falling from the median age of 47 in 2004. Nationally, the typical
age of home sellers is 53, so homeowners in California tend to sell at a younger age compared to the
nation. With Gen X already replacing the retiring Boomers, the rise of Gen Y entering the workforce also
leads to them becoming homeowners and eventually sellers to further push down the median age of
sellers. The appearance of Gen Y sellers in 2009 dropped the median age from 41 in 2008 to 37 the next
year.
Exhibit 1: Average Age of Home Sellers
50
45
40
35
30
25
20
15
10
5
0
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Minorities represent 65 percent of home sellers in California, a slight decrease from last year’s level at
67 percent. On the other hand, the percentage of minorities has been on the rise since 2002 when
minorities only represented 45 percent of home sellers. In 2012, Asians represent the largest ethnic
group at 27 percent down from their highest level at 29 percent in 2008. The percentage of Hispanic
sellers has been growing from 16 percent in 2002 to 26 percent this year. The percentage of African
American sellers have doubled in percentage points from 6 percent in 2004 to 12 percent this year, but
slightly down from 14 percent in 2011. Meanwhile, the percentage of Caucasians had declined from
their highest level in the history of the Survey at 55 percent in 2002 down to 35 percent in 2012. The
shift in the ethnic composition of sellers also reflects the dynamic change in California’s population
composition.
4
The share of non-married households, including those single and of other status, has been growing since
2004 from only 13 percent non-married sellers to 53 percent non-married sellers in 2012. The
percentage of married sellers has fallen from 87 percent of all sellers in California in 2003 down to 47
percent this year. This reversal in marital status of sellers to now where non-married sellers are the
majority reflects the changing demographics of Californians. The marriage rate has dropped from 57
percent in 2000 to 46.5 percent in 2011, according to the U.S. Census Bureau 2011 American
Community Survey.
Exhibit 2: Marital Status of Home Sellers
100%
0%
0%
0%
0%
0%
17%
17%
16%
16%
53%
50%
48%
50%
30%
34%
37%
35%
2007
2008
22%
20%
46%
47%
32%
33%
80%
61%
60%
76%
63%
64%
87%
40%
20%
39%
24%
37%
36%
13%
0%
2002
2003
2004
2005
2006
Single
Married
2009
2010
2011
2012
Other
The typical seller earns more than the average Californian. Nearly all sellers (93 percent) have a
household income greater than $75,000, which is more than double the 41 percent of households in the
state who earn more than that amount. Additionally, almost two-thirds (63 percent) of sellers have a
household income over $100,000, whereas only 28 percent of households in the state earn that amount
(U.S Census Bureau, 2011).
The distribution of annual household incomes of home sellers has illustrated a steady growth in income.
The chart below shows the percentage of sellers with a household income over $75,000 has increased
from 80 percent in 2009 to 93 percent in 2012, suggesting that sellers with higher incomes comprise the
majority of home sellers. Additionally, the percentage of those with incomes over $100,000 has
increased from 49 percent in 2009—the lowest level in the history of the Survey—to 63 percent this
year.
5
Exhibit 3: Annual Household Income of Sellers
Under $50,000
$50,000-$74,999
$75,000-$99,999
$100,000-$149,999
$150,000-$199,999
$200,000+
6
The Typical Home
1991
2,600
year
built
square
feet
86%
primary
residence
1
The average sale price is 6% lower than the average list price.
List Price
$378,855
1
Sale Price
$356,727
Survey sample is skewed more towards primary residence sellers and does not include most investors
and other types of sellers.
7
The Selling Experience
The majority of 2012 sellers (57 percent) sold for the very first time, the highest percentage of first-time
sellers in the Survey’s history. The percentage of first-time sellers increased nine percentage points from
48 percent last year, and was up 42 percentage points from its lowest level of 15 percent in 2007. The
survey suggests that those who bought a few years ago, when prices were higher, are now selling.
Exhibit 4: First-time Sellers
60%
50%
40%
30%
20%
10%
0%
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Why are people selling their homes? More than half (58 percent) claimed affordability problems such as
could not afford the mortgage, moved to a less expensive market, and loss of household income as their
