2016 Home Buyer and Seller Generational Trends

The National Association of REALTORS, The Voice for Real Estate, is Americas largest
trade association, representing 1.1 million members, including NARs institutes, societies
and councils, involved in all aspects of the real estate industry. NAR membership
includes brokers, salespeople, property managers, appraisers, counselors and others
engaged in both residential and commercial real estate.
The term REALTOR is a registered collective membership mark that identifies a real
estate professional who is a member of the National Association of REALTORS and
subscribes to its strict Code of Ethics.
Working for Americas property owners, the National Association provides a facility for
professional development, research and exchange of information among its members
and to the public and government for the purpose of preserving the free enterprise
system and the right to own real property.
NATIONAL ASSOCIATION OF REALTORS
RESEARCH DIVISION
The Mission of the National Association of REALTORS Research Division is to collect and
disseminate timely, accurate and comprehensive real estate data and to conduct
economic analysis in order to inform and engage members, consumers, and
policymakers and the media in a professional and accessible manner.
To find out about other products from NARs Research Division, visit
www.REALTOR.org/research-and-statistics.
Research Division
500 New Jersey Avenue, NW
Washington, DC 20001
202-383-1000
data@realtors.org
2016 National Association of REALTORS Home Buyer and Seller Generational Trends

2016 Home Buyers and Sellers Generational Trends Report
Table of Contents
Introduction ................................................................................................................................... 4
Highlights ....................................................................................................................................... 6
Chapter 1: Characteristics of Home Buyers............................................................................ 10
Chapter 2: Characteristics of Homes Purchased ................................................................. 28
Chapter 3: The Home Search Process .................................................................................... 48
Chapter 4: Home Buying and Real Estate Professionals ....................................................... 62
Chapter 5: Financing the Home Purchase ............................................................................ 80
Chapter 6: Home Sellers and Their Selling Experience .......................................................... 97
Chapter 7: Home Selling and Real Estate Professionals...................................................... 125
Methodology ............................................................................................................................ 140
2016 National Association of REALTORS
Report Prepared by:

Jessica Lautz-- Managing Director, Survey Research and Communications
Meredith Dunn-- Research Communications Manager
Brandi Snowden-- Research Survey Analyst
Amanda Riggs-- Research Survey Analyst

2016 Home Buyers and Sellers Generational Trends Report
Introduction
Since 2013, the National Association of REALTORS has been writing the Home Buyers
and Sellers Generational Trends Report. This report provides insights into differences and
similarities across generations of home buyers and home sellers. The home buyer and
seller data is taken from the annual Profile of Home Buyers and Sellers.
One consistent finding for the last three years of reports has been that Generation
Y/Millennials (buyers 18 to 35) is the largest share of home buyers at 35 percent. The
share has consistently grown over the four years of reports. The largest cohort in
America is growing up, and while Gen Y ages they become more traditional in their
buying habits. This years report saw an increased share who purchased in suburban
locations and who purchased detached single-family homes. Forty-five percent of Gen
Y buyers now have children under the age of 18 in their home, 64 percent are married
couples, and 12 percent are unmarried couples (the largest share of all generations).
Gen X (buyers 36 to 50) consists of 26 percent of recent home buyers. They are
consistent with their buying trends and demographics. Notably, they are also the most
racially and ethnically diverse population of home buyers, with 28 percent identifying
they are a race other than White/Caucasian. Gen X buyers are in their peak earning
years and thus their incomes are the highest among all generations of buyer types. They
are both the generation most likely to be married and most likely to have children
under the age of 18 in their home. Their housing preferences are driven by these
demographics. Gen X buyers have the highest median priced homes of all other buyers
and buy the largest homes in median square footage and bedrooms. Their
neighborhood choices are driven by their convenience to job, but also the quality and
convenience of school districts.
For the report, Younger Baby Boomers (buyers 51 to 60) and Older Baby Boomers
(buyers 61 to 69) were broken into two separate categories as they have differing
demographics and buying behaviors. Younger Boomers consist of 16 percent of recent
buyers and Older Boomers consist of 15 percent of recent buyers. Younger Boomers
have higher median household incomes and are more likely to have children under the
age of 18 in their home. Younger Boomers are also more likely to buy a multigenerational home. As the sandwich generation, they are nearly equally likely to buy
this type of home for both children over 18 living at home and caretaking for aging
parents. Younger Boomers buy for an array of reasons such as a job-relocation, desire
for a smaller home, and change in their family situation. Older Boomers are often
moving due to retirement, desire to be closer to friends and family, and desire for a
smaller home. Older Boomers typically move the longest distance compared to all
other buyers at a median of 34 miles. Older Boomers also project the length of time they
will live in their home is the longest at 20 years.
The Silent Generation (buyers 70 to 90) represents the smallest share of buyers at nine
percent. As most of these buyers are likely to have retired or scaled back their work
demands, they have the lowest median household incomes. The primary reasons to
purchase are the desire to be closer to friends and family, the desire for a smaller home,
and for retirement. The Silent Generation is least likely to purchase a detached singlefamily home. Thirty percent purchased in senior-related housing. They tend to purchase
the newest homes and are least likely to make compromises on their home purchase.
How to finance the home purchase has stayed similar to what has been reported in
past years. Eighty-six percent of home buyers do finance their home purchasea share
that decreases as the age of the buyer increases. New to this years report is the impact
of debt to saving for a downpayment. Among those who did have debt, that debt
hindered the ability to save for a downpayment. The number of years in which the debt
delayed them from saving increased as the buyers age increased. Student loan debt is
one of the debts that buyers may have. In fact, 44 percent of Gen Y buyers did have
student loan debt with a median loan balance of $25,000. The share who have student
loan debt declines as the buyers age increases. While only 11 percent of Younger
Boomers have student loan debt, they have the highest median balance of debt at
$29,100. This may be due to not only their personal educational loans, but
accumulating debt from their childrens education loans. However, if a buyer had to
make financial sacrifices to purchase their home, the share that made sacrifices
decreased as the age of the buyer increased.
Among home sellers, Gen X is the largest generation of sellers at 25 percent, followed
closely by Older Boomers at 24 percent. Consistent with past reports, Gen Y and Gen X
tend to trade up to a larger and more expensive home. Younger Boomers stay at
similarly priced and sized homes, while Older Boomers and the Silent Generation are
often downsizing to a smaller and lower priced home. Among all sellers, 14 percent
wanted to move earlier than they did, but could not because their home was worth less
than their mortgage balance. This was most common among Gen X sellers19 percent
had the situation that they could not sell when they wanted to originally.
All generations of buyers continue to consult a real estate agent or broker to help them
buy and sell their home. Buyers need the help of a real estate professional to help them
find the right home, 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.

2016 Home Buyer and Seller Generational Trends
Highlights
Characteristics of Home Buyers
First-time buyers made up 32 percent of all home buyers, down from 33 percent last year. Sixtyseven percent of buyers 35 years and younger were first-time buyers, followed by buyers 36 to 50
years at 26 percent.
The typical buyer was 44 years old and has a median household income of $86,100. At 35
percent, buyers 35 years and younger continue to be the largest generational group of home
buyers with a median of 30 years old. Home buyers between the ages of 36 and 50 were
reported to have the highest household incomes among any other generation at $104,700,
followed by buyers between 51 and 60 that had an income at $100,200.
Sixty-seven percent of recent buyers were married couples, 15 percent were single females, nine
percent were single males, and seven percent were unmarried couples. The highest percentage
of single female home buyers was found in the 51 to 60 age group.
Sixty-three percent of all buyers had children living at home. Seventeen percent of buyers
between 36 and 50 years had three or more children under the age of 18 residing in the home.
Thirteen percent of home buyers purchased a multi-generational home to take care of aging
parents, for cost savings, and because children over the age of 18 are moving back. The two
largest generations of home buyers who purchased a multi-generational home were ages 51 to
60 years and 70 to 90 years, both with 16 percent of buyers.
The 36 to 50 age group showed to be the most racially diverse group of home buyers in 2015.
Twenty-five percent of this group of home buyers identified as Hispanic/Latino, black/African
American, or Asian/Pacific Islander.
The most common reasons for recently purchasing a home differed between the generations.
Among buyers 35 and younger and between 36 and 50, the main reason for purchasing was the
desire to own a home of their own, similar to last year. Looking at the 51 to 60 age category,
there was a change in the reason for purchasing from a job related relocation (16 percent) in
2014, to the desire to own a home of their own (20 percent) in 2015. Buyers who were 61 to 69
primarily purchased for retirement (20 percent), and buyers between 70 and 90 years old
purchased their home to be closer to family and friends (22 percent).
Characteristics of Homes Purchased
Buyers of new homes made up 16 percent and buyers of previously owned homes made up 84
percent. For buyers 35 years and younger, 11 percent bought new homes, whereas 19 percent
of all other generations bought new homes.
There was only a median of 14 miles between the homes that recent buyers purchased and the
homes that they moved from. For buyers 61 to 69 years, the median distance was 34 miles and
for buyers 50 and younger the median was 10 miles.
Most recent buyers who purchased new homes were looking to avoid renovations and problems
with plumbing or electricity at 34 percent. Buyers who purchased previously owned homes were
most often considering a better price at 32 percent. For buyers 35 years and younger, 46
percent bought new homes to avoid renovations and problems compared to 15 percent of
buyers 70 years and older. Thirty-four percent of buyers 51 to 60 years bought previously owned
homes to receive a better overall value.
The most common type of home purchased continues to be the detached single-family home,
which made up 83 percent of all homes purchased compared to 89 percent of buyers 36 to 50
years and only 71 percent for buyers 70 years and older.
Senior-related housing increased slightly this year to 14 percent of buyers over the age of 50; that
number was seven percent for buyers 51 to 60 years and 30 percent for buyers over 70 years.
Home prices increased slightly this year to a median of $220,000 among all buyers. The most
expensive homes were purchased at a median of $263,200 by buyers 36 to 50 years; the least
expensive were purchased at a median of $187,400 by buyers 35 years and younger.
The typical home that was recently purchased was 1,900 square feet, had three bedrooms and
two bathrooms, and was built in 1991. The size of homes for buyers 36 to 50 years was typically
larger homes at 2,200 square feet, compared to buyers 35 years and younger that purchased
homes at a median of 1,720. For buyers 35 years and younger, the median home was built in
1984; for ages 51 years to 69 the median was 1995.
Heating and cooling costs were the most important environmental features for recent home
buyers, with 84 percent finding these features at least somewhat important. Convenience to a
job was the most important factor for all buyers at 44 percent.
For buyers 35 years and younger, commuting cots were more important that heating and
cooling costs at 35 percent and 33 percent respectively. Compared to buyers 61 years through
69, commuting costs was listed as very important to only 15 percent whereas heating a cooling
accounted for 34 percent.
Overall, buyers expect to live in their homes for a median of 14 years, while 26 percent say that
they are never moving. For buyers 35 years and younger, the expected length of time is only 10
years compare to 20 years for buyers 61 to 69 years.
The Home Search Process
Among nearly all generations of home buyers, the first step taken was to look online for
properties. Thirty-eight percent of buyers that were 35 and younger, 43 percent aged 36 to 50,
47 percent aged 51 to 60, and 53 percent of buyers aged 61 to 69 looked online for properties
for sale. The first step that was taken by 70 to 90 year old buyers was to contact a real estate
agent.
Buyers typically searched for 10 weeks and looked at a median of 10 homes. The length of the
home search was the longest for buyers 36 to 50 years old at 12 weeks. Buyers 35 and younger
and 51 to 60 both searched for 10 weeks, while buyers 61 to 69 and buyers 70 to 90 searched for
only eight weeks. All generations except for 70 years and older viewed 10 homes, while buyers
over 70 years viewed only eight homes.
As a result of an internet home search, buyers most often walked through the home that they
viewed online. Eighty-seven percent of all buyers found photos and 84 percent found detailed
information about properties for sale very useful. The most important website feature to buyers 35
years and younger, 36 to 50 years, and 61 to 69 years was photos at 88 percent, 90 percent, and
82 percent respectively.
When looking during the home search process, buyers 35 and younger were the most likely
generation to consider purchasing a home that was in foreclosure. A trend showed that as the
buyers got older, they were less likely to consider purchasing a home in foreclosure.
Fifty-nine percent of recent buyers were very satisfied with their recent home buying process, up
from 56 percent a year ago. Buyers 70 years and over were the most satisfied compared to any
other generation at 72 percent.
Home Buying and Real Estate Professionals
Eighty-nine percent of Millennials, 87 percent of Gen X buyers, and 85 percent of Younger

Boomers purchased their home through an agent. Five percent of Older Boomers and seven
percent of Silent Generation buyers purchased their homes directly from the previous owner.
Buyers from all generations primarily wanted their agents help to find the right home to
purchase. Buyers were also looking for help to negotiate the terms of sale and to help with price
negotiations.
Help understanding the purchase process was most beneficial to Millennial buyers at 71 percent.
Referrals continue to be the way that most buyers find their real estate agent. Referrals by
friends, neighbors, or relatives were higher among younger buyers such as Millennials (46
percent) and Gen X (43 percent) more than with the older generations.
When choosing an agent to work with, the agents reputation was the most important factor for
Younger Boomer (26 percent), Older Boomers (25 percent), and Silent Generation (24 percent)
buyers. The most important factor for Millennial buyers was having an agent that is honest and
trustworthy (24 percent).
Eighty-two percent of Millennials, 86 percent of Gen X, 90 percent of Younger Boomers, 88
percent of Older Boomers, and 89 percent of Silent Generation buyers would definitely or
probably use again or recommend their agent to others.
Financing the Home Purchase
Eighty-six percent of recent buyers financed their home purchase. Ninety-seven percent of
buyers 35 years and younger financed, whereas only 68 percent of buyers aged 61 to 69 years
financed their home, and 57 percent over the age of 70.
For 60 percent of buyers, the source of their downpayment came from their savings and 38
percent from the proceeds from the sale of a primary residence. Eighty percent of buyers 35
years and younger used savings to finance their home purchase and 34 percent of buyers 70
years and older. Buyers 61 to 69 years used proceeds from a previous sale more than any other
generation at 53 percent.
Thirteen percent of all buyers cited that saving for a downpayment was most difficult step in the
home buying process. For buyers 35 years and younger, this was 21 percent compared to only
one percent of buyers 70 years and older.
Of all buyers that cited difficulty saving for a downpayment, 51 percent said they had student
loans and 47 percent had credit card debt with a median amount of $25,000. For buyers 35
years and younger, 44 percent have student debt with a median amount of $25,000 compared
to just 11 percent for buyers 51 to 60 years who had the highest median amount of debt at
$29,100.
Sixty-six percent of all buyers used conventional loans to finance their home. Only 53 percent of
buyers 35 years and younger used a conventional loan compared to 67 percent of buyers 61 to
69 years.
Eighty percent of all buyers reported they view a home purchase as a good investment. Eightyfour percent of buyers 35 years and younger said owning a home was a good financial
investment compared to 68 percent of buyers 70 years and older.
Home Sellers and Their Selling Experience
The typical home seller was 54 years old with a median household income of $104,100. Sellers 36
to 50 years had a median age of 42 years with the highest income of $121,300, followed by
sellers 61 to 69 years with a median age of 65 years. Sellers over 70 years had the lowest income
of $69,500.
Seventy-seven percent of sellers were married couples. Married couples were the highest for
sellers 36 to 50 years at 85 percent and the lowest for ages 51 to 60 years at 71 percent.
Seventy percent of all sellers moved within the same state. For sellers 35 years and younger, 79
percent purchased in the same state compared to 57 percent of sellers 61 to 69 years.
For all sellers, the most commonly cited reason for selling their home was that it was too small (16
percent), followed by a job relocation (14 percent), and the desire to move closer to friends and
family (13 percent). For sellers 35 and under, they cited that the home was too small (31
percent), which was higher than any other age group. For sellers 70 years and over, they cited
they wanted to be closer to friends and family (33 percent).
Sellers typically lived in their home for nine years before selling, declining from 10 years in last
years report. Sellers 35 years and younger stayed in their home for five years compared to 15
years for sellers 70 years and older.
Eighty-nine percent of home sellers worked with a real estate agent to sell their home, which is
consistent across all age groups.
For recently sold homes, the final sales price was a median 98 percent of the final listing price,
which is also consistent across all age groups.
Recently sold homes were on the market for a median of four weeks, again consistent across all
age groups.
Thirty-seven percent of all sellers offered incentives to attract buyers. This varies across age
groups where it was the most common for sellers 70 years and over to offer incentives and less
likely for sellers under 35 years.
This year, home sellers cited that they sold their homes for a median of $40,000 more than they
purchased it. Sellers 35 years and younger gained the least at $28,500 in equity compared to
sellers over 70 years that gained $64,000 in equity as they likely had lived in their homes for a
longer period of time.
Sixty-one percent of sellers were very satisfied with the selling process. Fifty-eight percent of
sellers 50 years and under were very satisfied with the selling process compared to 67 percent
over the age of 70.
Home Selling and Real Estate Professionals
Seventy-two percent of recent sellers contacted only one agent before finding the right agent
they worked with to sell their home. That number jumps to 77 percent for home sellers 35 years and
younger.
Ninety-one percent of sellers listed their homes on the Multiple Listing Service (MLS), which is the
number one source for sellers to list their home. Ninety-four percent of sellers 36 to 50 years listed
on the MLS and only 88 percent for sellers 70 and over.
Fifty percent of sellers used the same agent to buy and sell their homes. As distance and age
increases, using the same agent declines.
The typical seller has recommended their agent once since selling their home (32 percent). That
number jumps to 37 percent for sellers 61 to 69 years.
Eighty-four percent said that they would definitely (67 percent) or probably (17 percent)
recommend their agent for future services. Sellers 51 to 60 years were the most likely to
recommend their agent (86 percent) compared to sellers 36 to 50 years (82 percent).

