2013 Nar Home Buyer & Seller Generational Trends

2013 National Association of REALTORS
Home Buyer and Seller Generational Trends
2013 National Association of REALTORS
Home Buyer and Seller Generational Trends
NATIONAL ASSOCIATION OF REALTORS Research Division
July 2013
2013 National Association of Realtors Home Buyer and Seller Generational Trends
Contents
Highlights......................................................................................................................... 3
Characteristics of Home Buyers ...................................................................................... 6 Characteristics of Homes Purchased ............................................................................. 20 The Home Search Process............................................................................................. 35 Home Buying and Real Estate Professionals .................................................................. 48 Financing the Home Purchase....................................................................................... 60 Home Sellers and Their Selling Experience .................................................................... 69 Home Selling and Real Estate Professionals .................................................................. 92
Methodology ............................................................................................................... 103
2013 NATIONAL ASSOCIATION OF REALTORS Home Buyer and Seller Generational Trends
Highlights
Characteristics of Home Buyers
Among the generations, Gen X comprises the largest group of recent home buyers, followed by Gen Y, and then younger Baby Boomers, older Baby Boomers, and the Silent Generation. The G.I. Generation represented less than 1 percent of recent buyers. While the demographics of recent buyers fall mostly in the expected range, income peaks for ages 33 to 57, and the prevalence of children in the home peaks for buyers under 47. Among buyers under 32 years of age, 79 percent are first-time home buyers, compared to only 5 percent among buyers aged 67 to 87. The prior living arrangement varies greatly for recent home buyers. Among those who are 32 and younger, 65 percent rented an apartment and 22 percent lived with parents, relatives, or friends. Among those who are older than 58 years of age at least 65 percent owned their previous residence. There are varying reasons why buyers buy, but younger buyers tend to buy to own a home of their own, while older buyers are buying to be closer to family, friends, and relatives. As age increases among recent home buyers, the rate of owning more than one home also increases.
Characteristics of Homes Purchased

At least 80 percent of buyers who are aged 57 and younger bought a detached single-family home, while it is increasingly common for buyers over the age of 57 to purchase townhouses and condos. Fourteen percent of buyers over the age of 48 purchased a home in senior-related housing for themselves or others. This is most common for buyers over the age of 67, a category in which over one-quarter of buyers purchased a home in senior-related housing. While younger buyers tend to stay close to their previous residence, often staying within 10 miles, older buyers tend to move longer distances, typically more than 20 miles from their previous home. For younger generations of buyers, convenience to jobs, affordability, and quality of the school district play a bigger factor than to older generations who place higher importance on convenience to friends and family and health facilities. As age of the home buyer increases the age of the home declines. While younger buyers placed a high importance on commuting costs, older buyers placed higher importance on landscaping for energy conservation and environmentally friendly community features. The older the home buyer, the fewer compromises the buyer tended to make with their home purchase. Younger buyers tended to make sacrifices on the price of the home, size of the home, and condition of the home purchased.
The Home Search Process

Among all generations of home buyers the first step in the home buying process is looking online for properties for sale. Younger generations of buyers typically find the home they purchase through the internet, while older generations of buyers first found the home they purchased through their real estate agent. As ages increases the home buyer is less likely to consider purchasing a home in foreclosure. The frequency of internet use in the home search process was directly related to age. Younger buyers not only more likely to use the internet during their search, they use the internet more 3
frequently during their home search process. Older buyers are more likely than younger buyers to be more occasional users during their home search. Home buyer satisfaction with the home buying process increases as age increases. This may be due to not only tightened inventory in lower price brackets, but also realistic expectations of older buyers who are often repeat buyers.
Home Buying and Real Estate Professionals

Buyers gain many benefits from working with a real estate. Among age groups, younger buyers are more likely to want the agent to help them understand the process as they are more likely to have never purchased a home before. Younger buyers were predominately referred to their agent through a friend, neighbor, or relative, while older buyers were more likely to use an agent again that they previously used to buy or sell a home. When choosing an agent, younger buyers were more likely to place the agents honesty and trustworthiness as a higher factor then older buyers, while older buyers rate the agents knowledge of the neighborhood as a higher factorperhaps because older buyers tend to move longer distances and may not necessarily know the neighborhood.
Financing the Home Purchase

Older buyers are less likely to finance their home purchase in comparison to younger buyers; when they do finance, the share of the home they financed is typically smaller. Buyers have a variety of sources for a downpayment on a home. The source is predominately savings for younger buyers, while older buyers are more likely than younger buyers to use proceeds from a sale of a primary residence. Despite record housing affordability, many buyers still make financial sacrifices. Fifty-eight percent of buyers under the age of 32 made sacrifices, compared to just 20 percent of buyers aged 67 to 87. Common sacrifices were cutting spending on luxury or non-essential items, cutting spending on entertainment, or cutting spending on clothes. Younger buyers were considerably more optimistic that their home purchase was a good financial investment in comparison to older buyers. Eighty-five percent of buyers under 32 considered their purchase a good financial investment compared to 50 percent of buyers 88 years of age and older.
Home Sellers and Their Selling Experience

Among the generations, Gen X is the largest group who are recent home sellers followed by both younger Baby Boomers and older Baby Boomers, the Silent Generation, and Gen Y. The G.I. Generation represented less than 1 percent of recent buyers. As age increases, the rate of marriage among sellers declines and the rate of single female households increases; perhaps due to death, divorce, and also single female first-time buyers tend to be older as a household type. Older buyers tend to move further distances, and are more likely than younger buyers to buy in other regions and less likely than younger buyers to buy in the same state as the home sold. There is a clear trend of moving to larger, higher priced homes for Gen Y and Gen X, moving into a similar home for younger Boomers, and downsizing in both square footage and price for older Boomers, the Silent Generation and the G.I. Generation. The reasons for selling a home vary; however for younger buyers many want to upgrade to a larger home or to accommodate job relocation. In comparison for older buyers many opt for a smaller home due to retirement, because the upkeep of the home is too difficult due to health or financial limitations, or to be closer to friends and family. Typically, the older the home seller, the longer the tenure in their home has been. 4
Older home sellers typically are more likely to reduce their asking price and less likely to offer other incentives to attract buyers such as home warranty policies or assistance with closing costs. Older home sellers are generally more satisfied with their selling process as their tenure is longer in the home. They also predictably have more equity and are in a more favorable selling position.
Home Selling and Real Estate Professionals

Younger sellers are more likely to use the same real estate agent or broker for their home purchase than older sellers. There is a higher level of service provided by real estate agents for older sellers than for younger sellers. Youngers sellers typically want their selling agent to help sell the home within a specific timeframe, while older sellers are more likely to want their selling agent to help seller market the home to potential buyers. For older sellers, the reputation of the agent is a larger factor in choosing a real estate agent to work with than for younger sellers, who place more importance on the agent being honest and trustworthy. Middle-aged sellers are more likely to initiate discussions about compensation with their real estate agent than both younger and older sellers. Older sellers are more likely to recommend their agent or broker to others than younger sellers.
CHARACTERISTICS OF HOME BUYERS
Exhibit 1-1 Exhibit 1-2 Exhibit 1-3 Exhibit 1-4 Exhibit 1-5 Exhibit 1-6 Exhibit 1-7 Exhibit 1-8 Exhibit 1-9 Exhibit 1-10 Exhibit 1-11 Exhibit 1-12 Exhibit 1-13
AGE OF HOME BUYERS HOUSEHOLD INCOME OF HOME BUYERS ADULT COMPOSITION OF HOME BUYER HOUSEHOLDS, 2001-2012 NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOUSEHOLD 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 NUMBER OF HOMES CURRENTLY OWNED OTHER HOMES OWNED

Exhibit 1-1 AGE OF HOME BUYERS
(Percentage Distribution)
Millennials/Gen Y/Gen Next: Gen X: Younger Boomers: Older Boomers: Silent Generation: G.I. Generation:
Year Born: 1980-2000 1965-1979 1955-1964 1946-1954 1925-1945 1900-1924
Age in 2012: 32 and younger 33 to 47 48 to 57 58 to 66 67 to 87 88 and older
Percent in Category 28% 31 18 14 10 <1%
Median Age in Group 28 39 53 62 71 90

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 (2011)
* Less than 1 percent
All Buyers 5% 7 9 9 8 9 9 11 12 7 4 3 8 $78,600
32 and younger 5% 8 13 12 12 9 10 11 11 5 3 2 2 $66,200
33 to 47 3% 4 5 7 6 10 9 11 14 11 7 3 10 $93,100
48 to 57 5% 6 7 8 7 6 7 10 15 9 6 5 12 $93,400
58 to 66 67 to 87 6% 10% 7 10 8 12 11 11 7 11 10 10 8 9 11 10 14 6 5 4 4 2 2 1 8 5 $76,200 $61,800
88 and older 5% 40 25 * 5 * * * * 25 * * * $37,000