primary reason for selling. Other reasons mentioned were job and income uncertainty (by 17 percent of
sellers) and being underwater (by seven percent). Owners’ reasons for selling reflect the hardships that
most are experiencing in coping with a difficult global economic climate.
Another indication of sellers experiencing challenging times is the fact that more than half (53 percent)
currently rent their residence, compared to 47 percent who own their current residence. While more
than half of all sellers are currently renting, this is an improvement from 88 percent of sellers who
rented in 2011 and 58 percent who were renters in 2010.
Furthermore, sellers are not very optimistic about future home prices, only about one in five believe
that home prices will go up in 10 years. Their outlook is even more pessimistic in the short run, with 12
percent believing prices will rise in five years, and only nine percent believing prices will rise in a year.
8
With 74 percent of sellers having considered strategic default and 79 percent having tapped into their
home equity by taking cash out, it’s no surprise that the majority feel uncertain about or have grim
expectations for home prices in the future, as Exhibit 7 illustrates.2
Exhibit 5: Sellers Not Optimistic About Future Home Prices
Down
100%
90%
80%
9%
Flat
Unsure
12%
Up
20%
23%
32%
70%
17%
60%
50%
32%
40%
30%
69%
57%
20%
31%
10%
0%
1 Year
5 Years
10 Years
Sellers moved out state in record numbers in 2012—44 percent, the highest in the Survey’s history. The
percentage of sellers who moved out state is up 39 percentage points from only five percent in 2004—
the lowest percentage in the Survey’s history. Sellers leaving California in higher numbers comes as no
surprise considering the fact that California has been experiencing negative domestic migration over the
past decade, losing an average of 213,000 people a year since 2001. Leading destination states include
Florida, Texas and North Carolina. (Gray & Scardamalia, 2012)
2
Survey responses are skewed more towards short sale transactions than the distribution of distressed
properties under current market conditions.
9
Exhibit 6: Domestic Migration in the U.S., 1990-2010
10
Transaction Process
Home owners began the selling process about a year before actually selling their home. On average,
sellers considered a sale 14.6 months before they sold. They listed realtor.com, Zillow and Yahoo as the
most important websites in the selling process.
An overwhelming majority (97 percent) had their home listed on a multiple listing service. For the three
percent who did not list their home, it either never went on the market or was sold privately. More than
eight in 10 sellers (83 percent) received multiple offers, with the average seller receiving about 3.1
offers. Only about 30 percent of sellers closed escrow on time, the 70 percent who did not listed
problems with the buyer financing as the main reasons for the delay. The average home fell out of
escrow nearly three times (2.9) before closing, with more than half of sellers (61 percent) reporting that
their home fell out of escrow at least three times.
11
Sellers Working with Agents
3/4 sellers
found agent
online
74% sellers
use social
media
1/2 sellers
Google
agent
More than three out of every four sellers (77 percent) worked with a REALTOR® and interviewed 3.6
agents on average before selecting one. The average number of agents interviewed is relatively
unchanged from last year, but is down significantly from an average of 6.2 agents interviewed in 2009.
As more professionals left the business during the recent down cycle, clients started interviewing fewer
agents before making their selection. However, 44 percent of sellers did initially list their home with
another agent. The percentage of sellers who changed agents is highest for Gen Y—70 percent. The top
three reasons that sellers changed agents are the home took too long to sell, agent was not skilled in
short sale negotiation, and poor communication.
Response time is important to sellers; more than half mentioned an element of responsiveness as the
most important reason for selecting their agent. Nearly half of all sellers (45 percent) said they expect an
instant response from their agent and 97 percent of all sellers expect a response within an hour.
However, only 27 percent of sellers felt that their agents responded within an hour.