CHAPTER 1: CHARACTERISTICS OF HOME BUYERS
The Millennial Generation is now those aged 35 years and younger, Gen X is 36 to 50,
Younger Boomers are 51 to 60, Older Boomers are 61 to 69, and the Silent Generation
are aged 70 to 90. Millennials made up the largest generation of home buyers in 2015
at 35 percent. Sixty-seven percent of Millennial buyers were first-time buyers, followed
by Gen X at 26 percent. In 2015, the majority of recent home buyers were married
couples, with Gen X buyers having the highest median household income at $104,700.
Married couples comprised the majority of household compositions; followed by single
females, single males, and unmarried couples. Multi-generational homes were
purchased most often by the 51 to 60 and 70 to 90 age groups. The most common
reason for purchasing a multi-generational home was for the health and caretaking of
aging parents.
The shares of first-time home buyers decreased in all age categories except for the 70
to 90 age group. Sixty-seven percent of buyers 35 and younger were first-time buyers.
Buyers 35 and younger and buyers between 36 and 50, purchased their home because
they had a desire to own a home of their own.
DEMOGRAPHIC CHARACTERISTICS OF HOME BUYERS
Exhibits 1-1 through 1-5
Looking at home buyers by generation, the distribution of Millennial home buyers rose
by three percentage points in 2015 from 32 percent. At 35 percent, Millennials continue
to be the largest generational group of home buyers. The typical Millennial home buyer
was a median of 30 years old. Gen X buyers made up the second largest generational
proportion of home buyers at 26 percent. Gen X buyers were a median of 42 years old.
Younger Boomers made up 16 percent, the same as in 2014, and were typically 56
years old. The proportion of Older Boomers also stayed the same as the previous year at
15 percent. The median age of Older Boomer home buyers in 2015 was 65 years old.
The Silent Generation saw a slight decrease from the past year to nine percent in 2015,
with a median age of 74.
The median household income for 2014 rose again this year to $86,100 from $84,500 in
last years report. Home buyers between the ages of 36 and 50 were reported to have
the highest household incomes among any other generation, at $104,700. Buyers
between 51 and 60 had the second highest income at $100,200, followed by 61 to 69
($81,600), 35 and younger ($77,400), and 70 to 90 ($67,100).
Among all age groups, the household composition was majority married couples;
followed by single females, single males, and unmarried couples. The highest
percentage of single female home buyers was found in the 51 to 60 age group. At 20
percent, single female younger boomer buyers dropped three percentage points from
23 percent in 2014. Sixty-three percent of all buyers had children living at home. Ninetyseven percent of buyers between 61 and 69, and 70 to 90 years old had no children
under 18 living with them. In contrast, 17 percent of buyers between 36 and 50 had
three or more children under the age of 18 residing in their home.
The largest generation of home buyers who purchased a multi-generational home were
the 51 to 60 and 70 to 90 age groups, both with 16 percent of buyers purchasing a
multi-generational home. The younger boomer generation (51 to 60) saw a drop of five
percentage points from 2014. This suggests that economic conditions for younger
boomers may be improving. Fifteen percent of buyers between 36 and 50, 13 percent
of buyer between 61 and 69, and only eight percent of buyers under 35 purchased a
multi-generational home. For buyers of all generations, the most common reason for
purchasing a multi-generational home was for the health and caretaking of aging
parents. Other popular reasons for purchasing a multi-generational home included cost
savings and children/relative over 18 moving back into the house.
RACE, ETHNICITY, LANGUAGE AND NATIONAL ORIGIN OF BUYERS
In 2015 four percent of both Millennials (35 and younger) and Gen X buyers (36 to 50)
identified as gay, lesbian, or bisexual. The 36 to 50 age group showed to be the most
racially diverse group of home buyers in 2015. Twenty-five percent of Gen X home
buyers identified as Hispanic/Latino, black/African American, or Asian/Pacific Islander.
Only 16 percent of Millennials, 13 percent of Younger Boomers, seven percent of Older
Boomers, and five percent of Silent Generation buyers identifies as a race other than
White/Caucasian.
English was the primary language spoken, with all generations experiencing increases
from 2014. The majority of recent home buyers were born in the U.S. Foreign buyers were
most common within the 36 to 50 age range (15 percent), followed by 51 to 60 (nine
percent), 35 and younger (seven percent), 61 to 69 (five percent), and 70 to 90 (five
percent).
DEMOGRAPHIC CHARACTERISTICS OF FIRST-TIME AND REPEAT HOME BUYERS
In 2015 the shares of first-time home buyers decreased in all age categories except for
the 70 to 90 age group, which increased in first-time buyers by one percentage point. A
majority of buyers 35 and younger were first-time buyers at 67 percent in 2015. Among
other buyers, the 36 to 50 age group had the second highest percentage of first-time
buyers at 36 percent. Looking at all other age categories recent buyers most often
rented an apartment or house prior to purchasing their home. It is interesting to see that
while buyers 35 and younger were the most likely to be first-time buyers, they were also
the most likely to have rented an apartment or house (58 percent) or have lived with
parents, relatives, or friends (18 percent).
The most common reasons for recently purchasing their home differed between some
generations. Among younger buyers 35 and younger and buyers between 36 and 50,
the main reason for purchasing was the desire to own a home of their own, similar to
last year. Looking at the 51 to 60 age category, there was a change in the reason for
purchasing from a job related relocation (16 percent) in 2014, to the desire to own a
home of their own (20 percent) in 2015. Buyers who were 61 to 69 primarily purchased
for retirement (20 percent), and buyers between 70 and 90 years old purchased their
home to be closer to family and friends (22 percent).
When looking at the timing of purchasing their home, buyers across all generations said
that it was just the right time, and they were ready to buy a home. Among Millennials,
Gen X, Younger Boomers, and Silent Generation buyers, the second most common
reason for the timing of their purchase was that they did not have much choice, and
had to purchase when they did. For Older Boomers, the second most common reason
for the timing of purchasing was that it was the best time because of the availability of
homes for sale.
The majority of buyers from all generations owned only the home that they recently
purchased. Buyers between 36 and 50 were the most likely to also own one or more
investment properties (13 percent). Buyers between 70 and 90 were the largest share
who owned one or more vacation homes and who still owned previous home that they
were trying to sell, both at seven percent.
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
AGE OF HOME BUYERS

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

Exhibit 1-1
AGE OF HOME BUYERS
(Percentage Distribution)
Year Born:
Millennials/Gen Y/Gen Next:
Gen X:
Younger Boomers:
Older Boomers:
Silent Generation:
1980-1995
1965-1979
1955-1964
1946-1954
1925-1945
Age in 2015:
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90
Percent in
Category
Median Age
in Group
35%
26
16
15
9
30
42
56
65
74

Exhibit 1-2
HOUSEHOLD INCOME OF HOME BUYERS
AGE OF HOME BUYER

Less than $25,000
$25,000 to $34,999
$35,000 to $44,999
$45,000 to $54,999
$55,000 to $64,999
$65,000 to $74,999
$75,000 to $84,999
$85,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$200,000 or more
Median income (2014)
All Buyers 35 and younger

3%
3%
5
6
7
9
7
8
9
11
9
10
9
11
10
9
15
16
9
6
5
5
3
2
8
4
$86,100
$77,400
36 to 50
2%
3
4
5
7
7
8
11
17
12
7
6
12
$104,700
51 to 60
3%
4
4
6
9
7
8
10
15
11
7
5
13
$100,200
61 to 69
5%
5
6
9
9
10
8
9
12
11
5
1
8
$81,600
70 to 90
3%
12
13
10
10
10
7
9
12
5
3
1
7
$67,100

Exhibit 1-3
ADULT COMPOSITION OF HOME BUYER HOUSEHOLDS
AGE OF HOME BUYER

67%
64%
71% 13%
15%
9%
10%
64%
7%
12%
2%
1%
80%
Married couple
Single female
67%
70% male
Single
Unmarried couple
Other
60%
36 to 50
71%
13%
8%
63%
6%
51 to 60
63%
20%
10%
5%
2%
2%
61 to 69
68%
19%
68%
9%
3%
3%
70 to 90
67%
17%
67% 9%
3%
5%
50%
40%
30%
20%
20%
15%
9%
10%
13% 12%
10%
7%
2%
19%
17%
13%
8%
10%
6%
2%
1%
9%
5%
2%
9%
3% 3%
3%
0%
All Buyers
35 and younger
Married couple
36 to 50
Single female
51 to 60
Single male
Unmarried couple
61 to 69
Other
70 to 90
5%

Exhibit 1-4
NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOUSEHOLD
(Percentage Distribution of Households)
97%
100%
97%
AGE OF HOME BUYER
All Buyers
90%
None
63%
One80%
15%
Two
15%
Three
or
more
7%
70%
63%
* Less than 1 percent
35 and younger
55%
20%
18%
7%
36 to 50
31%
23%
30%
17%
51 to 60
81% 81%
12%
5%
2%
61 to 69
97%
2%
1%
1%
70 to 90
97%
2%
1%
%
55%
60%
50%
40%
31%
30%
20%
17%
12%
7%
10%
23%
20%
18%
15%15%
30%
7%
5%
2%
2% 1% 1%
2% 1%
%
0%
All Buyers
35 and younger
36 to 50
None
One
51 to 60
Two
Three or more
61 to 69
70 to 90

Exhibit 1-5
HOME PURCHASED WAS A MULTI-GENERATIONAL HOME (WILL HOME ADULT SIBLINGS, ADULT CHILDREN,
PARENTS, AND/OR GRANDPARENTS)
(Percent of Respondents)
AGE OF HOME BUYER
Multi-generational household
Reasons for purchase:
Health/Caretaking of aging parents
Cost Savings
Children/relatives over 18 moving back into the house
To spend more time with aging parents
Children/relatives over 18 never left home
Wanted a larger home that multiple incomes could afford together
None of the above
Other

13%
8%
21%
15
11
7
7
5
29
5
21%
14
3
8
7
6
35
6
36 to 50
15%
51 to 60
16%
61 to 69
13%
70 to 90
16%
26%
16
10
9
10
3
20
5
20%
14
18
5
9
3
24
6
20%
9
17
4
7
4
33
7
14%
13
10
9
*
10
41
2

Exhibit 1-6
HOME BUYER SEXUAL ORIENTATION
Heterosexual or straight
Gay or lesbian
Bisexual
Prefer not to answer
AGE OF HOME BUYER
All Buyers
90%
3
1
7
35 and younger
93%
3
1
3
36 to 50
91%
3
1
6
51 to 60
88%
3
*
8
61 to 69
90%
2
*
8
70 to 90
88%
3
*
9

Exhibit 1-7
RACE/ETHNICITY OF HOME BUYERS
AGE OF HOME BUYER
White/Caucasian
Hispanic/Latino
Black/African-American
Asian/Pacific Islander
Other
All Buyers
85%
6
5
5
2
35 and younger
86%
8
3
5
2
36 to 50
76%
10
8
7
3
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.
51 to 60
87%
5
5
3
2
61 to 69
94%
3
3
1
1
70 to 90
94%
1
2
2
1

Exhibit 1-8
PRIMARY LANGUAGE SPOKEN IN HOME BUYER HOUSEHOLD
AGE OF HOME BUYER
100%
English
Other
90%
All Buyers
96%
96%
4%
35 and younger
96%
96%
4%
36 to 50
94% 94%
5198%
to 60
98%
3%
6%
61 to 99%
69
99%
1%
99%
70 to 90
99%
2%
80%
70%
60%
50%
40%
30%
20%
10%
4%
4%
6%
3%
1%
2%
0%
All Buyers
35 and younger
36 to 50
51 to 60
English
Other
61 to 69
70 to 90

Exhibit 1-9
NATIONAL ORIGIN OF HOME BUYERS
AGE OF HOME BUYER
All Buyers
93%
91%
9%
100%
91%
Born in U.S.
Not born
in
U.S.
90%
35 and younger
93%
85%
7%
36 to 50
91%
85%
15%
51 to 60
95%
91%
9%
61 to 69
95%
95%
5%
70 to 90
95%
5%
80%
70%
60%
50%
40%
30%
15%
20%
9%
10%
9%
7%
5%
5%
0%
All Buyers
35 and younger
36 to 50
Born in U.S.
51 to 60
Not born in U.S.
61 to 69
70 to 90

Exhibit 1-10
FIRST-TIME HOME BUYERS IN AGE GROUP
(Percent of all Home Buyers)
67%
70%
Percent in Category
32%
67%
26%
11%
6%
4%
26%
60%
All Buyers
35 and younger
36 to
50
50%
51 to 60
61 to
69
40%
32%
70 to 90
30%
20%
11%
6%
10%
4%
0%
All Buyers
35 and
younger
36 to 50
51 to 60
61 to 69
70 to 90

Exhibit 1-11
PRIOR LIVING ARRANGEMENT
Owned previous residence

Rented an apartment or house
Lived with parents, relatives or friends
Rented the home buyer ultimately
purchased

46%
22%
43
58
10
18
2
AGE OF HOME BUYER
36 to 50
46%
44
8
51 to 60
56%
36
5
61 to 69
65%
30
4
70 to 90
78%
15
4
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 1-12
PRIMARY REASON FOR PURCHASING A HOME
AGE OF HOME BUYER
All Buyers
Desire to own a home of my own
Desire for larger home
Job-related relocation or move
Change in family situation
Desire to be closer to
family/friends/relatives
Desire for a home in a better area
Affordability of homes
Desire for smaller home
Retirement
Establish household
Financial security
Desire to be closer to job/school/transit
Desire for a newly built or custom-built
home
Tax benefits
Greater number of homes on the market
for sale/better choice
Other
30%
10
8
7
35 and younger
48%
11
7
6
36 to 50
31%
16
13
9
51 to 60
20%
6
12
8
61 to 69
9%
4
3
7
70 to 90
8%
5
1
6
7
6
6
6
5
2
2
2
4
4
1
*
4
3
2
7
2
2
*
2
2
5
6
3
10
6
1
3
17
6
3
12
20
*
1
22
7
3
19
14
*
1
2
1
1
*
2
1
3
2
3
1
3
1
*
7
1
4
*
5
*
9
*
13
*
9

Exhibit 1-13
PRIMARY REASON FOR THE TIMING OF HOME PURCHASE
AGE OF HOME BUYER
It was just the right time for me, was

ready to buy a home
Did not have much choice, had to
purchase when did
It was the best time for because of
affordability of homes
mortgage financing options available
availability of homes for sale
Other
Wish had waited
All Buyers
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90
46%
52%
41%
44%
43%
48%
16
12
22
18
11
15
11
10
11
10
10
16
9
2
6
2
7
2
12
2
13
1
16
2

Exhibit 1-14
OTHER HOMES OWNED
All Buyers
Recently purchased home only
One or more investment properties
Previous homes that buyer is trying to sell
One or more vacation homes
Primary residence
Other
81%
10
3
4
3
2
AGE OF HOME BUYER
35 and younger
89%
7
1
1
2
*
36 to 50
78%
13
3
4
2
2
51 to 60
76%
10
5
6
4
3
61 to 69
79%
8
4
6
2
4
70 to 90
75%
10
7
7
2
2