Exhibit 1-3 ADULT COMPOSITION OF HOME BUYER HOUSEHOLDS, 2001-2012
AGE OF HOME BUYER
Married couple Single female Single male Unmarried couple Other

All Buyers 65% 16 9 8 2
32 and younger 33 to 47 48 to 57 58 to 66 63% 71% 61% 64% 12 14 20 19 10 6 10 10 14 8 6 4 1 1 3 3
67 to 87 63% 20 10 4 2
88 and older 48% 22 26 4 *

Exhibit 1-4 NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOUSEHOLD
(Percentage Distribution of Households)
AGE OF HOME BUYER
All Buyers None 59% One 18 Two 16 Three or more 7

32 and younger 55% 24 15 6
33 to 47 30% 23 31 15
48 to 57 70% 18 8 5
58 to 66 91% 6 2 2
67 to 87 97% 2 * 1
88 and older 74% 4 9 13

Exhibit 1-5 RACE/ETHNICITY OF HOME BUYERS
(Percent of Respondents)
AGE OF HOME BUYER White/Caucasian Hispanic/Latino Black/African-American Asian/Pacific Islander Other All Buyers 85% 7 4 4 2 32 and younger 84% 9 4 5 2 33 to 47 81% 9 5 6 3 48 to 57 85% 5 7 3 2 58 to 66 88% 4 5 3 2 67 to 87 94% 2 2 1 2 88 and older 83% * * * 17
* Less than 1 percent Note: Respondents were permitted to select as many races and ethnicities as they felt applicable. The percentage distribution may therefore sum to more than 100 percent.

Exhibit 1-6 PRIMARY LANGUAGE SPOKEN IN HOME BUYER HOUSEHOLD
AGE OF HOME BUYER English Other

All Buyers 96% 4
32 and younger 96% 4
33 to 47 93% 7
48 to 57 96% 4
58 to 66 97% 3
67 to 87 99% 1
88 and older 100% *

Exhibit 1-7 NATIONAL ORIGIN OF HOME BUYERS
AGE OF HOME BUYER Born in U.S. Not born in U.S. All Buyers 90% 10 32 and younger 93% 7 33 to 47 87% 13 48 to 57 91% 9 58 to 66 92% 8 67 to 87 94% 6 88 and older 86% 14

Exhibit 1-8 FIRST-TIME HOME BUYERS IN AGE GROUP
(Percent of all Home Buyers)
79% 80%
All Buyers 32 and younger 33 to 47 48 to 57 58 to 66 67 to 87 88 and older
39% 79% 36% 19% 14% 5% 13%
70% 60% 50% 39%

40%
36%
30% 19% 20% 10% 0% All Buyers 32 and younger 33 to 47 48 to 57 58 to 66 67 to 87 88 and older 14% 5% 13%

Exhibit 1-9 PRIOR LIVING ARRANGEMENT
AGE OF HOME BUYER All Buyers 46% 42 11 1 32 and younger 65% 12 22 1 33 to 47 50% 42 7 1 48 to 57 38% 53 8 1 58 to 66 29% 65 6 1 67 to 87 14% 81 5 1 88 and older 25% 71 4 *
Rented an apartment or house Owned previous residence Lived with parents, relatives or friends Rented the home buyer ultimately purchased
* Less than 1 percent 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 1-10 PRIMARY REASON FOR PURCHASING A HOME
AGE OF HOME BUYER Desire to own a home of my own Desire for larger home Job-related relocation or move Change in family situation Affordability of homes Desire to be closer to family/friends/relatives Desire for a home in a better area Retirement Desire for smaller home Desire to be closer to job/school/transit Establish household Desire for a newly built or custom-built home Financial security Desire for vacation home/investment property Purchased home for family member or relative Tax benefits Greater number of homes on the market for sale/better choice Other
All Buyers 30% 11 9 8 7 6 6 4 4 4 2 2 1 1 1 1 1 4
32 and younger 33 to 47 48 to 57 58 to 66 50% 32% 21% 14% 9 17 9 7 6 13 13 8 10 7 9 9 12 6 6 6 1 3 4 13 2 7 5 7 * 1 3 13 * 1 6 8 2 5 7 2 4 2 1 0 1 2 3 2 1 1 2 1 * * 3 1 * 1 2 1 1 1 1 1 1 1 3 1 6 1 5
67 to 87 7% 6 * 5 2 24 8 15 15 1 0 2 1 2 2 1 2 8
88 and older * 4 9 * 13 39 22 * * * * * * * * * * 13

Exhibit 1-11 PRIMARY REASON FOR THE TIMING OF HOME PURCHASE
All Buyers It was just the right time for me, I was ready to buy a home It was the best time for me because of affordability of homes I did not have much choice, I had to purchase when I did It was the best time for me because of mortgage financing options available It was the best time for me because of availability of homes for sale Other I wish I had waited
AGE OF HOME BUYER 32 and younger 43% 22 8 14 6 6 1 33 to 47 36% 18 16 14 7 7 1 48 to 57 33% 16 19 13 6 10 2 58 to 66 33% 19 20 7 8 11 2 67 to 87 40% 15 13 6 8 16 2 88 and older 35% 10 15 * * 40 *
37% 19 14 12 7 9 2

Exhibit 1-12 NUMBER OF HOMES CURRENTLY OWNED
AGE OF HOME BUYER One Two Three or more All Buyers 81% 15 5 32 and younger 93% 7 1 33 to 47 79% 16 5 48 to 57 72% 21 7 58 to 66 74% 18 8 67 to 87 76% 18 6 88 and older 78% 13 9

Exhibit 1-13 OTHER HOMES OWNED
Recently purchased home only One or more investment properties Previous homes that buyer is trying to sell Primary residence One or more vacation homes Other
All Buyers 77% 11 5 5 4 3
32 and younger 90% 6 1 2 1 1
AGE OF HOME BUYER 33 to 47 48 to 57 58 to 66 76% 69% 67% 14 13 13 5 7 7 4 7 8 3 5 6 2 4 4
67 to 87 67% 11 8 8 8 4
88 and older 57% 13 17 9 * *
CHARACTERISTICS OF HOMES PURCHASED

Exhibit 2-1 Exhibit 2-2 Exhibit 2-3 Exhibit 2-4 Exhibit 2-5 Exhibit 2-6 Exhibit 2-7 Exhibit 2-8 Exhibit 2-9 Exhibit 2-10 Exhibit 2-11 Exhibit 2-12 Exhibit 2-13 Exhibit 2-14 NEW AND PREVIOUSLY OWNED HOMES PURCHASED TYPE OF HOME PURCHASED LOCATION OF HOME PURCHASED SENIOR RELATED HOUSING BY TYPE OF HOME PURCHASED AND LOCATION DISTANCE BETWEEN HOME PURCHASED AND PREVIOUS RESIDENCE FACTORS INFLUENCING NEIGHBORHOOD CHOICE PRICE OF HOME PURCHASED PURCHASE PRICE COMPARED WITH ASKING PRICE SIZE OF HOME PURCHASED NUMBER OF BEDROOMS AND BATHROOMS YEAR HOME BUILT ENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED "VERY IMPORTANT" CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED EXPECTED LENGTH OF TENURE IN HOME PURCHASED

Exhibit 2-1 NEW AND PREVIOUSLY OWNED HOMES PURCHASED
AGE OF HOME BUYER All Buyers 16% 84 32 and younger 15% 85 33 to 47 16% 84 48 to 57 16% 84 58 to 66 18% 82 67 to 87 18% 82 88 and older 17% 83
New Previously Owned

Exhibit 2-2 TYPE OF HOME PURCHASED
AGE OF HOME BUYER All Buyers 79% 7 6 2 7 32 and younger 80% 7 5 2 7 33 to 47 48 to 57 58 to 66 85% 80% 76% 6 6 6 4 6 8 1 4 2 7 3 8 67 to 87 68% 7 11 3 12 88 and older 61% 9 4 9 17
Detached single-family home Townhouse/row house Apartment/condo in building with 5 or more units Duplex/apartment/condo in 2 to 4 unit building Other

Exhibit 2-3 LOCATION OF HOME PURCHASED
AGE OF HOME BUYER Suburb/Subdivision Small town Urban area/Central city Rural area Resort/Recreation area
All Buyers 51% 18 17 12 3
32 and younger 50% 19 21 10 *
33 to 47 55% 17 17 11 1
48 to 57 50% 17 16 14 3
58 to 66 67 to 87 51% 49% 17 22 13 13 13 8 6 8
88 and older 42% 17 21 21 *