Sellers reported that agents met their expectations in terms of communicating via email and in person.
Agents appear to have fallen short in terms of client communication preferences for telephone and text
message. Only 13 percent of sellers said they prefer to communicate with their agents by telephone, yet
43 percent said that their agents communicated most frequently by telephone. Similarly, about onethird of all sellers reported that they prefer text message communication, but only one percent claimed
that their agent used this communication method, as Exhibit 9 reveals.
12
Exhibit 7: Preferred vs. Actual Communication Method
Preferred
Actual
51%
47%
43%
33%
13%
1%
5% 7%
Clients were more satisfied with their agents than with the selling process, rating their satisfaction with
their agent at an average of 2.8 and their satisfaction with the selling process at an average of 2.5 on a
scale of one to five, with five being extremely satisfied. Both of these ratings are relatively unchanged
from last year, but down from their highest levels of 3.8 each in 2004, reflecting how the challenges in
the real estate market due to the recent downturn have affected home owners.
For sellers who were satisfied with their agents, they mentioned negotiating a good deal, getting the
best price and listening to their needs as the top three reasons. Those who were not satisfied with their
agents claimed they did not get their desired price, the house took too long to sell and communication
was ineffective.
13
Exhibit 8: Seller Satisfaction with Agent & Home Selling Process
Agent
Selling process
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2004
2005
2006
2007
2008
2009
2010
2011
2012
14
Key Conclusions
To conclude the Survey, we asked
buyers to give their agents some
advice to improve the home
buying process or level of service.
Here is what they revealed:
 Sell home faster (71
percent)
 Improve communication
speed (55 percent)
 Negotiate more
aggressively (43 percent)
 Improve communication
quality (34 percent)
 Price home to sell from the start (23 percent)
The Seller Survey revealed that home sellers, like many others, have gone through some tough times
during the recent recession and housing crisis. Most previous home owners currently rent and reported
that they do not intend to buy again. Nearly half of those home owners moved out of California and a
good majority feel pessimistic about future home values.
While most sellers were only somewhat satisfied with the selling process, the housing market has shown
some promise in 2012. Most escrows are closing in a reasonable amount of time, homes are on the
market for a shorter period compared to previous years, and prices and sales have improved in most
markets throughout the state.
Opportunities
Real estate professionals play a key role in a home transaction and have an opportunity to assist sellers
in the areas where they require the most expertise from agents.
Marketing is an important pillar to building a service based
business so it is important to allocate marketing budget dollars
wisely. Because 75 percent of sellers found their real estate
agent on the internet, agents should allocate a sufficient portion
of their marketing budget to online marketing. The focus ought
to be on websites that sellers frequent the most, like
realtor.com, Zillow and Yahoo, in addition to individual agent
websites. The content of the marketing materials should
highlight the qualities which are most important to sellers in
selecting an agent, such as responding quickly, being aggressive
in representing clients, being qualified and knowledgeable—
especially in handling distressed properties—and having good negotiation skills. The marketing materials
3 out of every 4
sellers found their
agent online
15
must tackle seller demographics appropriately—most sellers are female, under 45 years old and have a
relatively high household annual income.
In addition to focusing on sellers’ reasons for selecting and being satisfied with their agents, it is
important not to forget to address their reasons for dissatisfaction. As Bill Gates said, “Your most
unhappy customers are your greatest source of learning.” Sellers who were not satisfied with their
agents mentioned not getting their desired price, the house taking too long to sell and ineffective agent
communication as the top three reasons for their dissatisfaction. Avoiding these pitfalls is essential to
ensuring the future success of a real estate business.
16
Bibliography