Chapter 2: Characteristics of Homes Purchased
This year 16 percent purchased new homes. For Gen Y buyers, 11 percent bought new
homes, whereas 19 percent of all other generations bought new homes.
The most common type of home purchased continues to be the detached singlefamily home, which made up 83 percent of all homes purchased compared to 89
percent of Gen X buyers and only 71 percent for Silent Generation buyers. The most
popular location to purchase a home was in the suburbs or in a subdivision, 52 percent
for all buyers, 58 percent for Gen X buyers, and 42 percent for Silent Generation buyers.
Convenience to job (eight percent) and to school districts (three percent) were the
least important to buyers over 70 years compared to distance to health facilities (30
percent) and convenience to friends and family (50 percent). Convenience to a job
and affordability were the most important for buyers under 35 years (60 and 50 percent
respectively). Convenience to a job (50 percent), quality of school districts (41 percent),
and distance to schools (34 percent) were a few of the most important factors to
buyers 36 to 50 years.
The expected tenure in homes has increased from last year to a median of 14 years. For
buyers 35 years and younger, the expected length of time is only 10 years compare to
20 years for buyers 61 to 69 years.
NEW AND PREVIOUSLY OWNED HOMES PURCHASED
The trend of purchasing new homes continues, which has remained at 16 percent since
2011. The share of previously purchased homes has remained at 84 percent also since
2011. For buyers 35 years and younger, 11 percent bought new homes, whereas 19
percent of all other generations bought new homes.
Buyers chose to purchase new and previously owned homes for different reasons.
Purchasers of new homes are looking to avoid renovations and problems with plumbing
or electricity (34 percent) and the ability to choose and customize design features in
their home (30 percent). Buyers who chose a previously owned home were considering
a better price (32 percent) and overall value (29 percent). For buyers 35 years and
younger, 46 percent bought new homes to avoid renovations and problems compared
to 15 percent of buyers 70 years and older. Thirty-four percent of buyers 51 to 60 years
bought previously owned homes to receive a better overall value.
TYPE OF HOME PURCHASED AND LOCATION
The most common type of home purchased continues to be the detached singlefamily home, which made up 83 percent of all homes purchased compared to 89
percent of Gen X buyers and only 71 percent for Silent Generation buyers. The most
popular location to purchase a home was in the suburbs or in a subdivision, 52 percent
for all buyers, 58 percent for Gen X buyers, and 42 percent for Silent Generation buyers.
SENIOR HOUSING AND ACTIVE ADULT COMMUNITIES

Exhibit 2-5
Senior-related housing increased slightly this year to 14 percent of buyers over the age
of 50; that number was seven percent for buyers 51 to 60 years and 30 percent for
buyers over 70 years. For all buyers over 50 who recently purchased senior-related
housing, 67 percent purchased a detached single-family home and 57 percent bought
in a suburb or subdivision. Eighty-two percent of buyers in senior-related housing 51 to 60
years bought detached single-family homes compared to 71 percent of buyers over 70
years. Fifty-one percent of buyers 51 to 60 years bought in suburbs compared to 42
percent of buyers 70 years and older.
DISTANCE BETWEEN HOME PURCHASED AND PREVIOUS RESIDENCE
Exhibit 2-6
The distance between the home that buyers recently purchased and their previous
residence was a median of 14 miles. For buyers 61 to 69 years, the median distance was
34 miles and for buyers 50 and younger the median was 10 miles.
FACTORS INFLUENCING NEIGHBORHOOD CHOICE
Exhibits 2-7
Some of the factors that influence recent home buyers neighborhood choice have
remained consistent from last year. Quality of the neighborhood (59 percent),
convenience to job (44 percent), and overall home affordability (38 percent) were the
three most important factors to recent home buyers when choosing a neighborhood.
Convenience to job (eight percent) and to school districts (three percent) were the
least important to buyers over 70 years compared to distance to health facilities (30
percent) and convenience to friends and family (50 percent). Convenience to a job
and affordability were the most important for buyers under 35 years (60 and 50 percent
respectively). Convenience to a job (50 percent), quality of school districts (41 percent),
and distance to schools (34 percent) were a few of the most important factors to
buyers 36 to 50 years.
PRICE OF HOME PURCHASED
Home prices of homes that were purchased increased slightly this year to a median of
$220,000 for all buyers. The most expensive homes were purchased at a median of
$263,200 by Gen X buyers; the least expensive were purchased at a median of $187,400
by Gen Y buyers.
Recent buyers typically purchased their home for a median of 98 percent of the asking
price for their home, which was closely consistent between all generations. Ten percent
of all buyers paid more than the asking price for their home, 12 percent for Younger
Boomer buyers and only seven percent for Silent Generation buyers.
SIZE OF HOME PURCHASED AND YEAR HOME WAS BUILT

Recent homes purchased had a median size of 1,900 square feet, slightly larger than
last years median of 1,870. The size of homes for buyers 36 to 50 years was typically
larger homes at 2,200 square feet, compared to buyers 35 years and younger that
purchased homes at a median of 1,720. Homes for all buyers across generations
typically had three bedrooms and two bathrooms, with the exception of buyers 36 to
50 years who purchased homes with a median of four bedrooms.
This year, the homes purchased were slightly older than the previous year. The typical
home purchased was built in 1991. For buyers 35 years and younger, the median home
was built in 1984; for ages 51 years to 69 the median was 1995. For home buyers over 70,
the median home was built in 1998.
ENVIRONMENT FEATURES AND COMMUTING COSTS
Exhibits 2-13
To the majority of recent home buyers, heating and cooling costs were the most
important environmentally friendly factors at 35 percent. Thirty percent of buyers said
that commuting costs were also important to them when they recently purchased their
home. For buyers 35 years and younger, commuting cots were more important that
heating and cooling costs at 35 percent and 33 percent respectively. Compared to
buyers 61 years through 69, commuting costs was listed as very important to only 15
percent whereas heating a cooling accounted for 34 percent.
CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED
Exhibits 2-14
When deciding on a home to purchase, recent buyers made compromises on some
home characteristics. The most common compromise made was the price of the home
at 20 percent, followed by the condition of the home at 19 percent. Thirty-five percent
of buyers said that they made no compromises when purchasing their home. For buyers
35 years and younger, 21 percent made compromises on the size of the home. As
buyers go up in age, the percentage drops for those who compromised on the price of
the home, namely only 15 percent for buyers 70 year and older. The percentage also
increases for those reporting that they made no compromises, notably more than half
of buyers (53 percent) over 70 years did not compromise, compared to 27 percent of
buyers 35 years and younger.
EXPECTED LENGTH OF TENURE IN HOME PURCHASED
Exhibits 2-15 and 2-16
The expected tenure in homes has increased from last year to a median of 14 years. For
buyers 35 years and younger, the expected length of time is only 10 years compare to
20 years for buyers 61 to 69 years. While buyers can estimate the timeframe that they
will live in their homes, there are factors which could cause buyers to move. Forty
percent of buyers said that they would potentially move because of a life change,
such as an addition to the family, marriage, children moving out, or retirement; than
number jumps up to 47 percent for buyers 51 to 60 years. Buyers 35 years and younger
were more likely than any other age group to potentially move because of a job or
career change, while buyers over 61 years are most likely to say they are never moving.
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

WHY NEW AND PREVIOUSLY OWNED HOMES PURCHASED
TYPE OF HOME PURCHASED
LOCATION OF HOME PURCHASED
SENIOR-RELATED HOUSING BY TYPE OF HOME PURCHASED AND LOCATION
Exhibit 2-8
Exhibit 2-9
Exhibit 2-10
Exhibit 2-11
Exhibit 2-12
Exhibit 2-13
Exhibit 2-14
Exhibit 2-15
Exhibit 2-16

PURCHASE PRICE COMPARED WITH ASKING PRICE
SIZE OF HOME PURCHASED
NUMBER OF BEDROOMS AND BATHROOMS
YEAR HOME BUILT
ENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED "VERY IMPORTANT"
FACTORS THAT COULD CAUSE BUYER TO MOVE

Exhibit 2-1
89%
90%
84%
All Buyers
16%
84%
New
80%Owned
Previously
AGE OF HOME BUYER
35 and younger
11%
89%
36 to 50
82%
19%
82%
51 to 60
81%
19%
81%
61 to 69
81%
19%
81%
70 to 90
19%
81%
81%
70%
60%
50%
40%
30%
20%
16%
19%
19%
19%
19%
36 to 50
51 to 60
61 to 69
70 to 90
11%
10%
0%
All Buyers
35 and younger
New
Previously Owned

Exhibit 2-2
WHY NEW AND PREVIOUSLY OWNED HOMES PURCHASED
AGE OF HOME BUYER
New Home:
Avoid renovations or problems with
plumbing or electricity
Ability to choose and customize design
features
Amenities of new home construction
communities
Green/energy efficiency
Lack of inventory of previously owned
home
Other
Previously Owned Home:
Better price
Better overall value
More charm and character
Lack of inventory of new homes
Other
All Buyers
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90
34%
46%
36%
36%
27%
15%
30
25
30
23
38
31
17
11
19
13
17
14
20
9
14
8
17
12
7
12
6
9
8
12
7
13
7
13
8
21
32%
29
19
9
17
41%
27
20
9
12
26%
29
21
12
17
24%
34
18
8
19
32%
27
18
7
18
28%
29
13
4
25

Exhibit 2-3
TYPE OF HOME PURCHASED
90%
83%
Detached single-family
home
Townhouse/row
house
80%
Apartment/condo in building
with 70%
5 or more units
Duplex/apartment/condo in 2 to
4 unit building
Other60%
AGE OF HOME BUYER
All Buyers 35 and89%

younger
84%
83%
84%
7%
7%
1%
1%
36 to 50
82%
89%
51 to 60
5%
1%
82%
9%
2%
61 to 69
70 to 90
81%
5%
2%
71%
8%
4%
81%
71%
2%
2%
1%
1%
3%
6%
7%
6%
5%
6%
9%
12%
50%
40%
30%
20%
10%
7%
1% 2%
7%
7%
6%
1% 2%
9%
5%
5%
1% 1%
6%
2% 1%
9%
5%
2% 3%
12%
8%
6%
4%
0%
All Buyers
35 and younger
36 to 50
Detached single-family home

Apartment/condo in building with 5 or more units
Other
51 to 60
61 to 69
Townhouse/row house
Duplex/apartment/condo in 2 to 4 unit building
70 to 90

Exhibit 2-4
LOCATION OF HOME PURCHASED
58%
51%
51%52%
20%
19%
14%
17%
13%
13%
2%
1%
60%
52%
Suburb/Subdivision
Small town
50%
Urban
area/Central city
Rural area
Resort/Recreation area
AGE OF HOME BUYER
36 to 50
58%51%
16%
13%
13%
1%
51 to 60
51%
20%
13%
13%
2%
53%
61 to 69
53%
21%
8%
13%
5%
70 to 90
42%
29%
13%
9%
42%
7%
40%
29%
30%
20%
14% 13%
21%
20%
19%
17%
20%
16%
13%13%
13%
13% 13%
13%
13%
9%
8%
10%
5%
2%
1%
2%
1%
0%
All Buyers
35 and younger
Suburb/Subdivision
Small town
36 to 50
51 to 60
Urban area/Central city
61 to 69
Rural area
70 to 90
7%

Exhibit 2-5
SENIOR-RELATED HOUSING BY TYPE OF HOME PURCHASED AND LOCATION
Share who purchased a home in senior-related

housing
Buyers over 50 who purchased senior-related housing:
Type of home purchased
Townhouse/row house
Apartment/condo in building with 5 or more units
Other
Location
Suburb/ Subdivision
Small town
Resort/ Recreation area
Urban/ Central city
Rural area
AGE OF HOME BUYER
All buyers
over 50
51 to 60
61 to 69
70 to 90
14%
7%
16%
30%
67%
7
6
4
15
82%
9
1
2
6
81%
5
3
2
9
71%
8
6
4
12
57%
21
12
8
3
51%
20
2
13
13
53%
21
5
8
13
42%
29
7
13
9

Exhibit 2-6
(Median Miles)
Miles
14
10
10
14
34
25
All Buyers
35 and
35 younger
36 to 50
51 to
3060
61 to 69
70 to 90
25
34
25
20
14
14
15
10
10
10
5
0
All Buyers
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90

Exhibit 2-7
AGE OF HOME BUYER
All Buyers
Quality of the neighborhood
Convenient to job
Overall affordability of homes
Convenient to friends/family
Design of neighborhood
Convenient to shopping
Quality of the school district
Convenient to entertainment/leisure
activities
Convenient to schools
Availability of larger lots or acreage
Convenient to parks/recreational
facilities
Convenient to health facilities
Home in a planned community
Convenient to public transportation
Convenient to airport
Other
59%
44
38
35
26
25
25
35 and younger
63%
60
50
39
26
20
37
36 to 50
63%
50
35
29
24
22
41
51 to 60
56%
43
35
28
28
22
11
61 to 69
56%
18
32
39
26
33
3
70 to 90
52%
8
29
50
26
38
3
20
20
18
24
27
20
16
34
20
18
8
18
24
2
15
18
3
8
17
11
9
5
5
5
20
6
5
6
5
3
19
6
6
5
5
5
13
10
10
3
7
8
13
18
17
4
6
7
16
30
17
4
5
8

Exhibit 2-8
AGE OF HOME BUYER
Less than $75,000

$75,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$200,000 to $249,999
$250,000 to $299,999
$300,000 to $349,999
$350,000 to $399,999
$400,000 to $499,999
$500,000 or more
Median price
All Buyers
4%
5
6
10
9
9
15
12
8
5
6
10
$220,000
35 and younger
5%
6
8
13
12
10
16
9
6
4
5
7
$187,400
36 to 50
4%
3
5
7
7
7
13
13
10
8
10
14
$263,200
51 to 60
5%
6
5
9
8
8
12
13
9
6
7
12
$239,000
61 to 69
4%
6
6
9
9
9
20
13
8
4
5
8
$220,000
70 to 90
5%
4
7
11
10
9
18
12
9
3
7
4
$209,100

Exhibit 2-9
PURCHASE PRICE COMPARED WITH ASKING PRICE
AGE OF HOME BUYER
Percent of asking price:

Less than 90%
90% to 94%
95% to 99%
100%
101% to 110%
More than 110%
Median (purchase price as a
percent of asking price)
All Buyers
10%
17
36
26
9
1
35 and younger
9%
16
38
23
12
1
36 to 50
10%
14
36
28
10
2
51 to 60
12%
19
33
27
8
1
61 to 69
10%
23
35
26
4
2
70 to 90
8%
19
35
32
4
3
98%
98%
98%
97%
97%
98%

Exhibit 2-10
SIZE OF HOME PURCHASED
All Buyers
1,000 sq ft or less
1,001 to 1,500 sq ft
1,501 to 2,000 sq ft
2,001 to 2,500 sq ft
2,501 to 3,000 sq ft
3,001 to 3,500 sq ft
3,501 sq ft or more
Median (sq ft)
*
13
28
27
15
9
9
1,900
AGE OF HOME BUYER
35 and younger
1%
16
34
25
12
7
6
1,720
36 to 50
*
9
21
23
18
14
15
2,200
51 to 60
1%
12
23
30
16
9
9
1,960
61 to 69
*
12
26
34
13
9
6
1,950
70 to 90
*
15
31
27
14
8
4
1,800

Exhibit 2-11
All 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
*
13
87
3
15
63
22
2
AGE OF HOME BUYER
35 and younger
*
10
90
3
22
63
15
2
36 to 50
*
7
93
4
12
54
34
2
51 to 60
1%
15
84
3
14
63
23
2
61 to 69
*
19
81
3
8
73
19
2
70 to 90
*
31
69
3
12
73
15
2

Exhibit 2-12
YEAR HOME BUILT
(Median)
AGE OF HOME BUYER
2014
2013 through 2010
2009 through 2006
2005 through 2001
2000 through 1986
1985 through 1960
1959 through 1912
1911 or earlier
Median
All Buyers
15%
3
8
11
21
25
15
3
1991
35 and younger
12%
2
6
10
19
27
21
5
1984
36 to 50
18%
3
8
12
17
25
15
2
1992
51 to 60
17%
5
8
11
20
23
14
2
1995
61 to 69
17%
3
8
12
29
21
10
1
1995
70 to 90
14%
5
9
15
25
21
10
1
1998

Exhibit 2-13
ENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED "VERY IMPORTANT"
AGE OF HOME BUYER
All Buyers
40%
Heating and cooling costs
35%
Commuting
costs
35% efficient appliances
Energy
35 and younger
37%33%
35%
35%
35%
35% 30%
33% 22%
Energy efficient
lighting
30%
Environmentally
friendly community
30%
features
Landscaping for energy conservation
25%
22%on
22%home
Solar panels installed
22%
10%
36 to 50
37%
18%
35%
23%
18%
7%
23%
10%
8%
10%
38%
30%
51 to 60
61 to 69
70 to 90
38%
34%
32%
30%
24%
15%
34%
22%
16%
23%
24%
10%
20%
11%
27%
18%
12%
24% 24%
2%
10%
15%
32%
27%
10%
2%
2%
23% 23%
2%
1%22%
2%
23%
20%
20%
18% 18%
18%
16%
15%
15%
12%
10% 10%
10%
5%
10%10%
7%
10%
11%
10%
8%
2%
2%
2%
2%
1%
0%
All Buyers
Heating and cooling costs
Energy efficient lighting
Solar panels installed on home
15%
35 and younger
36 to 50
51 to 60
Commuting costs
Environmentally friendly community features
61 to 69
70 to 90
Energy efficient appliances
Landscaping for energy conservation
2%

Exhibit 2-14
Price of home
Condition of home
Size of home
Lot size
Style of home
Distance from job
Distance from friends or family
Quality of the neighborhood
Quality of the schools
Distance from school
None - Made no compromises
Other compromises not listed
All Buyers
20%
19
17
14
13
13
6
6
4
2
35
7
AGE OF HOME BUYER
35 and younger
22%
19
21
18
17
18
8
7
7
1
27
7
36 to 50
22%
20
18
16
14
17
6
7
4
3
32
7
51 to 60
18%
16
15
12
10
11
5
6
2
1
39
7
61 to 69
16%
21
11
7
10
4
6
3
1
*
46
8
70 to 90
15%
14
17
8
8
1
5
5
*
*
53
10

Exhibit 2-15
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%
4
9
2
14
6
26
38
14
AGE OF HOME BUYER
35 and younger
1%
4
14
4
18
5
22
33
10
36 to 50
2%
3
8
2
15
7
31
33
15
51 to 60
3%
3
6
3
11
5
20
40
15
61 to 69
2%
7
4
1
10
5
31
40
20
70 to 90
44%
3
2
*
11
8
13
58
15

Exhibit 2-16
FACTORS THAT COULD CAUSE BUYER TO MOVE
All Buyers
50%
Move with life changes*
Never
45% moving-forever home
Move with job or career change
40%
39%
May desire better
40%
area/neighborhood
May outgrow home
35%
Will
flip home
Other
30%
40%
23%
16%
8%
6%
1%
6%
AGE OF HOME BUYER
35 and younger
39%
12%
24%
38%
10%
12%
1%
3%
51 to 60
47%
26%
14%
61 to 69
45% 45%
40%
40%2%
10%
5%
1%
4%
5%
1%
2%
5%
5%
*
1%
7%
70 to 90
34%
41%
1% 41%
6%
*
34%
2%
16%
26%
25%
3647%
to 50
38%
21%
22%
24%
23%
22%
21%
20%
16%
16%
14%
15%
12%
8%
6%
10%
12%
10%
10%
7%
6%
5%
3%
5%
1%
1%
5%
4%
5%
2%
1%
1%
5%
2%
%
1%
6%
1%
2%
%
0%
All Buyers
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90
Move with life changes*
Never moving-forever home
Move with job or career change
May desire better area/neighborhood
May outgrow home
Will flip home
Other
*Life changes: addition to family, marriage, children move out, retirement, etc.