Exhibit 2-4 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 Detached single-family home Townhouse/row house Apartment/condo in building with 5 or more units Duplex/apartment/condo in 2 to 4 unit building Other Location Suburb/ Subdivision Small town Urban/ Central city Rural area Resort/ Recreation area
All buyers over 48 14%
AGE OF HOME BUYER 48 to 57 6% 58 to 66 14% 67 to 87 27% 88 and older 26%
63% 9 11 7 10 45% 21 11 7 16
65% 16 8 7 4 45% 21 18 8 9
67% 5 12 10 7 49% 14 11 7 20
60% 8 11 4 16 41% 27 8 7 17
57% 29 14 * * 100% * * * *

Exhibit 2-5 DISTANCE BETWEEN HOME PURCHASED AND PREVIOUS RESIDENCE
(Median Miles)
Miles
11 8 7 12 16 21 55
DISTANCE BETWEEN HOME PURCHASED AND PREVIOUS RESIDENCE

(Median Miles)
60 50
40
55
30
21
20
16
11
10 0
12
8
All Buyers
32 and younger
33 to 47
48 to 57
58 to 66
67 to 87
88 and older

Exhibit 2-6 FACTORS INFLUENCING NEIGHBORHOOD CHOICE
AGE OF HOME BUYER All Buyers 61% 43 39 35 26 26 25 22 19 18 16 10 8 6 5 5 5 32 and younger 68% 62 48 44 26 23 34 29 24 21 17 7 5 7 3 5 4 33 to 47 65% 48 37 29 27 25 40 36 18 18 19 5 7 6 4 4 4 48 to 57 58 to 66 67 to 87 88 and older 55% 56% 52% 30% 43 25 4 * 35 38 27 32 28 37 45 46 22 29 27 13 25 30 36 17 12 6 3 * 15 4 3 * 16 19 18 * 14 18 16 4 17 15 7 22 8 20 30 18 5 12 17 17 6 5 6 * 7 7 7 * 4 5 6 * 8 6 7 *
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 schools Convenient to entertainment/leisure activities Convenient to parks/recreational facilities Availability of larger lots or acreage Convenient to health facilities Home in a planned community Convenient to public transportation Convenient to airport Green (environmentally friendly) community features Other

Exhibit 2-7 PRICE OF HOME PURCHASED
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 8% 8 9 10 10 8 14 9 7 5 5 8 $189,700
32 and younger 8% 12 13 11 11 11 13 8 5 3 3 3 $165,000
33 to 47 5% 5 7 8 9 7 15 12 10 6 7 11 $235,000
48 to 57 58 to 66 67 to 87 8% 10% 8% 7 7 9 9 8 12 9 11 13 9 12 11 8 6 8 12 17 13 10 8 6 7 5 6 5 5 5 6 5 5 10 7 5 $200,000 $185,000 $168,000
88 and older 5% 14 14 * * 23 23 14 9 * * * $191,000

Exhibit 2-8 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 17% 20 32 22 8 2 97%
32 and younger 15% 18 34 23 9 2 97%
33 to 47 17% 21 33 21 9 1 97%
48 to 57 20% 20 31 22 7 2 96%
58 to 66 19% 20 30 24 6 2 97%
67 to 87 21% 24 27 22 5 1 95%
88 and older 16% 21 53 * 11 * 96%

Exhibit 2-9 SIZE OF HOME PURCHASED
AGE OF HOME BUYER 1,000 sq ft or less 1,001 to 1,500 sq ft 1,501 to 2,000 sq ft 2,001 to 2,500 sq ft 2,501 to 3,000 sq ft 3,001 to 3,500 sq ft 3,501 sq ft or more Median (sq ft)
All Buyers 32 and younger 1% 1% 14 19 27 32 24 25 15 13 10 6 9 4 1,900 1,700
33 to 47 1% 10 20 23 18 13 14 2,100
48 to 57 2% 14 22 24 15 12 12 2,000
58 to 66 1% 14 31 25 13 10 7 1,800
67 to 87 * 14 36 26 12 7 5 1,750
88 and older * 14 62 14 * 10 * 1,500

Exhibit 2-10 NUMBER OF BEDROOMS AND BATHROOMS
AGE OF HOME BUYER All Buyers 2% 15 83 3 17 59 23 2 32 and younger 2% 13 86 3 24 62 14 2 33 to 47 2% 8 91 3 16 52 32 2 48 to 57 2% 15 83 3 17 55 29 2 58 to 66 2% 25 73 3 14 66 20 2 67 to 87 88 and older 2% * 32 44 67 57 3 3 9 * 73 91 18 9 2 2
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

Exhibit 2-11 YEAR HOME BUILT
(Median)
2011 2008 through 2010 2005 through 2007 2000 through 2004 1985 through 1999 1960 through 1984 1911 through 1959 1910 or earlier Median
All Buyers 14% 4 9 11 21 23 16 2 1992
32 and younger 13% 3 10 9 18 23 22 3 1986
AGE OF HOME BUYER 33 to 47 48 to 57 58 to 66 13% 14% 15% 4 3 4 10 10 8 11 10 14 19 24 25 25 20 23 16 17 11 3 3 1 1991 1993 1995
67 to 87 88 and older 14% * 5 18 12 * 14 9 25 46 24 * 6 27 2 * 1997 1991

Exhibit 2-12 ENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED "VERY IMPORTANT"
All Buyers Heating and cooling costs Commuting costs Energy efficient appliances Energy efficient lighting Landscaping for energy conservation Environmentally friendly community features
39% 37 24 24 11 11
32 and younger 37% 43 21 23 7 8
AGE OF HOME BUYER 33 to 47 48 to 57 58 to 66 37% 40% 42% 38 21 21 10 10 40 25 25 14 11 28 28 27 16 14
67 to 87 40% 15 28 28 15 16
88 and older 27% 15 14 30 * 30

Exhibit 2-13 CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED
AGE OF HOME BUYER Price of home Size of home Condition 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 18% 16 16 13 12 12 6 5 3 2 37 8
32 and younger 20% 20 16 18 13 17 6 6 5 1 28 7
33 to 47 16% 15 16 13 13 15 6 5 4 2 34 9
48 to 5758 to 66 18% 14% 16 12 19 16 13 10 11 9 12 6 6 6 5 4 2 1 1 1 41 47 8 7
67 to 87 16% 15 13 4 9 1 5 6 * 1 54 6
88 and older 13% 23 * * * 13 * * * * 46 30

Exhibit 2-14 EXPECTED LENGTH OF TENURE IN HOME PURCHASED
1 year or less 2 to 3 years 4 to 5 years 6 to 7 years 8 to 10 years 11 to 15 years 16 or more years Don't Know Median
All Buyers 1% 2 7 2 13 6 26 43 15
32 and younger 1% 2 13 5 16 5 21 37 10
AGE OF HOME BUYER 33 to 47 48 to 57 58 to 66 67 to 87 1% * 1% 2% 2 1 2 1 6 4 3 2 2 1 2 * 14 15 7 10 6 5 6 7 32 32 29 14 37 41 51 64 20 20 20 15
88 and older * * * * * * 9 91 30
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 3-9 Exhibit 3-10 Exhibit 3-11 Exhibit 3-12 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 CHARACTERISTICS OF HOME SEARCHERS, BY BUYERS WHO USED THE INTERNET VALUE OF WEB SITE FEATURES WEB SITES USED IN HOME SEARCH SATISFACTION IN BUYING PROCESS

Exhibit 3-1 FIRST STEP TAKEN DURING THE HOME BUYING PROCESS
AGE OF HOME BUYER All Buyers Looked online for properties for sale Contacted a real estate agent Looked online for information about the home buying process Drove-by homes/neighborhoods Talked with a friend or relative about home buying process Contacted a bank or mortgage lender Visited open houses Looked in newspapers, magazines, or home buying guides Contacted builder/visited builder models Contacted a home seller directly Attended a home buying seminar Looked up information about different neighborhoods or areas (schools, local lifestyle/nightlife, parks, public transportation) Read books or guides about the home buying process Other
41% 18 11 8 6 6 3 1 1 1 1 1 * 1
32 and younger 42% 14 16 5 10 8 2 1 1 * 1 * 1 1
33 to 47 46% 15 11 8 5 7 3 1 1 1 1 1 * *
48 to 57 47% 18 7 8 3 5 4 2 1 2 1 1 * 1
58 to 66 38% 25 9 10 4 4 4 1 2 1 * 1 * *
67 to 87 88 and older 29% 23% 28 18 5 * 13 23 6 5 3 * 6 * 3 23 1 * 4 9 * * 1 * * 1 * *