CALIFORNIA ASSOCIATION OF REALTORS(R). (n.d.). 2012 Annual Housing Market Survey.
Gray, T., & Scardamalia, R. (2012). THE GREAT CALIFORNIA EXODUS: A Closer Look. New York:
Manhattan Institute for Policy Research.
U.S. Census Bureau. (2011). 2011 American Community Survey.
17
List of Exhibits
Exhibit 1: Average Age of Home Sellers ___________________________________________________ 4
Exhibit 2: Marital Status of Home Sellers __________________________________________________ 5
Exhibit 3: Annual Household Income of Sellers _____________________________________________ 6
Exhibit 4: First-time Sellers _____________________________________________________________ 8
Exhibit 5: Sellers Not Optimistic About Future Home Prices ___________________________________ 9
Exhibit 6: Domestic Migration in the U.S., 1990-2010 _______________________________________ 10
Exhibit 7: Preferred vs. Actual Communication Method _____________________________________ 13
Exhibit 8: Seller Satisfaction with Agent & Home Selling Process ______________________________ 14
Exhibit 9: Seller Gender_______________________________________________________________ 21
Exhibit 10: Seller Age Groups __________________________________________________________ 21
Exhibit 11: Seller Generations __________________________________________________________ 22
Exhibit 12: Ethnic Background of Sellers__________________________________________________ 22
Exhibit 13: Marital Status _____________________________________________________________ 23
Exhibit 14: Annual Household Income ___________________________________________________ 23
Exhibit 15: Percentage of First-time Sellers _______________________________________________ 24
Exhibit 16: Most Important Reason for Selling _____________________________________________ 24
Exhibit 17: Current Housing status ______________________________________________________ 25
Exhibit 18: Seller Migration____________________________________________________________ 25
Exhibit 19: Percentage of Sellers Moving out of State _______________________________________ 26
Exhibit 20: Seller Outlook about Future Home Prices _______________________________________ 26
Exhibit 21: Sellers Who Believe Home Prices Will Rise _______________________________________ 27
Exhibit 22: Average Sale Price is 6% Lower than the List Price _________________________________ 27
Exhibit 23: Average Listing Price vs. Average Sale Price ______________________________________ 28
Exhibit 24: Average Listing Price > Average Sale Price _______________________________________ 28
18
Exhibit 25: Average Time Considering Selling before Actually Doing So _________________________ 29
Exhibit 26: Average Months Owner Considered Selling Home_________________________________ 29
Exhibit 27: Most Important Websites for Sellers ___________________________________________ 30
Exhibit 28: Most Important Websites for Sellers (Top 3) _____________________________________ 30
Exhibit 29: Percentage of Homes Listed on MLS ___________________________________________ 31
Exhibit 30: Most Escrows Do Not Close on Time ___________________________________________ 31
Exhibit 31: Reasons that Escrows Don’t Close on Time ______________________________________ 32
Exhibit 32: Number of Times Home Fell Out of Escrow ______________________________________ 32
Exhibit 33: Number of Offers Received___________________________________________________ 33
Exhibit 34: What Sellers Would Change About the Sale ______________________________________ 33
Exhibit 35: How Sellers Found Agent ____________________________________________________ 34
Exhibit 36: ¾ of Sellers Interview at Least 3 Agents _________________________________________ 34
Exhibit 37: Number of Agents Interviewed by Sellers _______________________________________ 35
Exhibit 38: Reason Seller Selected Agent _________________________________________________ 35
Exhibit 39: Percentage of Sellers Working with REALTORS® __________________________________ 36
Exhibit 40: Percentage of Sellers Who Initially Listed Home with another Agent __________________ 36
Exhibit 41: Percentage of Sellers Who Initially Listed their Home with another Agent by Generation &
First-time vs. Repeat Seller ____________________________________________________________ 37
Exhibit 42: Why Sellers Changed Agents _________________________________________________ 37
Exhibit 43: Home Sale Satisfaction Ratings (Scale: 1-5) ______________________________________ 38