2016 Home Buyers and Sellers Generational Trends
Chapter 3: The Home Search Process
Searching online continues to be the first step that most buyers took. Real estate agents
remain a vital part of the home search process, and are the second most frequently
used information source for younger home buyers and the most frequently used
information source for Younger Boomers, Older Boomers, and Silent Generation buyers.
Compared to last year, Older Boomer and Silent Generation buyers continued to
search for eight weeks. The search time increased for Gen X buyers and decreased for
Millennial buyers.
Using the internet to search for homes increased among all generations this year with
more buyers frequently using the internet. In response to looking at homes on the
internet, buyers typically walked through the homes that they viewed online. Buyers also
valued website features such as photos, and detailed property information. Overall
buyers of all generations continue to be very satisfied with their home buying process.
THE FIRST STEP IN THE HOME BUYING PROCESS AND INFORMATION SOURCES
Among nearly all generations of home buyers, the first step taken was to look online for
properties. Thirty-eight percent of buyers that were 35 and younger, 43 percent aged 36
to 50, 47 percent aged 51 to 60, and 53 percent of buyers aged 61 to 69 looked online
for properties for sale at 31 percent. The first step that was taken by 70 to 90 year old
buyers was to contact a real estate agent. It was interesting this year that fewer
Millennials looked online for properties as their first step (38 percent) compared to in
2014 (44 percent), but more looked online about the buying process and reached out
to an agent.
The most used information source for Millennial (35 and younger) and Gen Y (35 to 49)
buyers was online websites. Among Younger Boomer (50 to 59), Older Boomers (60 to
68), and Silent Generation (69 to 89), their most used information source was a real
estate agent.
The length of the home search was the longest for buyers 36 to 50 years old, at 12
weeks. Buyers 35 and younger and 51 to 60 both search for 10 weeks, while buyers 61 to
69 and buyers 70 to 90 searched for only eight weeks. All generations except for the
Silent Generation viewed 10 homes, while Silent Generation buyers viewed only eight
homes.
FINDING THE PURCHASED HOME
Exhibit 3-4 and 3-7
Similar to the info sources used, younger generations typically found the home they
purchased through the internet. Over half of Millennial (52 percent) and Gen X (51
percent) buyers found their home through the internet. Two in five Older Boomer and
Silent Generation buyers found their home through a real estate agent.
When looking during the home search process, buyers 35 and younger were the most
likely generation to consider purchasing a home that was in foreclosure. A trend
showed that as the buyers got older, they were less likely to consider purchasing a
home in foreclosure. Across all generations, the most difficult step in the home buying
process was finding the right property. Over 50 percent of buyers from all generations
frequently used the internet to search for their home. Ninety percent of Millennials and
Gen X buyers frequently used the internet during their home search.
WEBSITE AND MOBILE SEARCH
Exhibit 3-8 through 3-10
As a result of an internet home search, buyers most often walked through the home
that they viewed online. Millennials, Gen X, and Younger Boomer buyers also saw the
exterior of homes as a result of searching online for properties. The most important
website feature to Millennial, Gen X, and Older Boomer home buyers was photos at 88
percent, 90 percent, and 82 percent respectively. Detailed information about
properties was the most important website feature for the Silent Generation at 75
percent. Photos and detailed information about properties for sale were both equally
important website features for Younger Boomer buyers at 86 percent.
Using mobile applications during the home search was common among younger
generations of buyers. Seventy-one percent of both Millennial and Gen X buyers found
their homes through a mobile application. Fifty-eight percent of Younger Boomers, 36
percent of Older Boomers, and 30 percent of Silent Generation buyers found their
homes by using a mobile application, if they used a mobile device to search.
Recent buyers also used mobile applications to find the agents that used during the
home buying process. Surprisingly, Older Boomers more than any other generation
found their agent through a mobile application.
SATISFACTION IN BUYING PROCESS
Exhibit 3-11
Buyers of all generations were overall very satisfied with their home buying process.
Silent Generation buyers were the most satisfied with the buying process, than any other
generation with 72 percent saying that they were very satisfied. Sixty-four percent of
Older Boomer, 62 percent of Younger Boomer, 53 percent of Gen X, and 56 percent of
Millennial buyers were very satisfied with the buying process.
THE HOME SEARCH PROCESS

Exhibit 3-1
Exhibit 3-2
Exhibit 3-3
Exhibit 3-4
Exhibit 3-5
Exhibit 3-6
Exhibit 3-7
Exhibit 3-8
Exhibit 3-09
Exhibit 3-10
Exhibit 3-11
FIRST STEP TAKEN DURING THE HOME BUYING PROCESS

INFORMATION SOURCES USED IN HOME SEARCH
LENGTH OF SEARCH
WHERE BUYER FOUND THE HOME THEY PURCHASED
BUYER INTEREST IN PURCHASING A HOME IN FORECLOSURE
MOST DIFFICULT STEPS OF HOME BUYING PROCESS
USE OF INTERNET TO SEARCH FOR HOMES
ACTIONS TAKEN AS A RESULT OF INTERNET HOME SEARCH
VALUE OF WEBSITE FEATURES
MOBILE SEARCH

Exhibit 3-1
FIRST STEP TAKEN DURING THE HOME BUYING PROCESS
All Buyers
Looked online for properties for sale
Contacted a real estate agent
Looked online for information about the home
buying process
Talked with a friend or relative about home buying
process
Contacted a bank or mortgage lender
Drove-by homes/neighborhoods
Visited open houses
Looked up information about different
neightborhoods or areas (schools, local
lifestyle/nightlife, parks, public transpo
Contacted builder/visited builder models
Contacted a home seller directly
Looked in newspapers, magazines, or home buying
guides
Attended a home buying seminar
Read books or guides about the home buying
process
Other
AGE OF HOME BUYER

36 to 50
51 to 60
43%
47%
13
16
13
5
42%
14
13
35 and younger
38%
13
18
61 to 69
53%
18
4
70 to 90
28%
31
*
7
7
3
2
9
5
2
2
9
8
3
4
5
10
3
2
*
4
*
*
*
6
*
*
2
*
*
1
*
*
2
*
1
6
3
*
9
*
*
*
*
*
*
*
1
*
*
*
*
*
*
*
*
*
14
25

Exhibit 3-2
INFORMATION SOURCES USED IN HOME SEARCH
AGE OF HOME BUYER

All Buyers
Online website
Real estate agent
Mobile or tablet website or application
Mobile or tablet search engine
Yard sign
Open house
Online video site
Home builder
Print newspaper advertisement
Home book or magazine
Billboard
Television
Relocation company
89%
87
57
54
35 and younger
93%
87
71
66
36 to 50
92%
87
64
61
51 to 60
87%
89
46
43
61 to 69
84%
89
38
36
70 to 90
70%
89
26
25
51
50
53
54
39
52
48
29
20
20
13
6
3
3
45
24
15
17
12
4
4
3
53
29
23
18
13
6
3
5
50
32
22
24
13
4
5
5
39
31
19
21
16
4
2
1
49
34
25
30
14
4
2
4

Exhibit 3-3
LENGTH OF SEARCH
(Median)
AGE OF HOME BUYER

Number of Weeks Searched
Number of Weeks Searched
Before Contacting an Agent
Number of homes viewed
All Buyers
10
35 and younger
10
36 to 50
12
51 to 60
10
61 to 69
8
70 to 90
8
2
10
3
10
2
10
3
10
3
10
2
8

Exhibit 3-4
WHERE BUYER FOUND THE HOME THEY PURCHASED

Internet
44%
52%
Real estate agent
33
30
Yard sign/open house sign
9
6
Friend, relative or neighbor
6
5
Home builder or their agent
6
4
Directly from sellers/Knew the sellers
2
2
1
*
Home book or magazine
*
*
Other
*
1
AGE OF HOME BUYER

36 to 50
51 to 60
51%
39%
26
24
8
11
6
7
6
1
2
2
1
6
*
*
1
1
61 to 69
33%
41
10
6
7
1
1
*
*
70 to 90
24%
40
13
12
7
1
2
1
*

Exhibit 3-5
BUYER INTEREST IN PURCHASING A HOME IN FORECLOSURE
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
All Buyers
59%
35 and younger
49%
23
11
10
4
4
3
29
14
14
5
5
5
AGE OF HOME BUYER

36 to 50
51 to 60
61 to 69
54%
65%
72%
26
13
10
4
4
3
20
8
7
3
5
2
16
7
6
2
3
1
70 to 90
81%
11
5
4
3
2
2

Exhibit 3-6
MOST DIFFICULT STEPS OF HOME BUYING PROCESS
AGE OF HOME BUYER

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
36 to 50
51 to 60
61 to 69
70 to 90
51%
23
54%
27
52%
24
49%
21
49%
20
43%
17
14
13
13
5
17
6
24
16
21
7
10
5
13
13
17
5
13
7
7
10
6
4
23
5
6
11
2
3
24
6
8
7
1
3
33
6

Exhibit 3-7
USE OF INTERNET TO SEARCH FOR HOMES
All Buyers
100%
35 and younger
36 to 90%
50
51 to 60
80%
61 to 69
70 to 70%
90
Frequently
82%
7%
90%
10%
90%
80%
74%
51%
Occasionally
10%
7% 7%
7%
12%
14%
21%
12%
14%
21%
60%
50%
40%
82%
90%
90%
80%
74%
30%
51%
20%
10%
0%
All Buyers
35 and younger
36 to 50
51 to 60
Frequently
Occasionally
61 to 69
70 to 90

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

Walked through home viewed online
65%
63%
Saw exterior of homes/neighborhood, but did not walk through
38 home
41
Found the agent used to search for or buy home
33
33
Requested more information
27
32
Contacted builder/developer
17
18
Looked for more information on how to get a
mortgage and general home buyers tips
14
22
Pre-qualified for a mortgage online
13
13
Applied for a mortgage online
10
12
Found a mortgage lender online
8
12
AGE OF HOME BUYER

36 to 50
51 to 60
70%
65%
39
36
27
30
27
22
20
18
14
14
11
7
7
13
9
6
61 to 69
64%
31
43
21
13
70 to 90
56%
29
46
25
10
5
12
7
5
4
10
4
5

Exhibit 3-09
VALUE OF WEBSITE FEATURES
(Percentage Ranking Feature "Very Useful" Among Buyers Who Used the Internet)
Photos
Detailed information about properties for
sale
Interactive maps
Virtual tours
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

88%
87%
AGE OF HOME BUYER

36 to 50
51 to 60
90%
86%
61 to 69
82%
70 to 90
71%
84
45
42
42
40
84
49
39
38
42
85
52
43
39
46
86
41
44
40
36
78
29
40
50
28
75
26
45
57
41
37
33
37
37
42
39
36
31
30
20
32
20
24
22
8
26
22
9
29
23
9
26
21
7
13
16
5
16
24
7

Exhibit 3-10
MOBILE SEARCH
(Percent of Respondents Among those Who Used Mobile Search)
Found
80% my home with a mobile application
Found my agent with a mobile application
71%
70%
AGE OF HOME BUYER

36 to 50
51 to 60
71%
58%
11%
4%

66%
71%
13%
10%
71%
61 to 69
36%
34%
70 to 90
30%
17%
66%
58%
60%
50%
36%
40%
34%
30%
30%
17%
20%
13%
10%
11%
10%
4%
%
All Buyers
35 and younger
36 to 50
Found my home with a mobile application
51 to 60
61 to 69
Found my agent with a mobile application
70 to 90

Exhibit 3-11
80%
AGE OF HOME BUYER

36 to 50
51 to 60
53%
62%
64%
35%
31%
62%
8%
5%
4%
3%

59%
56%
32%
34%
7%
7%
56%
53%
3%
3%
Very Satisfied
70%
Somewhat Satisfied
59%
Somewhat Dissatisfied
60%
Very Dissatisfied
61 to 69
64%
28%
6%
2%
72%70 to 90
72%
20%
4%
4%
50%
40%
35%
34%
32%
31%
28%
30%
20%
20%
10%
7%
8%
7%
3%
5%
4%
3%
3%
6%
4% 4%
2%
0%
All Buyers
Very Satisfied
35 and younger
36 to 50
Somewhat Satisfied
51 to 60
61 to 69
70 to 90
Very Dissatisfied