Exhibit 3-2 INFORMATION SOURCES USED IN HOME SEARCH
AGE OF HOME BUYER All Buyers 90% 87 53 45 27 17 18 4 5 5 32 and younger 96% 87 47 40 22 13 17 2 5 3 33 to 47 96% 87 55 50 25 17 17 4 5 6 48 to 57 89% 86 54 44 31 17 22 4 4 5 58 to 66 85% 90 53 45 35 19 20 4 4 5 67 to 87 66% 89 53 38 34 18 18 2 2 3 88 and older 44% 91 33 67 21 * * * * *
Internet Real estate agent Yard sign Open house Print newspaper advertisement Home builder Home book or magazine Relocation company Television Billboard

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 12 3 10 32 and younger 12 3 10 33 to 47 48 to 57 58 to 66 12 10 12 3 10 3 11 3 12 67 to 87 88 and older 8 10 1 9 4 5

Exhibit 3-4 WHERE BUYER FOUND THE HOME THEY PURCHASED
All Buyers Internet 42% Real estate agent 34 Yard sign/open house sign 10 Friend, relative or neighbor 6 Home builder or their agent 5 Directly from sellers/Knew the sellers 2 Print newspaper advertisement 1 Home book or magazine * Other -* Less than 1 percent
32 and younger 49% 32 8 6 4 2 1 1 *
33 to 47 47% 31 9 5 5 2 1 * 1
AGE OF HOME BUYER 48 to 57 58 to 66 44% 32% 32 41 11 11 6 6 4 5 2 2 2 2 1 1 1 1
67 to 87 23% 41 13 11 5 3 3 1 1
88 and older 21% 29 17 33 * * * * *

Exhibit 3-5 BUYER INTEREST IN PURCHASING A HOME IN FORECLOSURE
AGE OF HOME BUYER Did not consider purchasing a home in foreclosure Considered purchasing a home in foreclosure, but did not: Could not find the right home The home was in poor condition The process was too difficult or complex The home price was too high The neighborhood was undesirable Financing options were not attractive
All Buyers 44% 29 16 15 5 4 3
32 and younger 33 to 47 31% 43% 37 23 15 6 6 4 31 15 16 5 4 3
48 to 57 43% 26 14 16 5 4 2
58 to 66 53% 23 12 14 3 3 2
67 to 87 65% 18 8 11 3 2 2
88 and older 74% 26 13 * 13 * *

Exhibit 3-6 MOST DIFFICULT STEPS OF HOME BUYING PROCESS
Finding the right property Paperwork No difficult steps Understanding the process and steps Getting a mortgage Saving for the down payment Appraisal of the property Other
All Buyers 32 and younger 51% 52% 23 30 16 7 16 13 11 6 5 27 16 16 8 5
33 to 47 52% 23 13 16 15 14 6 6
AGE OF HOME BUYER 48 to 57 58 to 66 51% 53% 20 20 22 22 10 12 6 4 6 9 9 4 3 5
67 to 87 46% 19 35 6 9 1 5 4
88 and older 73% 13 23 17 4 9 * 9

Exhibit 3-7 USE OF INTERNET TO SEARCH FOR HOMES Frequently 90% 87% 76% 69% 46% 44% 79% Occasionally 7% 9% 14% 16% 20% * 11%
32 and younger 33 to 47 48 to 57 58 to 66 67 to 88 88 and older All Buyers
USE OF INTERNET TO SEARCH FOR HOMES

100%
90% 80% 70% 60%
7%
9% 14% 16% 11%
20%
50%
90%
40% 30% 20% 10% 0%
87% 76% 69% 46%
0% 79%
44%
32 and younger
33 to 47
48 to 57
58 to 66
67 to 88
88 and older
All Buyers
Frequently
Occasionally

Exhibit 3-8 ACTIONS TAKEN AS A RESULT OF INTERNET HOME SEARCH
(Percent of Respondents Among Buyers Who Used the Internet)
AGE OF HOME BUYER All Buyers 76% 62 32 22 13 13 8 7 6 32 and younger 80% 64 30 28 16 21 8 6 8 33 to 47 79% 64 28 20 13 14 8 7 6 48 to 57 74% 59 34 21 14 9 8 5 4 58 to 66 74% 61 37 19 9 6 6 9 2 67 to 87 61% 55 41 15 12 6 7 10 3 88 and older 100% 40 * * * * * * *
Drove by or viewed home Walked through home viewed online Found the agent used to search for or buy home Requested more information Pre-qualified for a mortgage online Looked for more information on how to get a mortgage and general home buyer tips Applied for a mortgage online Contacted builder/developer Found a mortgage lender online

Exhibit 3-9 CHARACTERISTICS OF HOME SEARCHERS, BY BUYERS WHO USED THE INTERNET
Household Composition Married couple Single female Single male Unmarried couple Other Median age (years) Median income (2011)
ALL BUYERS 67% 15 8 9 2 41 $80,700
32 and younger 64% 12 10 14 1 28 $67,000
AGE OF HOME BUYER 33 to 47 48 to 57 58 to 66 71% 63% 64% 14 20 19 6 9 10 8 6 4 1 3 3 39 53 62 $94,400 $96,200 $77,500
67 to 87 70% 19 6 3 2 70 $65,600
88 and older 63% 38 * * * 90 $132,500

Exhibit 3-10 VALUE OF WEB SITE FEATURES
(Percentage Ranking Feature "Very Useful" Among Buyers Who Used the Internet)
AGE OF HOME BUYER Photos Detailed information about properties for sale Virtual video tours Real estate agent contact information Interactive maps Neighborhood information Detailed information about recently sold properties Pending sales/contract status Videos Information about upcoming open houses Real estate news or articles
All Buyers 32 and younger 84% 86% 79 79 45 42 44 43 41 43 34 34 33 31 30 31 21 20 20 18 8 8
33 to 47 86% 82 46 39 44 38 35 31 22 23 7
48 to 57 83% 79 45 44 39 31 36 29 21 19 9
58 to 66 80% 77 48 51 37 30 29 25 22 17 7
67 to 87 73% 74 49 56 26 24 29 15 23 12 8
88 and older 100% 38 71 38 * 71 * 29 * * *

Exhibit 3-11 WEB SITES USED IN HOME SEARCH
(Percent of Respondents Among Buyers Who Used the Internet)
Multiple Listing Service (MLS) Web site REALTOR.com Real estate agent Web site Real estate company Web site Other Web sites with real estate listings Search engine Mobile or tablet apps For-sale-by-owner Web site Mobile or tablet websites Mobile or tablet search engine Newspaper Web site Real estate magazine Web site Video hosting Web sites (e.g. YouTube, etc.) Social networking Web sites (e.g. Facebook, Twitter, etc.) Other
All Buyers 54% 51 47 39 27 19 13 13 12 11 6 4 2 1 16
32 and younger 58% 51 48 42 31 23 20 12 20 17 7 3 2 1 17
AGE OF HOME BUYER 33 to 47 48 to 57 58 to 66 53% 51% 51% 55 51 46 45 45 49 39 39 37 27 27 24 18 19 14 16 9 4 14 15 11 13 8 4 11 9 3 5 6 5 4 5 5 2 2 3 2 * * 17 15 13
67 to 87 54% 45 46 39 26 12 3 12 3 4 5 4 1 * 9
88 and older 57% 29 29 * * 29 * * * * * * * * 38

Exhibit 3-12 SATISFACTION IN BUYING PROCESS
Very Satisfied Somewhat Satisfied Somewhat Dissatisfied Very Dissatisfied

All Buyers 61% 31 6 2
32 and younger 56% 35 6 3
AGE OF HOME BUYER 33 to 47 48 to 57 58 to 66 60% 62% 69% 32 30 24 6 6 5 2 3 3
67 to 87 73% 21 6 1
88 and older 55% 18 27 *
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 METHOD OF HOME PURCHASE AGENT REPRESENTATION DISCLOSURE BUYER REPRESENTATIVE ARRANGEMENT WITH AGENT WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS BENEFITS PROVIDED BY REAL ESTATE AGENT DURING HOME PURCHASE PROCESS HOW BUYER FOUND REAL ESTATE AGENT NUMBER OF REAL ESTATE AGENTS INTERVIEWED MOST IMPORTANT FACTORS WHEN CHOOSING AN AGENT AGENT SKILLS AND QUALITIES CONSIDERED 'VERY IMPORTANT' SATISFACTION WITH REAL ESTATE AGENT SKILLS AND QUALITIES WOULD BUYER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS

Exhibit 4-1 METHOD OF HOME PURCHASE
AGE OF HOME BUYER Through a real estate agent or broker Directly from builder or builder's agent Directly from the previous owner Knew previous owner Did not know previous owner
*Less than 1 percent
All Buyers 89% 6 5 3 2
32 and younger 90% 5 4 2 2
33 to 47 48 to 57 90% 88% 6 6 4 5 2 3 2 2
58 to 66 87% 8 6 3 3
67 to 87 84% 8 7 3 4
88 and older 91% * 9 * 9

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 29% 20 11 21 19
32 and younger 23% 22 13 23 20
33 to 47 29% 21 11 21 18
AGE OF HOME BUYER 48 to 57 58 to 66 31% 33% 23 16 10 8 20 21 16 21
67 to 87 35% 17 10 22 17
88 and older 19% 29 * 33 19

Exhibit 4-3 BUYER REPRESENTATIVE ARRANGEMENT WITH AGENT
Yes, a written arrangement Yes, an oral arrangement No Don't know
All Buyers 40% 19 28 13
32 and younger 38% 18 26 18
67 to 87 88 and older 40% 48% 16 43 33 10 11 *

Exhibit 4-4 WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS
AGE OF HOME BUYER All Buyers 50% 12 12 8 7 4 3 2 2 32 and younger 33 to 47 48 to 57 53% 47% 46% 11 13 13 11 11 14 7 10 6 7 7 9 6 4 5 2 3 4 2 2 1 1 2 4 58 to 66 49% 12 12 8 9 3 3 2 5 67 to 87 52% 12 11 7 4 2 5 3 3 88 and older 85% 15 * * * * * * *
Help me find the right property to purchase Help me with price negotiations Help me negotiate the terms of sale Tell me how much comparable homes are selling for Help me with paperwork Tell me how much home I could afford Help me find and arrange financing Tell me more about the neighborhood or area Other

Exhibit 4-5 BENEFITS PROVIDED BY REAL ESTATE AGENT DURING HOME PURCHASE PROCESS
AGE OF HOME BUYER All Buyers 32 and younger 60% 76% 53 57 43 46 43 43 42 48 35 37 28 30 21 23 20 24 17 16 6 5 1 1 33 to 47 59% 55 45 43 44 36 26 24 19 16 6 1 48 to 57 50% 49 39 43 40 32 24 18 18 16 7 2 58 to 66 54% 56 39 46 38 35 30 19 17 18 6 1 67 to 87 43% 50 42 39 33 34 34 13 16 15 6 2 88 and older 35% 50 24 38 40 30 20 25 * * 20 *
Helped buyer understand the process Pointed out unnoticed features/faults with property Provided a better list of service providers Improved buyer's knowledge of search areas Negotiated better sales contract terms 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

Exhibit 4-6 HOW BUYER FOUND REAL ESTATE AGENT
AGE OF HOME BUYER All Buyers 40% 11 10 6 6 5 4 4 3 1 * * * * 10 32 and younger 50% 11 4 6 5 5 3 3 2 * * * * * 10 33 to 47 43% 9 11 6 6 5 4 5 2 1 * * * * 8 48 to 57 30% 13 14 7 7 7 4 3 3 1 * * * * 10 58 to 66 31% 11 14 7 6 5 5 3 6 1 1 * 1 * 10 67 to 87 28% 9 16 7 7 7 4 * 5 * 2 * * * 14 88 and older 45% * * 5 * 15 20 * * * * * * 15 *
Referred by (or is) a friend, neighbor or relative Internet Web site Used agent previously to buy or sell a home Saw contact information on For Sale/Open House sign Visited an open house and met agent Referred by another real estate agent or broker Personal contact by agent (telephone, email, etc.) Referred through employer or relocation company Walked into or called office and agent was on duty Search engine Newspaper, Yellow Pages or home book ad Direct mail (newsletter, flyer, postcard, etc.) Advertising specialty (calendar, magnet, etc.) Mobile or tablet application Other

Exhibit 4-7 NUMBER OF REAL ESTATE AGENTS INTERVIEWED
One Two Three Four or more

All Buyers 66% 20 8 6
32 and younger 68% 21 7 5
67 to 87 74% 13 11 3
88 and older 60% 20 20 *

Exhibit 4-8 MOST IMPORTANT FACTORS WHEN CHOOSING AN AGENT
Agent is honest and trustworthy Reputation of agent Agent is friend or family member Agents knowledge of the neighborhood Agent has caring personality/good listener Agent is timely with responses Agents association with a particular firm Agent seems 100% accessible because of use of technology like tablet or smartphone Professional designations held by agent Other
All Buyers 24% 21 15 12 9 6 4 3 2 4
AGE OF HOME BUYER 32 and younger 33 to 47 48 to 57 58 to 66 67 to 87 29% 27% 21% 18% 18% 20 21 22 21 23 17 15 13 14 14 9 12 14 13 19 7 9 9 12 7 7 5 7 8 7 3 3 4 5 5 4 2 3 3 2 3 2 2 6 4 2 4 4 1 2
88 and older 30% 15 35 5 15 * * * * *

Exhibit 4-9 AGENT SKILLS AND QUALITIES CONSIDERED 'VERY IMPORTANT'
AGE OF HOME BUYER All Buyers 32 and younger 97% 97% 93 92 92 94 91 91 86 85 84 84 81 81 77 77 43 44 33 to 47 48 to 57 97% 95% 94 91 92 91 92 90 85 84 86 82 81 79 79 73 44 40 58 to 66 97% 93 92 92 86 81 79 74 42 67 to 87 97% 92 92 90 90 87 77 79 45 88 and older 100% 90 100 100 90 85 95 95 47
Honesty and integrity Knowledge of purchase process Responsiveness Knowledge of real estate market Communication skills Negotiation skills People skills Knowledge of local area Skills with technology

Exhibit 4-10 SATISFACTION WITH REAL ESTATE AGENT SKILLS AND QUALITIES
(Percent Ranking 'Very Satisfied')
Honesty and integrity Knowledge of purchase process Knowledge of real estate market People skills Responsiveness Communication skills Knowledge of local area Skills with technology Negotiation skills
All Buyers 87% 87 85 84 83 81 80 75 73
32 and younger 88% 88 86 84 83 81 80 75 72
AGE OF HOME BUYER 33 to 47 48 to 57 58 to 66 87% 87% 87% 88 86 87 85 84 86 85 83 85 83 81 85 80 80 81 81 79 80 75 74 74 73 73 76
67 to 87 88% 88 84 85 81 81 81 78 76
88 and older 100% 100 69 100 100 100 81 88 81

Exhibit 4-11 WOULD BUYER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS
(Percentage distribution)
Definitely Probably Probably Not Definitely Not Don't Know *Less than 1 percent
All Buyers 74% 15 5 4 2
32 and younger 72% 16 6 4 2
33 to 47 75% 15 5 4 2
AGE OF HOME BUYER 48 to 57 58 to 66 71% 78% 16 13 5 5 6 2 2 3
67 to 87 80% 13 4 3 1
88 and older 75% 5 20 * *
FINANCING THE HOME PURCHASE

Exhibit 5-1 Exhibit 5-2 Exhibit 5-3 Exhibit 5-4 Exhibit 5-5 Exhibit 5-6 Exhibit 5-7 Exhibit 5-8 BUYERS WHO FINANCED THEIR HOME PURCHASE PERCENT OF HOME FINANCED SOURCES OF DOWNPAYMENT SACRIFICES MADE TO PURCHASE HOME DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESS TYPE OF MORTGAGE TYPE OF LOAN BUYERS' VIEW OF HOMES AS A FINANCIAL INVESTMENT

Exhibit 5-1 BUYERS WHO FINANCED THEIR HOME PURCHASE (Percent of Respondents)
87% 97% 96% 85% 71% 53% 65%
BUYERS WHO FINANCED THEIR HOME PURCHASE, BY AGE

100
97%
87%
96% 85% 71% 65%
80
60
53%
40
20
0 All Buyers 32 and younger 33 to 47 48 to 57 58 to 66 67 to 87 88 and older
Age

Exhibit 5-2 PERCENT OF HOME FINANCED (Percentage Distribution) AGE OF HOME BUYER Less than 50% 50% to 59% 60% to 69% 70% to 79% 80% to 89% 90% to 94% 95% to 99% 100% Financed the entire purchase price with a mortgage Median percent financed
All Buyers 9% 3 4 11 20 13 25 15 91%
32 and younger 5% 1 1 7 17 15 34 20 95%
33 to 47 7% 2 4 12 21 17 27 12 92%
48 to 57 10% 4 5 13 24 10 21 14 88%
58 to 66 14% 8 10 14 20 7 14 13 82%
67 to 87 17% 10 7 20 20 4 9 13 78%
88 and older 23% * * 31 * 23 23 * 79%