Exhibit 44: Agent Satisfaction Ratings (Scale: 1-5) __________________________________________ 38
Exhibit 45: Seller Satisfaction with Agent & Selling Process __________________________________ 39
Exhibit 46: Percentage of Sellers Using Social Media ________________________________________ 39
Exhibit 47: Preferred vs. Actual Communication Method ____________________________________ 40
Exhibit 48: Expected vs. Actual Response Time ____________________________________________ 40
Exhibit 49: Percentage of Sellers Expecting Instant Response from Agent _______________________ 41
19
Exhibit 50: Type of Loan ______________________________________________________________ 41
Exhibit 51: Percentage of Sellers Who Refinanced and Took Out Cash __________________________ 42
Exhibit 52: Percentage of Sellers Considering Strategic Default _______________________________ 42
20
Exhibit 9: Seller Gender
Male
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
57%
62%
64%
64%
63%
43%
38%
35%
36%
37%
Female
52%
48%
60%
40%
60%
58%
57%
58%
40%
42%
43%
42%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Exhibit 10: Seller Age Groups
11%
4%
35%
25-34
12%
35-44
45-54
55-64
65+
39%
21
Exhibit 11: Seller Generations
Gen Y (1980-1999)
Gen X (1965-1979)
Boomers (1946-1964)
Seniors (before 1946)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2006
2007
2008
2009
2010
2011
2012
Exhibit 12: Ethnic Background of Sellers
White
Hispanic
Asian
Black
Other
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
22
Exhibit 13: Marital Status
Single
Married
Other
100%
17%
17%
90%
16%
16%
22%
20%
80%
61%
70%
60%
63%
64%
76%
87%
50%
53%
48%
50%
46%
47%
50%
40%
30%
20%
10%
39%
37%
36%
2004
2005
2006
30%
34%
37%
35%
32%
33%
2007
2008
2009
2010
2011
2012
24%
13%
0%
2002
2003
Exhibit 14: Annual Household Income
< $50,000
$50,000-$74,999
$75,000-$99,999
$100,000-$149,999
$150,000-$199,999
$200,000+
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
23
Exhibit 15: Percentage of First-time Sellers
60%
50%
40%
30%
20%
10%
0%
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Exhibit 16: Most Important Reason for Selling
58%
Affordability problems
17%
Job/income uncertainty
7%
Under water
4%
Possibility of interest rate rise
4%
Job change/relocation
4%
Low prices
3%
Job loss
3%
Moved out of state
2%
Desired smaller home
1%
Price decline concern
0%
10%
20%
30%
40%
50%
60%
24
Exhibit 17: Current Housing status
Own
Rent
100%
90%
80%
45%
53%
58%
70%
60%
88%
50%
40%
30%
55%
47%
42%
20%
10%
12%
0%
2009
2010
2011
Exhibit 18: Seller Migration
SoCal
NorCal
Other CA
Another State
19%
44%
28%
9%
15%
52%
33%
From
To
2012
25
Exhibit 19: Percentage of Sellers Moving out of State
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
2004
2005
2006
2007
2008
2009
2010
2011
Exhibit 20: Seller Outlook about Future Home Prices
Down
Flat
Unsure
Up
100%
9%
90%
80%
12%
20%
23%
32%
70%
17%
60%
50%
32%
40%
30%
69%
57%
20%
31%
10%
0%
1 Year
5 Years
10 Years
2012
26
Exhibit 21: Sellers Who Believe Home Prices Will Rise
2012
2011
2010
35%
26%
20%
20%
16%
14%
12%
13%
9%
In 1 Year
In 5 Years
In 10 Years
Exhibit 22: Average Sale Price is 6% Lower than the List Price
$378,855
$356,727
$400,000
$350,000
$300,000
List
$250,000
Sale
$200,000
$150,000
$100,000
$50,000
$0
Average
27
Exhibit 23: Average Listing Price vs. Average Sale Price
Listing Price
Sale Price
$400,000.00
$390,000.00
$380,000.00
$370,000.00
$360,000.00
$350,000.00
$340,000.00
$330,000.00
$320,000.00
$310,000.00
$300,000.00
2009
2010
2011
2012
Exhibit 24: Average Listing Price > Average Sale Price
Percentage by Which Listing Price Exceeds Sale Price
14%
12%
10%
8%
6%
4%
2%
0%
2009
2010
2011
2012
28
Exhibit 25: Average Time Considering Selling before Actually Doing So
19%
20%
19%
18%
16%
16%
14%
12%
11%
12%
10%
8%
7%
8%
6%
4%
2%
2%
2
3
3%
2%
2%
0%
4
5
6
8
10
Months
12
Exhibit 26: Average Months Owner Considered Selling Home
Average Months
17.0
16.6
16.5
16.0
15.5
14.6
15.0
14.5
14.0
13.5
2011
2012
16
24
36
29
Exhibit 27: Most Important Websites for Sellers
69%
26%
5%
Exhibit 28: Most Important Websites for Sellers (Top 3)
Realtor.com
Zillow.com
2009
2010
Yahoo! Real Estate
80%
70%
60%
50%
40%
30%
20%
10%
0%
2008
2011
2012
30
Exhibit 29: Percentage of Homes Listed on MLS
Sold to relative
0.2%
Private sale
1%
Listed
97%
Not Listed
3%
Never went on
mkt
2%
Exhibit 30: Most Escrows Do Not Close on Time
Yes
No
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2004
2005
2006
2007
2008
2009
2010
2011
2012
31
Exhibit 31: Reasons that Escrows Don’t Close on Time