2016 Home Buyers and Sellers Generational Trends
Chapter 4: Home Buying and Real Estate Professionals
Purchasing a home through a real estate agent continues to be the most used
purchase method for recent buyers. When choosing an agent to work with, buyers
wanted help finding the right home, negotiating sales terms, and negotiating prices.
Millennial buyers, more than any other generation, found the most used benefit
provided by their agent was help understanding the home buying process.
Referrals remain the primary way that buyers are finding their agent. Particularly among
Millennial and Gen X buyers, referrals were used more compared to other generations.
Recent buyers initially contacted their age by phone, and interviewed only one agent.
Buyers were overall very satisfied with their agents skills and qualities, such as honesty
and integrity, and knowledge of the purchase process. The majority of buyers would
definitely recommend or use their agent again.
METHOD OF HOME PURCHASE
Exhibits 4-1 to 4-4
Buyers from all generations typically used a real estate agent or broker to purchase
their home. In 2015 younger buyers used agents more often than older buyer to
purchase. Eighty-nine percent of Millennials, 87 percent of Gen X buyers, and 85
percent of Younger Boomers purchased their home through an agent. Five percent of
Older Boomers and seven percent of Silent Generation buyers purchased their homes
directly from the previous owner. Older buyers are more likely than younger buyers to
buyer directly from a builder or builders agent.
When working with an agent, whether or not buyers signed an agent representation
disclosure varied by generation. Twenty-four percent of Millennial buyers did not sign a
disclosure agreement, while 23 percent signed a disclosure at their first meeting. Gen X
(25 percent), Younger Boomers (28 percent), Older Boomers (37 percent), and Silent
Generation buyers typically signed an agreement at the first meeting. Buyer
representation arrangements were typically written agreements.
Buyers from all generations primarily wanted their agents help to find the right home to
purchase. Buyers were also looking for help to negotiate the terms of sale and to help
with price negotiations. Particularly important to Older Boomer buyers was to have help
determining what comparable homes were selling for (14 percent).
AGENT BENEFITS AND CONTACT METHOD
Exhibits 4-5 to 4-8
Working with a real estate agent during the home buying process has many benefits.
The benefit that most buyers cited was help understanding the purchase process. Help
understanding the purchase process was most beneficial to Millennial buyers at 71
percent.
Referrals continue to be the way that most buyers find their real estate agent. Referrals
by friends, neighbors, or relatives were higher among younger buyers such as Millennials
(46 percent) and Gen X (43 percent) buyers than with the older generations. Buyers of
all generations initially contacted their agent by phone. Initial contact through e-mail
was most common among Millennial (21 percent) and Gen X (18 percent) buyers. Silent
Generation (27 percent) and Younger Boomers (23 percent) buyers were the most likely
to initially talk to their agent in person.
When interviewing agents to work with, buyers often interviewed only one real estate
agent. At 70 percent, Silent Generation buyers were the most likely to interview only
one agent, perhaps they are more likely to have past relationships with agents. Among
buyers who interviewed four or more agents, Millennials were the most likely to do so at
five percent.
CHOOSING A REAL ESTATE AGENT
Exhibits 4-9 to 4-11
When choosing an agent to work with, the agents reputation was the most important
factor for Younger Boomer (26 percent), Older Boomers (25 percent), and Silent
Generation (24 percent) buyers. The most important factor for Millennial buyers was
having an agent that is honest and trustworthy (24 percent). Gen X buyers found that
having an agent who is honest and trustworthy, as well as having a good reputation to
be equally important, both at 23 percent.
Recent buyers from all generations looked for agents who were honest and had
integrity, were responsive, had knowledge of the purchase process, and knowledge of
the real estate market. It is interesting to see that an agents skills with technology were
more important to Older Boomer (52 percent) and Silent Generation (53 percent)
buyers, than to Millennials and Gen X buyers, both at 44 percent.
When communicating with their agent, recent buyers found it important that their
agent personally calls to inform them of activities. Particularly important to Millennial (70
percent) and Gen X (69 percent) buyers was that their agent send them postings as
soon as a property is listed, a price changes, or is under contract, indicating low
inventory in the markets they want to buy in.
SATIFICATION AND RECOMMENDATION OF AGENT
Exhibits 4-12 to 4-14
Recent buyers from all generations were satisfied with their real estate agents skills and
qualities. Millennials (87 percent) and Younger Boomers (89 percent) were the most
satisfied with their agents honesty and integrity. Gen X (86 percent), Older Boomers (88
percent), and Silent Generation (89 percent) buyers were the most satisfied with their
agents knowledge of the purchase process.
Across all generations, the majority of recent buyers would definitely use their agent
again or recommend their agent to others. Eighty-two percent of Millennials, 86 percent
of Gen X, 90 percent of Younger Boomers, 88 percent of Older Boomers, and 89
percent of Silent Generation buyers would definitely or probably use again or
recommend their agent to others.
Since purchasing, Millennial and Older Boomer buyers have recommended their agent
once. Gen X buyers and Younger Boomer buyers have recommended their agent
twice. Fifty percent of Silent Generation buyers have not recommended their agent.
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

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

Exhibit 4-1
Through a real estate agent or broker

Directly from builder or builder's agent
Directly from the previous owner
Knew previous owner
Did not know previous owner
All Buyers
87%
8
5
3
2
35 and younger
89%
5
6
3
3
AGE OF HOME BUYER

36 to 50
51 to 60
87%
85%
8
8
5
6
3
3
2
3
61 to 69
84%
10
5
3
2
70 to 90
83%
9
7
3
4

Exhibit 4-2
AGENT REPRESENTATION DISCLOSURE
Disclosure Statement Signed?

Yes, at first meeting
Yes, when contract was written
Yes, at some other time
No
Dont know
All Buyers
27%
22
12
22
18
35 and younger
23%
22
12
24
19
AGE OF HOME BUYER

36 to 50
51 to 60
25%
28%
22
23
15
13
23
17
14
19
61 to 69
37%
19
9
19
17
70 to 90
28%
23
7
23
19

Exhibit 4-3
BUYER REPRESENTATIVE ARRANGEMENT WITH AGENT
Yes, a written arrangement

Yes, an oral arrangement
No
Don't know
All Buyers
40%
18
29
13
35 and younger
38%
17
29
16
AGE OF HOME BUYER

36 to 50
51 to 60
42%
40%
19
16
28
33
10
12
61 to 69
40%
17
33
10
70 to 90
30%
20
37
13

Exhibit 4-5
BENEFITS PROVIDED BY REAL ESTATE AGENT DURING HOME PURCHASE PROCESS
All Buyers
Helped buyer understand the process
Pointed out unnoticed features/faults with property
Negotiated better sales contract terms
Provided a better list of service providers
Improved buyer's knowledge of search areas
Negotiated a better price
Shortened buyer's home search
Provided better list of mortgage lenders
Expanded buyer's search area
Narrowed buyer's search area
None of the above
Other
60%
55
48
47
45
37
30
22
20
17
6
2
35 and younger
71%
58
52
48
45
38
31
25
21
16
6
1
*Less than 1 percent
AGE OF HOME BUYER

36 to 50
51 to 60
57%
53%
54
52
46
44
47
43
40
47
34
32
23
29
26
18
21
20
13
15
7
9
2
2
61 to 69
51%
48
42
46
47
36
36
13
18
24
7
1
70 to 90
46%
46
36
36
41
33
37
11
16
19
10
2

Exhibit 4-4
WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS
All Buyers
Help find the right home to purchase
Help buyer negotiate the terms of sale
Help with the price negotiations
Determine what comparable homes were selling
for
Help with paperwork
Help determining how much home buyer can
afford
Help find and arrange financing
Help teach buyer more about neighborhood or
area (restaurants, parks, public transportation)
Help find renters for buyers property
Other
AGE OF HOME BUYER

36 to 50
51 to 60
47%
58%
14
12
13
9
53%
12
11
35 and younger
49%
13
12
7
6
7
8
8
6
4
4
5
4
1
*
2
2
*
2
61 to 69
54%
9
7
70 to 90
58%
10
11
6
4
14
4
5
7
5
3
4
4
4
4
2
2
1
*
2
1
*
2
2
1
2
1
*
4

Exhibit 4-6
HOW BUYER FOUND REAL ESTATE AGENT
AGE OF HOME BUYER

36 to 50
51 to 60
All Buyers
35 and younger
61 to 69
70 to 90
41%
12
46%
7
43%
12
36%
15
32%
15
35%
17
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.)
10
5
10
6
8
4
8
5
17
4
7
5
5
5
4
6
5
5
5
4
6
4
6
4
Referred through employer or relocation company

Walked into or called office and agent was on
duty
Search engine
Mobile or tablet application
Newspaper, Yellow Pages or home book ad
Advertising specialty (calendar, magnet, etc.)
Crowdsourcing through social media/knew the
person through social media
Direct mail (newsletter, flyer, postcard, etc.)
Saw the agent's social media page without a
connection
Other
2
1
1
*
*
1
1
1
*
*
2
1
*
*
*
4
1
*
*
*
3
2
*
1
*
5
1
*
1
1
*
*
*
*
*
*
*
*
*
*
*
*
*
10
*
10
*
10
*
13
*
10
*
9
Referred by (or is) a friend, neighbor or relative

Used agent previously to buy or sell a home

Exhibit 4-7
HOW TIMES CONTACTED AGENT BEFORE RECEIVED RESPONSE AND ORIGINAL FORM OF CONTACT
(Median, Percentage Distribution)
AGE OF HOME BUYER
Phone call
Talked to them in person
E-mail
Contacted friend/family
Web form on home listing website
Text message
Through agent's website
Social Media (FaceBook, Twitter, LinkedIn, etc.)
Number of Times Contacted (median)
All Buyers
44%
20
17
9
5
3
2
1
1
35 and younger
40%
17
21
9
6
3
2
2
1
36 to 50
42%
20
18
9
5
4
2
1
1
51 to 60
48%
23
13
9
4
1
2
1
1
61 to 69
44%
21
16
9
4
2
4
*
1
70 to 90
50%
27
7
8
3
2
2
1
1

Exhibit 4-8
NUMBER OF REAL ESTATE AGENTS INTERVIEWED

67%
67%
70%
One
67%
67%
Two
20%
19%
Three60%
9%
8%
Four or more
5%
5%
AGE OF HOME BUYER

36
51 to 60
67% to 50
66%
67%
66%
20%
22%
9%
8%
4%
4%
61 to 69 67%70 to 90
67%
70%
18%
18%
10%
8%
4%
3%
70%
50%
40%
30%
20%
22%
20%
19%
18%
20%
9%
10%
9%
8%
5%
5%
8%
4%
4%
18%
10%
8%
4%
3%
0%
All Buyers
35 and younger
36 to 50
51 to 60
One
Two
61 to 69
Three
Four or more
70 to 90

Exhibit 4-9
MOST IMPORTANT FACTORS WHEN CHOOSING AN AGENT
Reputation of agent
Agent is honest and trustworthy
Agent is friend or family member
Agents knowledge of the neighborhood
Agent has caring personality/good listener
Agent is timely with responses
Agent seems 100% accessible because of use
of technology like tablet or smartphone
Agents association with a particular firm
Professional designations held by agent
Other

23%
20%
21
24
16
16
13
11
8
8
7
9
AGE OF HOME BUYER

36 to 50
51 to 60
23%
26%
23
20
17
15
12
16
8
8
6
5
61 to 69
25%
15
15
14
10
6
70 to 90
24%
16
15
14
6
6
3
1
1
2
2
1
3
1
1
2
1
*
4
1
*
7
2
*

Exhibit 4-10
AGENT SKILLS AND QUALITIES CONSIDERED 'VERY IMPORTANT'
Honesty and integrity

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

97%
98%
93
93
92
93
90
89
86
87
83
83
79
79
77
73
46
44
AGE OF HOME BUYER

36 to 50
51 to 60
97%
97%
93
92
92
88
89
92
87
85
85
80
80
79
74
81
44
43
61 to 69
96%
93
92
92
86
79
80
85
52
70 to 90
97%
92
91
91
81
77
78
85
53

Exhibit 4-11
IMPORTANCE OF AGENT COMMUNICATIONS
Calls personally to inform of activities

Sends postings as soon as a property is
listed/the price changes/under contract
Sends property info and communicates via
text message
Sends emails about specific needs
Can send market reports on recent listings
and sales
Has a web page
Has a mobile site to show properties
Is active on Facebook/Twitter
Sends an email newsletter
Advertises in newspapers
Has a blog

78%
75%
AGE OF HOME BUYER

36 to 50
51 to 60
77%
80%
61 to 69
83%
70 to 90
81%
68
70
69
67
63
57
55
54
58
58
60
56
53
54
51
48
38
39
51
29
27
12
9
5
2
48
29
28
11
8
3
1
57
28
26
12
8
5
2
49
29
24
11
9
7
2
53
33
31
16
11
7
1
46
32
29
12
13
13
3

Exhibit 4-12
SATISFACTION WITH REAL ESTATE AGENT SKILLS AND QUALITIES
(Percent Ranking 'Very Satisfied')
Honesty and integrity

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

88%
87%
87
86
86
84
85
83
85
84
82
81
82
80
80
81
75
73
AGE OF HOME BUYER

36 to 50
51 to 60
85%
89%
86
88
84
87
84
86
85
88
81
85
79
85
75
81
71
78
61 to 69
87%
88
87
85
83
83
87
82
77
70 to 90
87%
89
85
86
83
83
86
80
75

Exhibit 4-13
WOULD BUYER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS
(Percentage distribution)
80%
Definitely
Probably
70%
Probably Not
Definitely Not
60%
Don't Know
72%

72%
70%
70%
16%
17%
5%
6%
5%
5%
2%
2%
AGE OF HOME BUYER

36 to 50
51 75%
to 60
69%
75%
69%
17%
15%
6%
4%
5%
4%
2%
2%
61 to 69
76%
12%
4%
6%
1%
76%
70 to 90
72%
17%
4%
5%
2%
72%
50%
40%
30%
20%
17%
16%
17%
17%
15%
12%
10%
6% 5%
5% 5%
2%
6% 5%
2%
4% 4%
2%
2%
4%
6%
4% 5%
1%
0%
All Buyers
35 and younger
Definitely
Probably
36 to 50
51 to 60
Probably Not
Definitely Not
61 to 69
Don't Know
70 to 90
2%

Exhibit 4-14
HOW MANY TIMES BUYER RECOMMENDED TYPICAL AGENT
None
One time
Two times
Three times
Four or more times
Times recommended
since buying (median)

36%
35%
15
18
19
20
11
12
19
16
1
AGE OF HOME BUYER

36 to 50
51 to 60
34%
35%
14
15
20
20
11
10
20
21
2
61 to 69
36%
15
19
8
22
70 to 90
50%
11
12
9
18

Chapter 5: Financing the Home Purchase
While many share the desire to own their own home, financing the purchase has a
variety of obstacles according to this years survey responses. Eighty-six percent of all
buyers financed their homes last year, down from 88 percent the year prior. Consistent
with previous years, younger buyers are more likely to finance their home purchase.
Ninety-seven percent of Gen Y buyers financed, whereas only 68 percent of buyers
over the age of 61 years financed their home.
Eighty percent of Gen Y buyers used savings to finance their home purchase compared
to only 34 percent of Silent Generation buyers. Older Boomers used proceeds from a
previous sale more than any other generation at 53 percent. Younger buyers were also
more likely to use a gift from a friend of relative for their downpayment. Thirteen
percent of all buyers reported that saving for the downpayment was the most difficult
task. For Gen Y buyers, this was 21 percent compared to only one percent of Silent
Generation buyers.
Sixteen percent of buyers said that the mortgage application process was more difficult
than expect and 17 percent said it was easier. The bulk of buyers said that the
mortgage application and approval process was no more difficult than expected at 43
percent, which was consistent across age groups. Twenty-one percent of buyers 51 to
60 years and 70 years and older said the process was easier than expected. Nineteen
percent of buyers 61 to 69 said the process was much more difficult than expected.
Buyers Who Financed Their Home
Eighty-six percent of all buyers financed their homes last year, down from 88 percent
the year prior. Consistent with previous years, younger buyers are more likely to finance
their home purchase. Ninety-seven percent of buyers 35 years and younger financed,
whereas only 68 percent of buyers aged 61 years to 69 financed their home, and 57
percent over the age of 70.
Fourteen percent of buyers, the same as last year, financed 100 percent of the entire
purchase price with a mortgage. The median percent financed for all buyers was 90
percent compared to 93 percent of buyers 35 years and younger and 79 percent for
buyers 61 years and older.
Sources of Downpayment
Sixty percent of recent home buyers used their savings to finance their home purchase,
down from 65 percent last year. Overall, this is still above the historical norm of 47
percent since 2000. For all buyers, the proceeds from the sale of a primary residence
was the next most commonly cited way of financing a home purchase at 38 percent,
up from 33 percent last year. This is still below the historical average of 51 percent since
2000.
Eighty percent of buyers 35 years and younger used savings to finance their home
purchase compared to only 34 percent of buyers 70 years and older. Buyers 61 to 69
years used proceeds from a previous sale more than any other generation at 53
percent. Younger buyers were also more likely to use a gift from a friend of relative for
their downpayment.
Forty-six percent of all buyers saved for six months or less for their downpayment.
Eighteen percent of buyers 35 years and younger saved for two to five years. Buyers 61
to 69 years saved for the least amount of time61 percentciting that they saved for
six months or less. Eighteen percent of this group also cited saving for more than five
years.
Debt Delay and Sources of Debt
For all buyers, the median period of time that debt delayed home buyers from saving
for a downpayment was four years. Twenty percent were delayed for five years and 24
percent were delayed for more than five years. For buyers 35 years and younger, three
years was the median compared to six years for buyers 61 to 69 years. Twenty percent
of buyers 35 years and younger were delayed only one year whereas 62 percent of
buyers 61 to 69 years were delayed more than five years.
Thirteen percent of all buyers reported that saving for the downpayment was the most
difficult task. For buyers 35 years and younger, this was 21 percent compared to only
one percent of buyers 70 years and older. Fifty-one percent of all buyers reported that
student loan debt delayed buying a home. Fifty-three percent of buyers 35 years and
younger reported being delayed due to student loan debt as did 31 percent for buyers
36 to 50 years. Seventy-one percent of buyers over 70 years reported having other
types of debt no listed.
Sacrifices Made to Purchase Home
Exhibit 5-7
Some buyers chose to make financial sacrifices in order to make a home purchase.
Fifty-four percent of buyers did not need to make any sacrifices, consistent with last
year. For all buyers, the most common sacrifices reported were a cut in spending on
luxury or non-essential items (33 percent), a cut in spending on entertainment (25
percent), and a cut in spending on clothes (20 percent). For buyers 35 years and
younger, 47 percent cut spending on luxury items compared to 11 percent of buyers 70
years and older. Inversely, only 40 percent of buyers 35 years and younger reported not
making any sacrifices at all compared to 84 percent of buyers 70 years and older.
Difficulty of Mortgage Application and Approval Process and Sold a Distressed Property
Sixteen percent of buyers said that the mortgage application process was more difficult
than expect and 17 percent said it was easier. The bulk of buyers said that the
mortgage application and approval process was no more difficult than expected at 43
percent, which was consistent across age groups. Twenty-one percent of buyers 51 to
60 years and 70 years and older said the process was easier than expected. Nineteen
percent of buyers 61 to 69 said the process was much more difficult than expected.
Nine percent of recent buyers had a distressed property sale in the pasteither a short
sale or a foreclosureand the typical year for a distressed sale was in 2010. For buyers
35 years and younger, only six percent had a distressed sale compared to 13 percent
for buyers 51 to 60 years.
Student Loan Debt
Exhibit 5-10
Twenty-five percent of all buyers reported having student loan debt with a median
amount of $25,000. Twenty-eight percent of buyers who have student loan debt have
debt between $10,000-25,000. For buyers 35 years and younger, 44 percent have
student debt with a median amount of $25,000 compared to just 11 percent for buyers
51 to 60 years who had the highest median amount of debt at $29,100. Twenty-five
percent of this age group also reported falling between the $25,000 and $50,000 debt
range.
Type of Mortgage and Loan
Ninety-one percent of all buyers used a fixed rate mortgage, 93 percent for buyers 36
to 50 years and 87 percent for buyers 70 years and older. Fifty-nine percent of buyers
chose a conventional loan to finance their home, down from 61 percent last year.
Twenty-three percent of buyers reported securing a FHA loan and 11 percent chose a
VA loan. Only 53 percent of buyers 35 years and younger used a conventional loan
compared to 67 percent of buyers 61 to 69 years. Twenty-nine percent of buyers 35
years and younger used an FHA loan. Twenty-five percent of buyers 70 years and older
used at VA loan and only five percent used a FHA loan.
Buyers View of Homes as a Financial Investment
Exhibit 5-13
Buyers continue to see purchasing a home as a good financial investment. Eighty
percent (up from 79 percent last year) reported the view that a home purchase is a
good investment and 43 percent said it was better than owning stock. Only six percent
reported that it was not a good financial investment, down from seven percent last
year. Eighty-four percent of buyers 35 years and younger said owning a home was a
good financial investment compared to 68 percent of buyers 70 years and older. Only
three percent of buyers 35 and under years said they considered it not to be a good
financial investment.
FINANCING THE HOME PURCHASE