Exhibit 5-3 SOURCES OF DOWNPAYMENT
(Percent of Respondents Among those who Made a Downpayment)
AGE OF HOME BUYER All Buyers 65% 25 14 9 8 5 4 4 2 2 1 1 1 4 32 and younger 80% 7 27 8 7 3 7 4 4 * * 1 1 4 33 to 47 71% 24 15 13 8 5 4 3 2 2 1 1 1 3 48 to 57 54% 31 7 12 9 5 3 4 2 4 2 1 1 5 58 to 66 50% 40 3 7 7 6 3 6 1 3 2 * * 4 67 to 87 44% 51 2 2 12 6 3 4 2 4 1 2 * 3 88 and older 62% 45 10 * * * * * * 14 * * * *
Savings Proceeds from sale of primary residence Gift from relative or friend 401k/pension fund including a loan Sale of stocks or bonds Individual Retirement Account (IRA) Loan from relative or friend Inheritance Loan or financial assistance from source other than employer Equity from primary residence buyer continue to own Proceeds from sale of real estate other than primary residence Loan from financial institution other than a mortgage Loan or financial assistance through employer Other

Exhibit 5-4 SACRIFICES MADE TO PURCHASE HOME
AGE OF HOME BUYER All Buyers 32% 26 20 13 6 6 5 53 32 and younger 42% 35 27 11 7 9 4 42 33 to 47 37% 29 22 16 7 6 4 48 48 to 57 29% 24 18 14 7 4 5 56 58 to 66 20% 15 12 9 5 2 6 68 67 to 87 12% 7 5 7 2 2 4 80 88 and older 14% 14 9 * * 13 13 61
Cut spending on luxury items or non-essential items Cut spending on entertainment Cut spending on clothes Canceled vacation plans Sold a vehicle or decided not to purchase a vehicle Earned extra income through a second job Other Did not need to make any sacrifices

Exhibit 5-5 DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESS (Percentage Distribution Among those who Financed their Home Purchase)
AGE OF HOME BUYER Much more difficult than expected Somewhat more difficult than expected Not difficult/No more difficult than expected Easier than expected All Buyers 17% 23 44 17 32 and younger 16% 26 41 17 33 to 47 16% 25 46 14 48 to 57 15% 22 45 18 58 to 66 18% 17 47 18 67 to 87 20% 12 44 24 88 and older 23% 15 54 8

Exhibit 5-6 TYPE OF MORTGAGE (Percentage Distribution Among those who Financed their Home Purchase)
Fixed-rate mortgage Fixed- then adjustable-rate mortgage Adjustable-rate mortgage Don't know Other
All Buyers 92% 4 2 1 1
32 and younger 94% 3 1 2 1
AGE OF HOME BUYER 33 to 47 48 to 57 58 to 66 92% 93% 88% 3 4 6 2 2 3 2 * 1 1 2 1
67 to 87 87% 6 3 1 3
88 and older 69% * * * 31

Exhibit 5-7 TYPE OF LOAN (Percentage Distribution Among those who Financed their Home Purchase)
Conventional FHA VA Don't Know Other

All Buyers 49% 33 10 4 4
32 and younger 37% 45 9 4 5
AGE OF HOME BUYER 33 to 47 48 to 57 58 to 66 50% 54% 63% 33 28 21 8 10 11 5 4 3 4 4 3
67 to 87 65% 13 13 3 6
88 and older 40% 60 * * *

Exhibit 5-8 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
All Buyers 78% 46 23 9 6 16
32 and younger 85% 51 25 9 3 12
33 to 47 48 to 57 79% 74% 45 43 25 24 10 7 6 9 15 17
58 to 66 74% 44 22 8 8 18
67 to 87 88 and older 64% 50% 36 17 20 33 8 * 10 17 26 33
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 AGE OF HOME SELLERS HOUSEHOLD INCOME OF HOME SELLERS ADULT COMPOSITION OF HOME SELLER HOUSEHOLDS NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOME SELLER HOUSEHOLD RACE/ETHNICITY OF HOME SELLERS PRIMARY LANGUAGE SPOKEN IN HOME SELLER HOUSEHOLD FIRST-TIME OR REPEAT SELLER PROXIMITY OF HOME SOLD TO HOME PURCHASED LOCATION OF HOME SOLD TYPE OF HOME SOLD SIZE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD NUMBER OF BEDROOMS AND BATHROOMS PRICE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD PRIMARY REASON FOR SELLING PREVIOUS HOME 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, BY NUMBER OF WEEKS HOME WAS ON THE MARKET 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
Year Born: Millennials/Gen Y/Gen Next: 1980-2000 Gen X: 1965-1979 Younger Boomers: 1955-1964 Older Boomers: 1946-1954 Silent Generation: 1925-1945 G.I. Generation: 1900-1924
Age in 2012: 32 and younger 33 to 47 48 to 57 58 to 66 67 to 87 88 and older
Percent in Category 9% 30 21 21 19 <1%
Median Age in Group 30 40 53 62 72 90

Exhibit 6-2 HOUSEHOLD INCOME OF HOME SELLERS
AGE OF HOME SELLER Less than $25,000 $25,000 to $34,999 $35,000 to $44,999 $45,000 to $54,999 $55,000 to $64,999 $65,000 to $74,999 $75,000 to $84,999 $85,000 to $99,999 $100,000 to $124,999 $125,000 to $149,999 $150,000 to $174,999 $175,000 to $199,999 $200,000 or more Median income (2011)
All Sellers 4% 4 6 6 6 7 8 13 16 9 6 3 12 $95,400
32 and younger 1% 3 1 3 6 5 14 21 27 10 5 1 5 $97,700
33 to 47 48 to 57 1% 2% 1 3 3 5 3 4 5 3 7 3 9 6 12 13 16 20 16 11 9 8 4 4 14 18 $115,400 $114,000
58 to 66 5% 5 9 10 6 9 9 12 16 4 4 3 8 $82,200
67 to 87 8% 11 11 10 12 11 7 12 8 3 1 1 4 $62,600
88 and older * 71 29 * * * * * * * * * * $32,000

Exhibit 6-3 ADULT COMPOSITION OF HOME SELLER HOUSEHOLDS
Married couple Single female Single male Unmarried couple Other

All Sellers 76% 14 5 4 1
32 and younger 91% 4 3 2 *
AGE OF HOME SELLER 33 to 47 48 to 57 58 to 66 86% 70% 70% 7 17 18 3 7 7 4 5 3 * 2 2
67 to 87 67% 20 7 4 2
88 and older * 29 71 * *

Exhibit 6-4 NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOME SELLER HOUSEHOLD
(Percentage Distribution of Home Seller Households)
None One Two Three or more
All Sellers 60% 15 17 7
32 and younger 29% 35 27 9
AGE OF HOME SELLER 33 to 47 48 to 57 58 to 66 19% 71% 94% 23 17 3 42 9 2 17 4 1
67 to 87 96% 3 * 1
88 and older 100% * * *

Exhibit 6-5 RACE/ETHNICITY OF HOME SELLERS
AGE OF HOME SELLER All Sellers White/Caucasian 93% Black/African-American 2 Asian/Pacific Islander 2 Hispanic/Latino 3 Other 2
* Less than 1 percent Note: Respondents were permitted to select as many races and ethnicities as they felt applicable. The percentage distribution may therefore sum to more than 100 percent.
32 and younger 96% 1 2 2 *
33 to 47 48 to 57 58 to 66 91% 93% 91% 1 2 3 3 2 3 6 1 4 2 2 1
67 to 87 97% * 1 1 2
88 and older 100% * * * *

Exhibit 6-6 PRIMARY LANGUAGE SPOKEN IN HOME SELLER HOUSEHOLD
English Other
All Sellers 98% 2
32 and younger 100% *
33 to 47 97% 4
AGE OF HOME SELLER 48 to 57 58 to 66 99% 98% 1 2
67 to 87 99% 1
88 and older 100% *

Exhibit 6-7 FIRST-TIME OR REPEAT SELLER
First-time seller Repeat seller
All Sellers 34% 66
32 and younger 84% 16
AGE OF HOME SELLER 33 to 47 48 to 57 58 to 66 46% 26% 21% 54 74 79
67 to 87 18% 82
88 and older 50% 50

Exhibit 6-8 PROXIMITY OF HOME SOLD TO HOME PURCHASED
Same state Same region Other region
All Sellers 68% 15% 17%
32 and younger 75% 13 12
AGE OF HOME SELLER 33 to 47 48 to 57 58 to 66 70% 70% 61% 12 13 21 18 17 18
67 to 87 61% 16 23
88 and older 71% 29 *