29%
23%
23%
16%
12%
• Trouble with buyer loan approval
• Loan didn’t fund on time
• Last minute lender requirements
• Lender didn’t approval terms
• Paperwork not completed on time
Exhibit 32: Number of Times Home Fell Out of Escrow
34%
35%
30%
25%
23%
20%
16%
13%
15%
9%
10%
5%
5%
0%
1
2
3
4
# of Times Home Fell Out of Escrow
5
6
32
Exhibit 33: Number of Offers Received
45%
40%
40%
35%
30%
23%
25%
20%
17%
15%
10%
4%
5%
2%
2%
2%
4%
5%
9
10
1%
0%
1
2
3
4
5
6
7
Number of Offers Received
Exhibit 34: What Sellers Would Change About the Sale
Sell for higher price (37%)
Sell faster (34%)
Market property more aggressively (10%)
Improve agent communication (9%)
Have agent negotiate harder (6%)
8
33
Exhibit 35: How Sellers Found Agent
75%
Internet
10%
Referral
8%
"For Sale" sign
4%
Farming material
3%
Previous client
0%
10%
20%
30%
40%
50%
60%
70%
Exhibit 36: ¾ of Sellers Interview at Least 3 Agents
24%
25%
21%
20%
15%
17%
12%
13%
12%
10%
5%
0%
1
2
3
4
5
6
80%
34
Exhibit 37: Number of Agents Interviewed by Sellers
Median
Average
7
6
6
5
5
4
4
3
2
5
4
4
3
2
3
2
1
0
2003
2004
2005
2006
2007
2008
2009
Exhibit 38: Reason Seller Selected Agent
1st to respond (26%)
Appeared most responsive (25%)
Appeared most aggressive (19%)
Most qualified (6%)
Negotiation skills (5%)
2010
2011
2012
35
Exhibit 39: Percentage of Sellers Working with REALTORS®
Unsure
7%
Non-REALTOR®
16%
REALTOR®
77%
Exhibit 40: Percentage of Sellers Who Initially Listed Home with another Agent
64%
70%
60%
44%
50%
40%
22%
30%
20%
10%
0%
2009
2011
2012
36
Exhibit 41: Percentage of Sellers Who Initially Listed their Home with another Agent by Generation & First-time vs. Repeat
Seller
70%
70%
60%
50%
51%
44%
36%
40%
39%
32%
30%
20%
10%
0%
Exhibit 42: Why Sellers Changed Agents
Took too long to
sell (34%)
Not skilled in short sale
negotiation (32%)
Poor communication
(24%)
33%
37
Exhibit 43: Home Sale Satisfaction Ratings (Scale: 1-5)
Exhibit 44: Agent Satisfaction Ratings (Scale: 1-5)
38
Exhibit 45: Seller Satisfaction with Agent & Selling Process
Agent
Selling process
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2004
2005
2006
2007
2008
2009
2010
2011
Exhibit 46: Percentage of Sellers Using Social Media
77%
74%
80%
70%
60%
50%
40%
24%
30%
20%
10%
0%
2010
2011
2012
2012
39
Exhibit 47: Preferred vs. Actual Communication Method
Preferred
Actual
51%
43%
47%
33%
13%
5% 7%
1%
Exhibit 48: Expected vs. Actual Response Time
Actual
Expected
45%
45%
40%
32%
35%
30%
25%
25%
28%
20%
20%
15%
10%
5%
11%
13%
12%
4%
2%
5%
1%
2%
0%
Instantly Within Within 1 Within 2 Within 4
30
Hour
Hours
Hours
Minutes
Same
day
1
>1
business business
day
day
40
Exhibit 49: Percentage of Sellers Expecting Instant Response from Agent
50%
45%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Exhibit 50: Type of Loan
ALTA Stated Income
ARM
Interest Only
FRM
No Financing
Negative amortization ARM
100%
80%
60%
40%
20%
0%
2008
2009
2010
2011
2012
41
Exhibit 51: Percentage of Sellers Who Refinanced and Took Out Cash
79%
Cash-out Refinance
80%
70%
60%
50%
32%
40%
27%
31%
30%
20%
10%
0%
2009
2010
2011
2012
Exhibit 52: Percentage of Sellers Considering Strategic Default
74%
80%
70%
60%
50%
35%
40%
30%
20%
10%
0%
2011
2012
42
Leading the way…® in California real estate for more than 100 years,
the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of
the largest state trade organizations in the United States with
155,000 members dedicated to the advancement of professionalism
in real estate. C.A.R. is headquartered in Los Angeles.
The Association develops and promotes programs and services that
will enhance the members' freedom and ability to conduct their
individual businesses successfully with integrity and competency and,
through collective action, promotes the preservation of real property
rights.
CALIFORNIA ASSOCIATION OF REALTORS®
Research and Economics
525 South Virgil Avenue
Los Angeles, CA 90020-1403
213.739.8200
[email protected]
http://www.car.org/marketdata/
43

2012 Home Seller Survey - California Association of Realtors

Transcription

Similar documents

successful Amazon sellers

Take Notice!!! This Auction is one you will want to attend.

Guidance For Development Of An Emergency Fallout Shelter

photo essay in PDF format

Welcome to 10 Tormina Court

martino 6 07 - Staten Island

• 3,4000 SF Building on .5 Acres + Billboard (Additional Income

here - Santee Swap Meet

GCAAR REALTORS® Care! - Greater Capital Area Association of

Research on harmful and misleading drink and food advertising (1)