Exhibit 5-1
Exhibit 5-2
Exhibit 5-3
Exhibit 5-4
Exhibit 5-6
Exhibit 5-7
Exhibit 5-8
Exhibit 5-9
Exhibit 5-10
Exhibit 5-11
Exhibit 5-12
Exhibit 5-13
BUYERS WHO FINANCED THEIR HOME PURCHASE

PERCENT OF HOME FINANCED
SOURCES OF DOWNPAYMENT
LENGTH OF TIME TO SAVE FOR A DOWNPAYMENT
EXPENSES THAT DELAYED SAVING FOR A DOWNPAYMENT OR SAVING FOR A HOME PURCHASE, BY
AGE
SACRIFICES MADE TO PURCHASE HOME
DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESS
BUYER PREVIOUSLY SOLD A DISTRESSED PROPERTY (SHORT SALE OR FORECLOSURE)
BUYERS WHO HAVE STUDENT LOAN DEBT
TYPE OF MORTGAGE
TYPE OF LOAN
BUYERS' VIEW OF HOMES AS A FINANCIAL INVESTMENT

Exhibit 5-1
BUYERS WHO FINANCED THEIR HOME PURCHASE
100%
All Buyers
86%
90%
35 and younger
36 to 50
80%
51 to
60
61 to 69
70%
70 to
90
97%in
Percent
Category
86%
97%
95%
83%
68%
57%
95%
83%
68%
57%
60%
50%
40%
30%
20%
10%
0%
All Buyers
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90

Exhibit 5-2
PERCENT OF HOME FINANCED
All Buyers
Less than 50%
50% to 59%
60% to 69%
70% to 79%
80% to 89%
90% to 94%
95% to 99%
100% Financed the entire
purchase price with a mortgage
Median percent financed
9%
3
5
12
22
15
21
14
35 and younger
5%
1
2
9
22
18
27
16
90%
93%
AGE OF HOME BUYER

36 to 50
51 to 60
5%
10%
3
6
2
6
16
14
23
22
17
13
20
16
14
13
90%
86%
61 to 69
19%
7
10
15
23
5
10
11
70 to 90
25%
8
7
11
20
7
6
16
79%
79%

Exhibit 5-3
SOURCES OF DOWNPAYMENT
(Percent of Respondents Among those who Made a Downpayment)
All Buyers
Savings
Proceeds from sale of primary residence
Gift from relative or friend
401k/pension fund including a loan
Sale of stocks or bonds
Inheritance
Individual Retirement Account (IRA)
Loan from relative or friend
Equity from primary residence buyer continue to
own
Proceeds from sale of real estate other than
primary residence
Loan or financial assistance from source other
than employer
Loan from financial institution other than a
mortgage
Loan or financial assistance through employer
Other
AGE OF HOME BUYER

36 to 50
51 to 60
65%
49%
35
45
14
7
13
10
7
6
3
5
3
2
3
1
60%
38
13
8
8
5
4
3
35 and younger
80%
19
23
6
8
4
3
4
1
*
5
61 to 69
43%
53
4
8
6
6
5
1
70 to 90
34%
49
1
3
7
3
9
*
1
5
1
4
*
4
*
4
*
7

Exhibit 5-4
LENGTH OF TIME TO SAVE FOR A DOWNPAYMENT
(Percentage Distribution Among those who Made a Downpayment)
6 months
or less
All Buyers
6 to 12 months
12 to 18 months
18 to 24 months
24
to 5 years
35months
and younger
More than 5 years
AGE OF HOME BUYER

61 to 69 51 to 60 36 35
to and
50 younger All Buyers
14%
8% 47%7%
14%
10%
61%
56%
37%
46%
9%
12%
12%
17%
14%
2%
7%
8%
12%
8%
4%
5%
8%
9%
7%
17%
9%
18%
8%
6%
9%12%
15%
18%
14%
18%
11%
10%
8%
10%
70 to 90
53% 46%
8%
3%
2%
37%
13%
11%
47%
36 to 50
12%
56%
51 to 60
8%
8%
12%
7%
61%
61 to 69
0%
10%
20%
30%
5%
9% 2%4% 6%
53%
70 to 90
15%
8%
40%
50%
60%
3%2%
70%
9%
11%
18%
13%
80%
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
10%
11%
90%
100%

Exhibit 5-5
YEARS DEBT DELAYED HOME BUYERS FROM SAVING FOR A DOWNPAYMENT OR BUYING A HOME
One year
Two years
Three years
Four years
Five years
More than five years
Median
All Buyers
16%
19
14
7
20
24
4
35 and younger
20%
24
15
7
23
11
3
AGE OF HOME BUYER

36 to 50
51 to 60
12%
13%
18
13
13
13
9
7
19
14
29
39
4
5
61 to 69
3%
13
13
*
10
62
6
70 to 90
*
12
18
18
18
35
5

Exhibit 5-6
EXPENSES THAT DELAYED SAVING FOR A DOWNPAYMENT OR SAVING FOR A HOME PURCHASE, BY AGE
(Percent of Respondents Who Reported Saving for a Down Payment was Difficult)
AGE OF HOME BUYER

36 to 50
51 to 60
All Buyers
35 and younger
61 to 69
70 to 90
Share Saving for Downpayment was

Most Difficult Task in Buying Process:
Debt that Delayed Saving:
13%
21%
17%
6%
2%
1%
Student Loans
Credit card debt
Car loan
Child care expenses
Health care costs
Other
Median Years Debt Delayed Home
Purchase Among Those Who Had
Difficulty Saving
51%
47
35
18
13
17
53%
35
31
14
10
17
31%
44
20
18
9
24
9%
36
17
6
13
46
5%
23
7
2
13
62
3%
19
6
*
11
71

Exhibit 5-7
SACRIFICES MADE TO PURCHASE HOME
All Buyers
Cut spending on luxury items or non-essential items
Cut spending on entertainment
Cut spending on clothes
Canceled vacation plans
Earned extra income through a second job
Sold a vehicle or decided not to purchase a vehicle
Other
Did not need to make any sacrifices
33%
25
20
15
8
7
3
54
35 and younger
47%
34
30
16
11
9
3
40
AGE OF HOME BUYER

36 to 50
51 to 60
42%
23%
33
18
25
14
22
13
10
4
11
4
4
4
43
65
61 to 69
14%
10
8
7
2
3
2
78
70 to 90
11%
6
4
5
1
3
2
84

Exhibit 5-8
DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESS
(Percentage Distribution Among those who Financed their Home Purchase)
Much more difficult than expected

24%
Somewhat
more difficult16%
than expected
All Buyers
Not difficult/No more difficult than expected
Easier than expected
15%
27%
35 and younger
16%
36 to 50
0%
10%
20%
16%
43%
30%
40%
50%
60%
21%
70%
80%
Much more difficult than expected
Somewhat more difficult than expected
Not difficult/No more difficult than expected
Easier than expected
16%
24%
43%
17%
21%
43%
21%
All Buyers
17%
45%
22%
15%
70 to 90
45%
21%
19%
61 to 69
AGE OF HOME BUYER

51 to 60
36 to3550and younger
13%
16%
15%
43% 21%
17%
22%
27%
45%
45%
42%
21%
17%
17%
42%
17%
61 to 69
19%
22%
43%
16%
22%
13%
51 to 60
70 to 90
15%
21%
43%
21%
90%
100%

Exhibit 5-9
BUYER PREVIOUSLY SOLD A DISTRESSED PROPERTY (SHORT SALE OR FORECLOSURE)
Sold distressed property

Year sold distressed property (median)
All Buyers
9%
2010
35 and younger
6%
2010
AGE OF HOME BUYER

36 to 50
51 to 60
12%
13%
2010
2010
61 to 69
8%
2009
70 to 90
9%
2009

Exhibit 5-10
BUYERS WHO HAVE STUDENT LOAN DEBT
(Percenage Distribution)

Have student loan debt
Under $10,000
$10,000 to $24,999
$25,000 to $49,999
$50,000 to $74,999
$75,000 or more
Median amount of student loan debt
25%
21%
28
22
13
16
$25,000
44%
21%
29
20
13
17
$25,000
AGE OF HOME BUYER

36 to 50
51 to 60
61 to 69
70 to 90
28%
19%
28
25
13
15
$28,000
2%
63%
13
25
*
*
$12,200
11%
21%
22
25
13
19
$29,100
6%
27%
32
32
4
5
$20,000

Exhibit 5-11
TYPE OF MORTGAGE

93%
91%
91%
92%
4%
3%
2%
1%
2%
3%
1%
1%
100%
Fixed-rate mortgage
91%
91%
Fixed-then adjustable rate mortgage
90%
Adjustable-rate
mortgage
Don't know
80%
Other
AGE OF HOME BUYER

36 to 50
51 to 60
93%
92% 92%
3%
4%
2%
3%
1%
1%
1%
1%
61 to 69
92%
3%
87%
3%
*
1%
70 to 90
87%
5%
4%
3%
1%
* Less
70%than 1 percent
60%
50%
40%
30%
20%
10%
4%
2% 2% 1%
3%
1%
3%
1%
3% 2%
1% 1%
4% 3%
1% 1%
3% 3%
% 1%
5% 4%
3%
1%
%
All Buyers
Fixed-rate mortgage
35 and younger
36 to 50
Fixed-then adjustable rate mortgage
51 to 60
61 to 69
Adjustable-rate mortgage
70 to 90
Don't know
Other

Exhibit 5-12
TYPE OF LOAN

59%
53%
23%
29%
11%
8%
4%
5%
3% 53%
5%
70%
Conventional
FHA
59%
VA
Don't60%
Know
Other
1
51 to 60
62%
22%
62%
12%
2%
2%
36 to 50
60%
22%
60% 12%
3%
3%
61 to 69
67%
14%
14%
3%
3%
70 to 90
67%
66%
5%
25%
2%
2%
66%
50%
40%
29%
30%
25%
23%
22%
22%
20%
12%
11%
10%
4% 3%
8%
5% 5%
14% 14%
12%
3% 3%
3% 3%
2% 2%
5%
2% 2%
0%
All Buyers
Conventional
35 and younger
36 to 50
FHA
51 to 60
VA
61 to 69
Don't Know
70 to 90
Other

Exhibit 5-13
BUYERS' VIEW OF HOMES AS A FINANCIAL INVESTMENT
AGE OF HOME BUYER

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

80%
84%
43
45
25
27
12
12
6
3
14
13
36 to 50
82%
43
27
12
6
12
51 to 60
78%
40
25
13
8
15
61 to 69
78%
40
28
10
7
16
70 to 90
68%
41
19
8
11
21

Chapter 6: Home Sellers and their Selling Experience
While housing inventory is reduced in many areas, sellers see a favorable market where
they receive a median of 98 percent of their asking price across all age groups.
For all sellers, the median price of the home sold was $240,000 and they traded down to
a home that was $220,000 with a difference of $20,000. Older sellers above 61 years
tended to trade down and purchase less expensive homes; whereas sellers under 60
years bought more expensive homes.
This year, home sellers cited that they sold their homes for a median of $40,000 more
than they purchased it, up from $30,100 the year prior. Gen Y sellers gained the least at
$28,500 in equity compared to Silent Generation sellers that gained $64,000 in equity as
they likely had lived in their homes for a longer period of time. Sixty-one percent of
sellers were very satisfied with the selling process, up from 58 percent the year prior.
HOME SELLER CHARACTERISTICS
The typical age of home sellers was 54 this year, the same as in the 2013 report but up
from 46 in the 2009 report. Sellers 36 to 50 years made up 25 percent of all sellers this
year with a median age of 42 years, followed by sellers 61 to 69 years at 24 percent with
a median age of 65 years.
The median income in 2014 for the typical household was $104,100, a jump from $96,700
in 2013. Sellers 36 to 50 years had the highest income of $121,300 and sellers over 70
years had the lowest income of $69,500.
Married couples selling their home jumped back up to 77 percent again this year after
a slight dip last year at 74 percent, which has been the historical norm. Married couples
were the highest for Gen X sellers at 85 percent and the lowest for Younger Boomer
sellers at 71 percent. Single female sellers made up the next highest category at 16
percent for all ages above 51 years.
Of all homes sold on the market, 65 percent did not have children under the age of 18
residing in the home. For sellers 61 to 69 years, 98 percent did not have children living at
home and for sellers 36 to 50 years 59 percent reported have at least two children at
home.
For all sellers, 91 percent identified as white or Caucasian and 98 percent of households
speak English as their primary language. This was consistent across each age group.
HOME SELLING SITUATION
Repeat sellers made up 63 percent of all sellers, with 37 percent accounting for first-time
home sellers. Among sellers 35 years and younger, 79 percent were first-time sellers. For
sellers 51 to 60 years, 77 percent were repeat sellers.
Seventy percent of all sellers sold their home in the same state as the home they
recently purchased. For sellers 35 years and younger, 79 percent purchased in the same
state compared to 57 percent of sellers 61 to 69 years.
HOME SOLD VS. HOME PURCHASED
Half of the homes sold (49 percent) were located in the suburbs or a subdivision. Fifty-six
percent of sellers 36 to 50 years sold in suburbs or a subdivision compared to only 41
percent of sellers 70 years or older. Eighty- two percent of all homes sold were
detached single-family homes. Sellers 35 years and younger were the largest group to
sell townhomes at 10 percent and apartments or condos at eight percent.
For all sellers, the median size of the home sold was 2,000 square feet and they traded
down to purchase a home that was 1,900 square feet. Buyers 50 and under tended to
trade up and purchase a home that 600 square feet more than what they sold. Buyers
over 51 year tended to trade down by 100-200 square feet. For all sellers of all ages,
they bought and sold a home with a median of three bedrooms and two bathrooms.
For all sellers, the median price of the home sold was $240,000 and they traded down to
a home that was $220,000 with a difference of $20,000. Older sellers above 61 years
tended to trade down and purchase less expensive homes; whereas sellers under 60
years bought more expensive homes.
For all sellers, the most commonly cited reason for selling their home was that it was too
small (16 percent), followed by a job relocation (14 percent), and the desire to move
closer to friends and family (13 percent). For sellers 35 and under, they cited that the
home was too small (31 percent), which was higher than any other age group. For
sellers 70 years and over, they cited they wanted to be closer to friends and family (33
percent). Sellers 36 to 50 years were split between selling a home that was too small (25
percent) and selling for a job relocation (26 percent).
SELLER STALLED HOME SALE AND TENURE IN HOME
Fourteen percent of recent sellers stalled or delayed their home sale because their
home was worth less than their mortgage, down from 17 percent in the year prior.
Nineteen percent of sellers 36 to 50 years were stalled compared to seventeen percent
of sellers 70 years and over.
The median number of years a seller remained in their home was nine, down from 10
years in the past report. That number is still higher than reported in 2001 to 2008 reports
where the tenure in the home was only six years. Gen Y sellers stayed in their home for
five years compared to 15 years for Silent Generation sellers.
DISTANCE MOVED
Exhibits 6-17
The purchasing habits of sellers lead them to buy close to where they previously lived,
moving a median of 20 miles away. Sellers 60 years and younger typically moved only
15 miles away and sellers 61 to 69 moved the greatest distance of 75 miles.
METHOD OF SALE
Exhibits 6-18
Eighty-nine percent of home sellers worked with a real estate agent to sell their home,
which is consistent across all age groups. For-Sale-By-Owner (FSBO) was low at eight
percent this year, which is the lowest recorded in this data set. FSBO sellers 35 years and
younger were only seven percent compared to ten percent of sellers 70 years and
over. The method of sale tends to differ in conjunction with the relationship between
the buyer and seller. If the buyer and seller know each other, the sale can be either an
arms-length transaction consistent with local market conditions or it may involve
considerations that would be not be relevant in the absence of a prior relationship.
SALES PRICE AND TIME ON THE MARKET
For recently sold homes, the final sales price was a median 98 percent of the final listing
price, which is also consistent across all age groups. For all sellers, time on market was a
median of four weeks, again consistent across all age groups.
Fifty-seven percent of all sellers did not reduce their asking price, whereas 22 percent
reduce once and 12 percent reduce the asking price twice. Sixty-six percent of sellers
35 years and younger did not reduce their asking price at all compared to 38 percent
of sellers over 70 years that reduced at least twice.
INCENTIVES TO PROSPECTIVE BUYERS
Exhibits 6-22
Thirty-seven percent of all sellers offered incentives to attract buyers. This varies across
age groups where it was the most common for sellers 70 years and over to offer
incentives and less likely for sellers under 35 years. Home warranty policies followed by
assistance with closing costs were the top two listed incentives when selling a home
across all age groups.
SATISFACTION WITH THE SALES PROCESS
Exhibit 6-23
Sixty-one percent of sellers were very satisfied with the selling process, up from 58
percent the year prior. Fifty-eight percent of sellers 50 years and under were very
satisfied with the selling process compared to 67 percent over the age of 70 years.
EQUITY BY TENURE
Exhibit 6-24
This year, home sellers cited that they sold their homes for a median of $40,000 more
than they purchased it, up from $30,100 the year prior. This accounts for a 23 percent
price gain up from 17 percent the year before. Generally, the longer a seller is in the
home the greater the increase attributable to price appreciation. Gen Y sellers gained
the least at $28,500 in equity compared to Silent Generation sellers that gained $64,000
in equity as they likely had lived in their homes for a longer period of time.
HOME SELLERS AND THEIR SELLING EXPERIENCE