Exhibit 6-9 LOCATION OF HOME SOLD
All Sellers Suburb/Subdivision Small town Urban area/Central city Rural area Resort/Recreation area
AGE OF HOME SELLER 32 and younger 33 to 47 47% 17 18 15 2 48% 16 18 16 2 48 to 57 58 to 66 55% 17 16 11 2 57% 15 15 12 2 67 to 87 49% 21 17 10 3 88 and older 14% 29 * * 57
51% 17 17 12 2

Exhibit 6-10 TYPE OF HOME SOLD
All Sellers Detached single-family home Townhouse/row house Apartment/condo in a building with 5 or more units Duplex/apartment/condo in 2 to 4 unit building Other
AGE OF HOME SELLER 32 and younger 33 to 47 76% 14 6 1 3 83% 7 4 2 3 48 to 57 58 to 66 86% 4 4 2 4 82% 7 3 2 6 67 to 87 76% 4 6 2 12 88 and older 71% * 29 * *
81% 7 5 2 6

Exhibit 6-11 SIZE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
(Median Square Feet)
Size of home sold 32 and younger 33 to 47 48 to 57 58 to 66 67 to 87 88 and older 1,500 1,850 2,200 2,000 2,000 1,600
Size of home purchased 2,450 2,600 2,200 1,940 1,800 1,400
Difference 950 750 0 -60 -200 -200

Exhibit 6-12 NUMBER OF BEDROOMS AND BATHROOMS
AGE OF HOME SELLER All Sellers 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
32 and younger 2% 25 73 3 28 65 7 2
33 to 47 1% 8 91 3 18 61 21 2
48 to 57 1% 10 90 4 14 54 33 2
58 to 66 * 15 85 3 14 58 29 2
67 to 87 1% 17 82 3 15 59 26 2
1% 13 86 3 16 59 25 2
88 and older * 29 71 3 * 86 14 2

Exhibit 6-13 PRICE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLD
(Median)
Price of home sold 32 and younger 33 to 47 48 to 57 58 to 66 67 to 87 88 and older $152,900 $205,000 $245,000 $220,000 $199,800 $151,900
Price of home purchased $250,000 $278,000 $259,000 $208,700 $175,700 $181,800
Difference $97,100 $73,000 $14,000 -$11,300 -$24,100 $29,900

Exhibit 6-14 PRIMARY REASON FOR SELLING PREVIOUS HOME
AGE OF HOME SELLER Job relocation Home is too small Want to move closer to friends or family Neighborhood has become less desirable Change in family situation (e.g., marriage, birth of a child, divorce) Home is too large Moving due to retirement Want to move closer to current job Upkeep of home is too difficult due to health or financial limitations Can not afford the mortgage and other expenses of owning home To avoid possible foreclosure Other
All Sellers 32 and younger 26% 16% 37 16 5 14 11 11 9 10 * 8 1 6 8 5 5 * 3 * * 1 1 7
33 to 47 27% 29 4 14 6 2 2 7 1 2 1 7
48 to 57 18% 10 6 10 14 10 5 9 3 6 2 7
58 to 66 11% 5 20 11 9 12 13 3 5 4 * 8
67 to 87 * 6 30 6 6 13 11 * 16 2 * 9
88 and older * * 29 57 * * * * 14 * * *

Exhibit 6-15 TENURE IN PREVIOUS HOME
AGE OF HOME SELLER All Sellers 1 year or less 2 to 3 years 4 to 5 years 6 to 7 years 8 to 10 years 11 to 15 years 16 to 20 years 21 years or more Median
* Less than 1 percent N/A- Not Available
3% 7 12 15 18 19 9 16 9
32 and younger 4% 16 40 27 12 N/A N/A N/A 5
33 to 47 3% 8 12 22 26 23 4 2 8
48 to 57 3% 6 10 15 14 26 14 13 11
58 to 66 67 to 87 3% 3% 7 4 7 7 6 10 16 12 19 16 15 12 27 37 13 15
88 and older * * * * * * * 100 42

Exhibit 6-16 DISTANCE BETWEEN HOME PURCHASED AND HOME RECENTLY SOLD (Median Miles)
AGE OF HOME SELLER 2010 All Sellers 19 32 and younger 15 33 to 47 14 48 to 57 19 58 to 66 43 67 to 87 38 88 and older 10
DISTANCE BETWEEN HOME PURCHASED AND HOME RECENTLY SOLD

(Median Miles)
45 40 35 30 25
43 38
20 15
10 5 0
19 15 14
19 10
All Sellers
32 and younger
33 to 47
48 to 57
58 to 66
67 to 87
88 and older

Exhibit 6-17 METHOD USED TO SELL HOME
AGE OF HOME SELLER Sold home using an agent or broker Seller used agent/broker only Seller first tried to sell it themselves, but then used an agent For-sale-by-owner (FSBO) Seller sold home without using a real estate agent or broker First listed with an agent, but then sold home themselves Sold home to a homebuying company Other
All Sellers 88% 87 2 9 7 2 1 2
32 and younger 83% 78 5 13 11 2 1 3
33 to 47 48 to 57 58 to 66 88% 91% 86% 88 90 84 1 1 2 9 6 12 7 4 8 2 1 3 1 1 1 2 2 2
67 to 87 89% 84 4 8 7 1 * 3
88 and older 100% 100 * * * * * *

Exhibit 6-18 SALES PRICE COMPARED WITH LISTING PRICE
(Percentage Distribution of Sales Price as a Percent of List Price)
AGE OF HOME SELLER Less than 90% 90% to 94% 95% to 99% 100% 101% to 110% More than 110% Median (sales price as a percent of listing price)
All Sellers 23% 22 35 15 4 2 95%
32 and younger 17% 23 43 14 4 * 96%
33 to 47 48 to 57 58 to 66 20% 24% 24% 21 24 24 40 36 26 12 13 20 6 3 4 2 2 2 96% 95% 95%
67 to 87 88 and older 26% * 18 29 33 71 17 * 2 * 4 * 96% 98%

Exhibit 6-19 NUMBER OF WEEKS RECENTLY SOLD HOME WAS ON THE MARKET
AGE OF HOME SELLER Less than 1 week 1 to 2 weeks 3 to 4 weeks 5 to 6 weeks 7 to 8 weeks 9 to 10 weeks 11 to 12 weeks 13 to 16 weeks 17 to 24 weeks 25 to 36 weeks 37 to 52 weeks 53 or more weeks Median weeks
All Sellers 4% 20 11 5 5 4 9 8 10 8 8 9 11
32 and younger 4% 21 10 4 5 4 12 7 8 10 8 9 12
33 to 47 48 to 57 58 to 66 4% 5% 5% 19 19 25 12 12 7 6 7 5 6 6 5 6 5 3 11 7 5 5 11 9 10 8 13 8 8 6 8 6 9 6 7 9 10 10 12
67 to 87 6% 17 11 4 2 3 11 6 10 8 7 14 12
88 and older * 38 13 * * * * * * * 50 * 24

Exhibit 6-20 NUMBER OF TIMES ASKING PRICE WAS REDUCED, BY NUMBER OF WEEKS HOME WAS ON THE MARKET (Percentage Distribution)
AGE OF HOME SELLER None, did not reduce the asking price One Two Three Four or more
All Sellers 40% 25 17 10 8
32 and younger 33 to 47 48 to 57 58 to 66 67 to 87 46% 44% 38% 39% 36% 22 16 6 10 23 15 11 7 26 20 10 6 27 14 11 11 30 16 9 9
88 and older 38% 13 50 * *

Exhibit 6-21 INCENTIVES OFFERED TO ATTRACT BUYERS, BY NUMBER OF WEEKS HOME WAS ON THE MARKET
AGE OF HOME SELLER All Sellers 60% 22 17 7 3 * 5 32 and younger 56% 20 26 8 6 * 5 33 to 47 48 to 57 58 to 66 57% 58% 62% 26 22 21 21 15 15 3 12 5 3 4 2 * * * 5 5 6 67 to 87 68% 18 12 7 3 * 4 88 and older 71% * * * * * 29
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

Exhibit 6-22 SATISFACTION WITH THE SELLING PROCESS
Very Satisfied Somewhat Satisfied Somewhat Dissatisfied Very Dissatisfied

All Sellers 32 and younger 54% 42% 30 38 10 12 6 7
AGE OF HOME SELLER 33 to 47 48 to 57 58 to 66 67 to 87 88 and older 49% 52% 61% 65% 38% 34 32 25 24 * 10 9 9 8 63 7 7 5 4 *
HOME SELLING AND REAL ESTATE PROFESSIONALS