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

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

Exhibit 6-1
AGE OF HOME SELLERS

Gen X:
Younger Boomers:
Older Boomers:
Silent Generation:
Year Born:
1980-1995
1965-1979
1955-1964
1946-1954
1925-1945
Age in 2015:
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90
Percent in
Category
19%
25
19
24
13
Median
Age in
Group
31
42
55
65
74

Exhibit 6-2
HOUSEHOLD INCOME OF HOME SELLERS
AGE OF HOME BUYER

Less than $25,000
$25,000 to $34,999
$35,000 to $44,999
$45,000 to $54,999
$55,000 to $64,999
$65,000 to $74,999
$75,000 to $84,999
$85,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
$150,000 to $174,999
$175,000 to $199,999
$200,000 or more
Median income (2014)
All Sellers
2%
4
5
6
6
8
8
10
18
12
7
4
11
$104,100
35 and younger
1%
3
5
4
5
9
11
10
25
11
10
2
6
$102,000
36 to 50
1%
*
2
3
5
4
7
11
20
14
8
10
16
$121,300
51 to 60
2%
3
3
6
6
4
7
10
16
11
8
5
18
$114,100
61 to 69
4%
5
7
8
7
10
9
9
13
15
5
2
7
$85,000
70 to 90
4%
11
12
8
10
11
7
10
14
5
3
1
6
$69,500

Exhibit 6-3
ADULT COMPOSITION OF HOME SELLER HOUSEHOLDS
90%
All Sellers
82%
77%
12%
6%
4%
2%
Married couple
77%
80% female
Single
Single male
Unmarried couple
70%
Other
35 and85%
younger
82%
8%
4%
5%
1%
AGE OF HOME BUYER

36 to 50
51 to 60
61 to 69
85%
71%
73%
6%
16%
16%
4%
7% 73%
8%
71%
5%
6%
2%
2%
*
1%
70 to 90
72%
16%
72% 6%
2%
3%
60%
50%
40%
30%
16%
20%
16%
16%
12%
10%
6%
8%
4%
2%
4% 5%
6%
1%
4% 5%
8%
7% 6%
2%
6%
2% 1%
2% 3%
0%
All Sellers
35 and younger
Married couple
36 to 50
Single female
51 to 60
Single male
61 to 69
Unmarried couple
Other
70 to 90

Exhibit 6-4
NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOME SELLER HOUSEHOLD
(Percentage Distribution of Home Seller Households)
All Sellers
65%
13%
16%
6%
100%
None
One
90%
Two
Three or more
80%
35 and younger
36%
25%
29%
9%
AGE OF HOME BUYER

36 to 50
51 to 60
23%
81%
21%
13%
38%
81%5%
18%
1%
98%
61 to 69
98%
2%
*
*
70 to 90
98%
2%
*
*
98%
70%
65%
60%
50%
29%
25%
30%
20%
38%
36%
40%
23%
21%
18%
16%
13%
13%
6%
10%
9%
5%
1%
2%
% %
2%
% %
0%
All Sellers
35 and younger
36 to 50
None
One
51 to 60
Two
Three or more
61 to 69
70 to 90

Exhibit 6-5
RACE/ETHNICITY OF HOME SELLERS
All Sellers
White/Caucasian
91%
Hispanic/Latino
4
Asian/Pacific Islander
3
Black/African-American
2
Other
1
35 and younger
89%
6
4
1
1
AGE OF HOME BUYER

36 to 50
51 to 60
85%
94%
6
2
7
2
3
2
1
*

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.
61 to 69
96%
2
1
2
2
70 to 90
96%
1
1
1
1

Exhibit 6-6
PRIMARY LANGUAGE SPOKEN IN HOME SELLER HOUSEHOLD
100%
English
Other
90%
98%
All Sellers
98%
2%
98%
35 and younger
98%
2%
AGE OF HOME BUYER

99%
96%
36 to 50
51 to 60
96%
99%
4%
1%
99%
61 to 69
99%
1%
99%
70 to 90
99%
1%
80%
70%
60%
50%
40%
30%
20%
10%
2%
4%
2%
1%
1%
1%
0%
All Sellers
35 and younger
36 to 50
English
51 to 60
Other
61 to 69
70 to 90

Exhibit 6-7
FIRST-TIME OR REPEAT SELLER
90%
First-time
seller
Repeat seller
80%
70%
All Sellers
37%
63%
AGE OF HOME BUYER

36 to 50
51 to 60
47%
23%
53%
77%77%
35 and younger
79%
79%
21%
70 to 90
17%
83%
83%
63%
60%
53%
47%
50%
40%
61 to 69
19%
81%
81%
37%
30%
23%
21%
19%
20%
17%
10%
0%
All Sellers
35 and younger
36 to 50
First-time seller
51 to 60
Repeat seller
61 to 69
70 to 90

Exhibit 6-8
PROXIMITY OF HOME SOLD TO HOME PURCHASED
79%
80%
All Sellers
Same state 70%
70%
Same
13%
70% region
Other region
17%
AGE OF HOME BUYER

35 and younger 75% 36 to 50
51 to 60
72%
79%
75%
72%
9%
10%
14%
12%
15%
14%
61 to 69
57%
17%
26%
70 to 90
64%
18%
64%
19%
57%
60%
50%
40%
26%
30%
20%
17%
15%
13%
12%
17%
18% 19%
14% 14%
10%
9%
10%
0%
All Sellers
35 and younger
36 to 50
Same state
Same region
51 to 60
Other region
61 to 69
70 to 90

Exhibit 6-9
LOCATION OF HOME SOLD
All Sellers
Suburb/Subdivision
Small town
Urban area/Central city
Rural area
49%
19
16
14
3
35 and younger
50%
16
22
11
1
AGE OF HOME BUYER

36 to 50
51 to 60
56%
53%
14
18
18
14
12
14
*
2
61 to 69
44%
24
13
15
4
70 to 90
41%
21
11
20
7

Exhibit 6-10
TYPE OF HOME SOLD

Townhouse/row house
Apartment/condo in a building with 5 or more units
Other
AGE OF HOME BUYER

36 to 50
51 to 60
All Sellers
35 and younger
61 to 69
70 to 90
82%
6
5
76%
10
8
85%
6
5
85%
5
3
83%
5
4
77%
5
8
2
6
3
4
1
4
1
6
1
7
1
10

Exhibit 6-11
SIZE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
(Median Square Feet)
All Buyers
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90
Size of home sold
Size of home purchased
2,000
1,600
2,000
2,200
2,100
2,100
1,900
2,200
2,600
2,100
2,000
1,900
Difference
-100
600
600
-100
-100
-200

Exhibit 6-12
One bedroom
Two bedrooms
Three bedrooms or more
Median number of bedrooms
One full bathroom
Two full bathrooms
Three full bathrooms or more
Median number of full bathrooms
All Sellers 35 and younger

1%
1%
12
15
88
85
3
3
13
22
58
63
29
15
2
2
AGE OF HOME BUYER

36 to 50
51 to 60
61 to 69
*
1%
1%
10
8
12
89
92
88
3
3
3
12
10
10
57
57
56
33
32
33
2
2
2
70 to 90
1%
17
83
3
13
59
29
2

Exhibit 6-13
PRICE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
(Median)
All Buyers
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90
Price of home sold
Price of home purchased
$240,000
$192,400
$243,300
$265,900
$259,900
$255,000
$220,000
$265,000
$312,000
$276,000
$220,000
$224,300
Difference
-$20,000
$72,600
$68,700
$10,100
-$39,900
-$30,700

Exhibit 6-14
PRIMARY REASON FOR SELLING PREVIOUS HOME
Home is too small

Job relocation
Want to move closer to friends or family
Change in family situation (e.g., marriage, birth of a child,
divorce)
Neighborhood has become less desirable
Home is too large
Moving due to retirement
Upkeep of home is too difficult due to health or financial
limitations
Want to move closer to current job
Can not afford the mortgage and other expenses of
owning home
To avoid possible foreclosure
Other

31%
16%
17
14
5
13
AGE OF HOME BUYER

36 to 50
51 to 60
25%
9%
26
18
4
9
61 to 69
5%
4
20
70 to 90
6%
2
33
10
10
9
7
10
14
3
*
11
10
4
1
12
11
13
5
7
9
10
21
7
6
15
11
6
5
2
11
1
6
4
5
14
2
12
1
2
*
8
2
*
7
2
*
9
4
*
10
2
*
7
3
*
6

Exhibit 6-15
SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE
100%
Yes, and lived in home
Yes, but rented home to others
and90%
lived elsewhere 87%
No, sold home when I wanted to
sell
80%

12%
12%
2%
3%
85%
87%
85%
81%
AGE OF HOME BUYER

36 to 50
51 to 60
17%
10%
2% 89%
1%
81%
61 to 69
11%
88% 2%
70 to 90
6%
93%
1%
88%
93%
89%
70%
60%
50%
40%
30%
17%
20%
12%
12%
10%
2%
11%
10%
3%
6%
2%
1%
2%
1%
0%
All Sellers
Yes, and lived in home
35 and younger
36 to 50
51 to 60
Yes, but rented home to others and lived elsewhere
61 to 69
70 to 90
No, sold home when I wanted to sell

Exhibit 6-16
TENURE IN PREVIOUS HOME
All Sellers
1 year or less
2 to 3 years
4 to 5 years
6 to 7 years
8 to 10 years
11 to 15 years
16 to 20 years
21 years or more
Median
4%
10
13
14
15
19
9
16
9
35 and younger
4%
17
31
24
14
6
3
1
5
AGE OF HOME BUYER

36 to 50
51 to 60
5%
4%
9
10
15
7
14
12
26
11
23
27
7
15
2
16
8
11
61 to 69
3%
7
5
14
12
20
12
26
13
70 to 90
6%
7
4
6
13
16
8
40
15

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

80
Distance
All Sellers
20
35 and younger
15
36 to 50
15
51 to 60
15
7561 to 69
75
70 to 90
35
70
60
50
40
35
30
20
20
15
15
15
10
0
All Sellers
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90

Exhibit 6-18
METHOD USED TO SELL HOME
AGE OF HOME BUYER

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
All Sellers
89%
85
4
8
7
1
1
2
35 and younger
90%
89
1
7
7
*
*
1
36 to 50
90%
89
1
8
7
1
1
2
51 to 60
90%
89
1
8
7
1
1
2
61 to 69
89%
88
1
8
7
1
1
2
70 to 90
88%
87
1
10
9
1
*
2

Exhibit 6-19
SALES PRICE COMPARED WITH LISTING PRICE
(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)
All Sellers
9%
15
41
24
8
3
98%
35 and younger
8%
10
43
24
11
5
98%
AGE OF HOME BUYER

36 to 50
51 to 60
8%
11%
13
19
47
36
21
24
10
8
3
3
98%
98%
61 to 69
11%
17
36
30
5
2
98%
70 to 90
10%
15
42
22
9
3
98%

Exhibit 6-20
NUMBER OF WEEKS RECENTLY SOLD HOME WAS ON THE MARKET
AGE OF HOME BUYER

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%
6%
36
36
12
15
6
5
7
6
5
5
7
8
4
6
6
3
5
4
5
3
3
2
4
4
36 to 50
5%
36
14
7
8
5
7
3
6
6
4
2
4
51 to 60
5%
36
11
6
8
3
7
5
7
5
4
3
4
61 to 69
6%
38
11
5
6
5
5
4
6
6
5
5
4
70 to 90
8%
34
11
7
4
6
6
5
7
3
5
3
4

Exhibit 6-21
NUMBER OF TIMES ASKING PRICE WAS REDUCED

None, did not reduce the asking price
One
Two
Three
Four or more
57%
22
12
6
4
66%
20
7
5
2
AGE OF HOME BUYER

36 to 50
51 to 60
56%
20
13
4
6
52%
23
13
10
3
61 to 69
70 to 90
53%
25
12
5
6
58%
22
16
3
2

Exhibit 6-22
INCENTIVES OFFERED TO ATTRACT BUYERS, BY NUMBER OF WEEKS HOME WAS ON THE MARKET
AGE OF HOME BUYER

None
Home warranty policies
Assistance with closing costs
Credit toward remodeling or repairs
Other incentives, such as a car, flat screen TV, etc.
Assistance with condo association fees
Other
All Sellers
63%
21
16
7
4
1
3
35 and younger
65%
18
18
8
3
1
2
36 to 50
61%
23
20
5
5
1
2
51 to 60
61%
20
16
9
6
*
5
61 to 69
61%
27
12
8
3
1
3
70 to 90
71%
14
14
6
1
1
4

Exhibit 6-23
SATISFACTION WITH THE SELLING PROCESS
Very70%
Satisfied
Somewhat Satisfied
61%
60%
Very Dissatisfied

61%
58%
27%
30%
8%
7%
58%
58%
5%
5%
AGE OF HOME BUYER

36 to 50
51 to 60
58%
61%
63%
28%
26%
61%
8%
9%
6%
4%
61 to 69
67%
63%
23%
8%
6%
70 to 90
67%
25%
4%
3%
50%
40%
30%
30%
27%
28%
26%
25%
23%
20%
10%
8%
9%
8%
7%
8%
4%
0%
All Sellers
Very Satisfied
35 and younger
36 to 50
Somewhat Satisfied
51 to 60
61 to 69
70 to 90
Very Dissatisfied

Exhibit 6-24
EQUITY EARNED IN HOME RECENTLY SOLD
(Median)
Dollar Value
Percent
All Sellers
$40,000
23%
35 and younger
$28,500
17%
AGE OF HOME BUYER

36 to 50
51 to 60
$30,000
$43,000
15%
24%
61 to 69
$65,700
29%
70 to 90
$64,000
40%

Chapter 7: Home Selling and Real Estate Professionals
The need for a trusted real estate agent is still paramount. Personal relationships and
connections remain the most important feature of the agent-buyer/seller bond. Sixty-six
percent of recent home sellers used a referral or the same real estate agent they had
worked with in the past to purchase their next home, which is up from 60 percent of all
sellers last year. That number jumps to 70 percent for home Gen Y sellers.
Finding an agent had some variations by generation. Most commonly, real estate
agents are referred by a friend, neighbor, or relative. For sellers 70 and older, they found
their agent through referral 33 percent of the time but were also likely to find one by
walking into a real estate office or through personal contact by agent more than any
other generation. Gen X sellers were also more likely to get a referral through their
employer.
Younger Boomers were the most likely to recommend their agent (86 percent)
compared to Gen X sellers (82 percent). The typical seller has recommended their
agent once since selling their home. Thirty-two percent of sellers recommended their
agent three or more times since selling their home. That number jumps to 37 percent for
Older Boomer sellers.
FINDING A REAL ESTATE AGENT
Exhibit 7-1 through Exhibit 7-3
Sixty-six percent of recent home sellers used a referral or the same real estate agent
they had worked with in the past to purchase their next home, which is up from 60
percent of all sellers last year. That number jumps to 70 percent for home Gen Y sellers.
For Silent Generation sellers, they found their agent through referral 33 percent of the
time but were also likely to find one by walking into a real estate office or through
personal contact by agent more than any other generation. Gen X sellers were also
more likely to get a referral through their employer.
Seven in 10 recent sellers contacted only one agent before finding the right agent they
worked with to sell their home, the same as last year. For Gen Y and Older Boomer
sellers, that number was almost eight in 10.
Fifty percent of sellers used the same agent to buy and sell their homes. Using the same
agent is most common among sellers under 60 years as they are moving shorter
distances. As distance and age increases, using the same agent declines.
HOME LISTED ON MULTIPLE LISTING SERVICE AND LEVEL OF SERVICE
Exhibits 7-4 through Exhibit 7-5
Consistent with last year, 91 percent of sellers listed their homes on the Multiple Listing
Service (MLS), which is the number one source for sellers to list their home. Only four
percent opted not to list on a MLS. Ninety-four percent of sellers 36 to 50 years listed on
the MLS and only 88 percent for sellers 70 and over.
Real estate agents provide a wide range of services and conduct the management of
most aspects of the home sale. Seventy-nine percent of sellers reported that their
agents provided the lions share of these services, which is the same as in the year prior.
Nine percent of sellers note that their agent only provided a limited set of services and
12 percent said their agent listed the home on a MLS but performed few other services.
All are consistent with last years report. For sellers 70 years and over, 87 percent of their
agents provided the broad range of services and management. For sellers 35 year and
younger, 16 percent only listed on the MLS and performed few additional services.
WHAT SELLERS MOST WANT AND LEVEL OF SERVICE
Sellers place high priority on the following five tasks: market the home to potential
buyers (21 percent), sell the home within a specific timeframe (21 percent), find a buyer
for home (17 percent), price the home competitively (16 percent), and help fix the
home to sell better (14 percent).
For Gen Y sellers, they prioritized the following: price home competitively (23 percent),
sell the home within a specific timeframe (22 percent), and market the home to
potential buyers (17 percent). Sellers 36 to 50 years also prioritized finding ways to fix up
their home to sell it for more (18 percent). For Baby Boomer sellers also valued finding a
buyer for their home (26 and 17 percent respectively).
The reputation of the real estate agent was by far the most important factor when
sellers selected an agent to sell their home (34 percent). Sellers also place value on the
agents trustworthiness and honesty (18 percent) and knowledge of the neighborhood
at (15 percent). Reputation was at the top of the list for sellers 51 to 60 years (42
percent) but not as important for sellers 61 to 69 years (28 percent), who valued that
the agent was a friend of family member (24 percent) more than other generations.
METHODS USED TO MARKET THE HOME
Exhibit 7-8
Real estate agents list homes on MLSs first and foremost (89 percent). They also display
yard signs (69 percent), list the home on their website (51 percent), host an open house
(51 percent), list on Realtor.com (50 percent), and list on their companys website (43
percent). Real estate agents also list homes on social media (12 percent), which is up
from nine percent from last year. This was consistent for all generations.
Listing on a real estate magazine website (19 percent) was important for sellers 61 to 69
years and listing in online classified ads (10 percent) was important for sellers over 70
years.
AGENTS PERFORMANCE AND COMPENSATION
The real estate agent most often initiated the discussion of compensation (46 percent),
which is consistent with the year before. The client initiated the discussion and the
agent negotiated 20 percent of the time, which was the same with the year prior at 21
percent. In 16 percent of cases, the client did not know that commissions and fees
could be negotiated. Sellers 35 years and younger were the most likely not to know that
commissions and fees could be negotiated (18 percent) and more likely to know they
could be negotiated but did not bring up the topic (14 percent). Sellers 70 years and
over brought up the topic of compensation but found their agents unable or unwilling
to negotiate (10 percent) more than other generations.
Client referrals and repeat business are the predominant sources of business for real
estate agents. Most sellers 84 percent said that they would definitely (67 percent)
or probably (17 percent) recommend their agent for future services. Younger Boomers
were the most likely to recommend their agent (86 percent) compared to Gen X sellers
(82 percent). The typical seller has recommended their agent once since selling their
home. Thirty-two percent of sellers recommended their agent three or more times since
selling their home. That number jumps to 37 percent for Older Boomer sellers.
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
METHOD USED TO FIND REAL ESTATE AGENT

NUMBER OF AGENTS CONTACTED BEFORE SELECTING ONE TO ASSIST WITH SALE OF
HOME
DID SELLER USE THE SAME REAL ESTATE AGENT FOR THEIR HOME PURCHASE?
HOME LISTED ON MULTIPLE LISTING SERVICE
LEVEL OF SERVICE PROVIDED BY THE REAL ESTATE AGENT
WHAT SELLERS MOST WANT FROM REAL ESTATE AGENTS, BY LEVEL OF SERVICE
PROVIDED BY THE AGENT
MOST IMPORTANT FACTOR IN CHOOSING A REAL ESTATE AGENT TO SELL HOME, BY LEVEL
OF SERVICE PROVIDED BY THE AGENT
METHODS REAL ESTATE AGENT USED TO MARKET HOME
NEGOTIATING THE COMMISSION RATE OR FEE WITH THE REAL ESTATE AGENT
WOULD SELLER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS
HOW MANY TIMES SELLER RECOMMENDED TYPICAL AGENT

Exhibit 7-1
METHOD USED TO FIND REAL ESTATE AGENT
AGE OF HOME BUYER

36 to 50
51 to 60
61 to 69
70 to 90
Referred by (or is) a friend, neighbor or relative

Used agent previously to buy or sell a home
Internet website (without a specific reference
Personal contact by agent (telephone, email, etc.)
Referred by another real estate or broker
Visited an open house and met agent
Saw contact information on For Sale/Open House
sign
42%
24
4
4
4
3
44%
26
6
3
4
1
44%
22
5
3
3
4
45%
24
4
4
2
2
43%
23
3
3
4
2
33%
24
2
9
6
4
Referred through employer or relocation company

Direct mail (newsletter, flyer, postcard, etc.)
3
1
3
2
7
1
3
1
1
1
1
3
Walked into or called office and agent was on duty

Newspaper, Yellow pages or home book ad
Advertising specialty (calendar, magnet, etc.)
Crowdsourcing through social media/knew the
person through social media
Saw the person's social media page without a
connection
Other
1
1
1
1
*
1
1
*
*
1
1
*
1
3
2
5
1
2
*
9
*
6
*
6
*
11
*
12
*
7

Exhibit 7-2
NUMBER OF AGENTS CONTACTED BEFORE SELECTING ONE TO ASSIST WITH SALE OF HOME
AGE OF HOME BUYER

One
Two
Three
Four
Five or more
All Sellers
72%
15
9
2
1
35 and younger
77%
16
5
2
1
36 to 50
68%
19
11
2
1
51 to 60
73%
15
7
3
2
61 to 69
76%
11
8
5
1
70 to 90
70%
18
10
1
*

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

70%
Yes
No 60%

62%62%
50%
50%
39%
36 to 50
58%
58%
42%
51 to 60
55%
45%
61 to 69
34%
66%
55%
66%
70 to 90
44%
57%
57%
50% 50%
50%
45%
44%
42%
39%
40%
34%
30%
20%
10%
0%
All Sellers
35 and younger
36 to 50
Yes
51 to 60
No
61 to 69
70 to 90

Exhibit 7-4
HOME LISTED ON MULTIPLE LISTING SERVICE
AGE OF HOME BUYER

100%
Yes
No 90%
Don't know
91%

93%
91%
93%
4%
2%
4%
5%
36 to 50
94%
94%
3%
3%
51 to 60
92%
92%
3%
5%
61 to 69
93%
93%
4%
4%
70 to 90
88%
5%
7%
88%
80%
70%
60%
50%
40%
30%
20%
10%
4% 4%
2%
5%
3% 3%
3%
5%
4% 4%
5%
0%
All Sellers
35 and younger
36 to 50
Yes
No
51 to 60
Don't know
61 to 69
70 to 90
7%

Exhibit 7-5
LEVEL OF SERVICE PROVIDED BY THE REAL ESTATE AGENT
AGE OF HOME BUYER

A broad range of services and
management of most aspects of the home
sale
A limited set of services as requested by the
seller
The agent listed the home on the MLS and
performed few if any additional services
All Sellers
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90
79%
72%
78%
81%
82%
87%
12
12
12
16
10
13
11

Exhibit 7-6
WHAT SELLERS MOST WANT FROM REAL ESTATE AGENTS, BY LEVEL OF SERVICE
PROVIDED BY THE AGENT
AGE OF HOME BUYER

Help seller market home to potential buyers
Help sell the home within specific timeframe
Help find a buyer for home
Help price home competitively
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

21%
17%
21
22
17
11
16
23
36 to 50
16%
22
13
19
51 to 60
24%
21
17
15
61 to 69
22%
17
26
12
70 to 90
29%
20
22
12
14
5
14
6
18
8
14
3
13
3
9
4
3
2
3
3
2
*
3
3
3
2
4
*
*
1
*
1
1
1
1
*
*
1
*
*

Exhibit 7-7
MOST IMPORTANT FACTOR IN CHOOSING A REAL ESTATE AGENT TO SELL HOME, BY
LEVEL OF SERVICE PROVIDED BY THE AGENT
AGE OF HOME BUYER

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

34%
28%
18
22
16
18
15
11
4
4
4
1
4
8
2
2
3
3
2
3
36 to 50
36%
18
14
16
3
4
4
51 to 60
42%
20
12
14
2
4
1
61 to 69
28%
14
24
14
4
5
3
70 to 90
38%
13
10
20
5
5
1
2
1
3
1
2
3
1
3
4
4
1
1

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

Multiple Listing (MLS) website
Yard sign
Real estate agent website
Open house
Realtor.com
Real estate company website
Third party aggregators
Social networking websites
Direct mail (flyers, postcards, etc.)
Video
Newspaper website
Real estate magazine
Other Web sites with real estate listings
Online Classified Ads
Real estate magazine website
Other
Video hosting Web sites
Television

89%
90%
69
67
51
51
51
48
50
47
43
42
40
46
12
14
11
6
10
9
9
6
9
6
9
3
8
6
6
3
2
1
36 to 50
91%
70
54
56
56
43
51
14
12
10
6
10
5
51 to 60
88%
72
57
51
52
49
38
11
13
12
11
8
9
61 to 69
91%
67
53
50
52
46
38
17
10
11
12
12
19
70 to 90
86%
70
41
49
45
42
26
4
15
9
11
12
11
6
6
4
3
1
*
6
5
10
2
3
2
7
7
6
2
3
1
5
10
8
4
2
1
6
7
3
4
1
1

Exhibit 7-9
NEGOTIATING THE COMMISSION RATE OR FEE WITH THE REAL ESTATE AGENT
Real estate agent initiated discussion of

compensation
Client brought up the topic and the real estate
agent was able and willing to negotiate their
commission or fee
Client brought up the topic and the real estate
agent was unwilling or unable to negotiate
their commission or fee
Client did know commissions and fees could
be negotiated but did not bring up the topic
Client did not know commissions and fees
could be negotiated
AGE OF HOME BUYER

36 to 50
51 to 60
All Sellers
35 and younger
46%
44%
43%
20
17
61 to 69
70 to 90
49%
50%
45%
21
21
22
19
10
10
14
11
10
10
16
18
16
16
13
17

Exhibit 7-10
WOULD SELLER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS
AGE OF HOME BUYER

67%
61%
17%
23%
7%
7%
7%
8%
1%61%
1%
80%
Definitely
Probably
Probably
70% Not67%
Definitely Not
Don't Know/ Not Sure
36 to 50
64%
18%
9%
64%
7%
1%
51 to 60
73%
73%
14%
7%
6%
1%
61 to 69
69%
16%
6%
9%
1%
69%
70 to 90
72%
14%
8%
6%
%
72%
60%
50%
40%
30%
23%
20%
18%
17%
16%
14%
10%
9%
7% 8%
7% 7%
1%
7%
1%
7% 6%
1%
14%
9%
8%
6%
1%
1%
0%
All Sellers
Definitely
35 and younger
Probably
36 to 50
Probably Not
51 to 60
Definitely Not
61 to 69
Don't Know/ Not Sure
6%
70 to 90

Exhibit 7-11
HOW MANY TIMES SELLER RECOMMENDED TYPICAL AGENT
None
One time
Two times
Three times
Four or more times
Times recommended
since buying (median)

38%
39%
13
15
17
16
12
10
20
20
1
AGE OF HOME BUYER

36 to 50
51 to 60
36%
36%
14
14
17
19
11
6
22
25
61 to 69
34%
12
17
20
17
70 to 90
50%
7
13
10
20
Methodology
In July 2015, NAR mailed out a 128-question survey using a random sample weighted to be
representative of sales on a geographic basis to 94,971 recent home buyers. The recent home
buyers had to have purchased a primary residence home between July of 2014 and June of
2015. A total of 6,406 responses were received from primary residence buyers. After
accounting for undeliverable questionnaires, the survey had an adjusted response rate of 6.7
percent.
Respondents had the option to fill out the survey via hard copy or online. The online survey was
available in English and Spanish.
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 2015, with the
exception of income data, which are reported for 2014. In some sections comparisons are also
given for results obtained in previous surveys. Not all results are directly comparable due to
changes in questionnaire design and sample size. Some results are presented for the four U.S.
Census regions: Northeast, Midwest, South and West. The median is the primary statistical
measure used throughout this report. Due to rounding and omissions for space, percentage
distributions may not add to 100 percent.
The definitions of the generations used to distinguish home buyers and sellers were based on a
study published in the REALTOR Universitys Center for Real Estate Studies journal article titled,
Generational Trends in Homeownership: An Era of Renters? by Glenn E. Crellin. Additional
splitting of older baby boomer age groups and younger baby boomer age groups was
modeled on research from the Pew Research Center, Generations 2010.
Gen X:
Younger Boomers:
Older Boomers:
Silent Generation:
Year Born:
1980-1995
1965-1979
1955-1964
1946-1954
1925-1945
Age in 2015:
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90

2016 Home Buyer and Seller Generational Trends

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

2016 Home Buyer and Seller Generational Trends

Uploaded by

Copyright:

Available Formats

The National Association of REALTORS, The Voice for Real Estate, is Americas largest

NATIONAL ASSOCIATION OF REALTORS

2016 National Association of REALTORS

Report Prepared by:

NATIONAL ASSOCIATION OF REALTORS

NATIONAL ASSOCIATION OF REALTORS

Characteristics of Homes Purchased

The Home Search Process

Home Buying and Real Estate Professionals

Eighty-nine percent of Millennials, 87 percent of Gen X buyers, and 85 percent of Younger

Financing the Home Purchase

Home Sellers and Their Selling Experience

Home Selling and Real Estate Professionals

NATIONAL ASSOCIATION OF REALTORS

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYERS

CHARACTERISTICS OF HOME BUYERS

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

All Buyers 35 and younger

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

All Buyers 35 and younger

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

All Buyers 35 and younger

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

* Less than 1 percent

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

CHARACTERISTICS OF HOME BUYERS

CHARACTERISTICS OF HOME BUYERS

Owned previous residence

All Buyers 35 and younger

AGE OF HOME BUYER

CHARACTERISTICS OF HOME BUYERS

* Less than 1 percent

CHARACTERISTICS OF HOME BUYERS

It was just the right time for me, was

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

* Less than 1 percent

NATIONAL ASSOCIATION OF REALTORS

SENIOR HOUSING AND ACTIVE ADULT COMMUNITIES

SIZE OF HOME PURCHASED AND YEAR HOME WAS BUILT

CHARACTERISTICS OF HOMES PURCHASED

NEW AND PREVIOUSLY OWNED HOMES PURCHASED

PRICE OF HOME PURCHASED

CHARACTERISTICS OF HOMES PURCHASED

AGE OF HOME BUYER

CHARACTERISTICS OF HOMES PURCHASED

AGE OF HOME BUYER

CHARACTERISTICS OF HOMES PURCHASED

AGE OF HOME BUYER

All Buyers 35 and89%

Detached single-family home

CHARACTERISTICS OF HOMES PURCHASED