Exhibit 7-1 Exhibit 7-2 Exhibit 7-3 Exhibit 7-4 Exhibit 7-5 Exhibit 7-6 Exhibit 7-7 Exhibit 7-8 Exhibit 7-9 Exhibit 7-10 METHOD USED TO FIND REAL ESTATE AGENT NUMBER OF AGENTS CONTACTED BEFORE SELECTING ONE TO ASSIST WITH SALE OF HOME DID SELLER USE THE SAME REAL ESTATE AGENT FOR THEIR HOME PURCHASE? HOME LISTED ON MULTIPLE LISTING SERVICE LEVEL OF SERVICE PROVIDED BY THE REAL ESTATE AGENT WHAT SELLERS MOST WANT FROM REAL ESTATE AGENTS, BY LEVEL OF SERVICE PROVIDED BY THE AGENT MOST IMPORTANT FACTOR IN CHOOSING A REAL ESTATE AGENT TO SELL HOME, BY LEVEL OF SERVICE PROVIDED BY THE AGENT METHODS REAL ESTATE AGENT USED TO MARKET HOME NEGOTIATING THE COMMISSION RATE OR FEE WITH THE REAL ESTATE AGENT WOULD SELLER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS

Exhibit 7-1 METHOD USED TO FIND REAL ESTATE AGENT
Referred by (or is) a friend, neighbor or relative Used agent previously to buy or sell a home Personal contact by agent (telephone, email, etc.) Referred through employer or relocation company Saw contact information on For Sale/Open House sign Referred by another real estate or broker Visited an open house and met agent Internet Web site Walked into or called office and agent was on duty Direct mail (newsletter, flyer, postcard, etc.) Newspaper, Yellow pages or home book ad Advertising specialty (calendar, magnet, etc.) Other
All Sellers 38% 23 5 4 4 4 4 3 2 2 1 1 11
32 and younger 34% 25 3 6 6 1 4 4 3 1 * * 13
AGE OF HOME SELLER 33 to 47 48 to 57 58 to 66 40% 38% 37% 22 26 21 4 4 6 8 4 3 3 4 5 3 5 5 5 3 4 3 4 3 2 1 2 1 2 2 1 * 1 1 * 1 9 11 12
67 to 87 36% 22 7 * 4 6 3 1 4 2 4 1 10
88 and older 43% * * * * * * * * * * * 57

Exhibit 7-2 NUMBER OF AGENTS CONTACTED BEFORE SELECTING ONE TO ASSIST WITH SALE OF HOME
AGE OF HOME SELLER One Two Three Four Five or more All Sellers 32 and younger 65% 69% 20 20 11 9 3 3 2 * 33 to 47 48 to 57 65% 63% 21 21 11 11 2 2 2 2 58 to 66 67% 16 10 6 2 67 to 87 65% 23 9 1 2 88 and older 14% * 29 57 *

Exhibit 7-3 DID SELLER USE THE SAME REAL ESTATE AGENT FOR THEIR HOME PURCHASE?
(Percentage Distribution Among Sellers Who Used an Agent to Purchase a Home)
AGE OF HOME SELLER Yes No All Sellers 47% 53 32 and younger 59% 41 33 to 47 49% 51 48 to 57 50% 50 58 to 66 42% 58 67 to 87 88 and older 38% * 62 100

Exhibit 7-4 HOME LISTED ON MULTIPLE LISTING SERVICE
AGE OF HOME SELLER Yes No Don't know

All Sellers 91% 3 5
33 to 47 93% 2 6
48 to 57 91% 4 5
58 to 66 92% 4 4
67 to 87 87% 5 8
88 and older 100% * *

Exhibit 7-5 LEVEL OF SERVICE PROVIDED BY THE REAL ESTATE AGENT
AGE OF HOME SELLER All Sellers A broad range of services and management of most aspects of the home sale A limited set of services as requested by the seller The agent listed the home on the MLS and performed few if any additional services
33 to 47 80% 6 14
48 to 57 83% 6 11
58 to 66 84% 6 9
67 to 87 83% 8 9
88 and older * 43 57
80% 8 12

Exhibit 7-6 WHAT SELLERS MOST WANT FROM REAL ESTATE AGENTS, BY LEVEL OF SERVICE PROVIDED BY THE AGENT
AGE OF HOME SELLER Help sell the home within specific timeframe Help seller market home to potential buyers 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
All Sellers 22% 21 19 18 10 5 3 1 1 1
32 and younger 33 to 47 23% 26% 13 20 20 16 22 16 13 10 6 7 3 3 1 1 * 1 * 1
48 to 57 23% 22 15 19 11 3 3 3 * *
58 to 66 67 to 87 22% 16% 23 26 19 26 18 16 10 5 3 5 3 4 1 1 1 * 1 2
88 and older * * * 86 * * 14 * * *

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 SELLER Reputation of agent Agent is honest and trustworthy Agent is friend or family member Agents knowledge of the neighborhood Agents association with a particular firm Agent has caring personality/good listener Agent's commission Agent seems 100% accessible because of use of technology like tablet or smartphone Professional designations held by agent Other
All Sellers 37% 19 13 12 4 4 3 3 1 5
32 and younger 34% 21 16 11 3 2 5 1 1 7
33 to 47 31% 22 15 10 2 4 5 4 * 7
48 to 57 58 to 66 37% 41% 21 20 12 12 13 12 3 4 4 3 3 3 1 2 4 2 * 3
67 to 87 40% 12 12 15 8 4 2 3 1 3
88 and older 14% 57 * 29 * * * * * *

Exhibit 7-8 METHODS REAL ESTATE AGENT USED TO MARKET HOME
(Percent of Respondents Among Sellers Who Used an Agent)
AGE OF HOME SELLER Listing on the Internet Other Web sites with real estate listings (e.g. Yahoo, Google, etc. Social networking Web sites (e.g. Twitter, FaceBook, etc.) Video hosting Web sites (e.g., YouTube, etc.) Yard sign Open house Print newspaper advertisement Real estate magazine Direct mail (flyers, postcards, etc.) Video Television Other
All Sellers 32 and younger 33 to 47 48 to 57 58 to 66 67 to 87 88 and older 93% 94% 97% 93% 93% 86% 86% 28 7 4 79 55 27 21 17 14 2 3 25 6 1 78 54 19 15 11 5 3 6 31 11 4 85 60 25 17 17 12 3 3 29 6 3 75 54 20 20 20 18 2 5 29 5 5 77 56 38 23 20 17 2 3 24 3 3 78 53 35 27 16 17 1 3 * * * 86 50 14 * * * * *

Exhibit 7-9 NEGOTIATING THE COMMISSION RATE OR FEE WITH THE REAL ESTATE AGENT
All Sellers 32 and younger Real estate agent initiated discussion of compensation Client brought up the topic and the real estate agent was able and willing to negotiate their commission or fee Client brought up the topic and the real estate agent was unwilling or unable to negotiate their commission or fee Client did know commissions and fees could be negotiated but did not bring up the topic Client did not know commissions and fees could be negotiated
AGE OF HOME SELLER 33 to 47 48 to 57 58 to 66 42% 21 9 13 15 48% 20 8 11 13 48% 24 7 8 13
67 to 87 41% 27 10 10 14
88 and older * 14 * 29 57
43% 22 9 11 15
33% 17 7 21 22

Exhibit 7-10 WOULD SELLER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS
AGE OF HOME SELLER Definitely Probably Probably Not Definitely Not Don't Know/ Not Sure
All Sellers 32 and younger 66% 53% 18 24 7 10 7 9 2 3
33 to 47 65% 18 9 7 1
48 to 57 65% 20 5 9 2
58 to 66 74% 14 6 4 2
67 to 87 72% 16 5 4 3
88 and older * 14 57 * 29
Methodology In July 2012, NAR mailed out a question survey to a random sample of 93,502 recent home buyers. The recent home buyers, in order to fit the survey criteria, had to have purchased a home between July of 2011 and June of 2012. The Tailored Survey Design Method was used to survey the sample, which includes a pre-postcard mailing, the survey, a follow-up letter and a re-mailing of the survey. Using this method, a total of 8,501 responses were received. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 9.1 percent. Consumer names and addresses were obtained from Experian, a firm that maintains an extensive database of recent home buyers derived from county records. Information about sellers comes from those buyers who also sold a home. All information in this report is characteristic of the 12-month period ending June 2012, with the exception of income data, which are reported for 2011. 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. Survey responses were weighted to be representative of state level sales. 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. Year Born: 1980-2000 1965-1979 1955-1964 1946-1954 1925-1945 1900-1924 Age in 2012: 32 and younger 33 to 47 48 to 57 58 to 66 67 to 87 88 and older
Millennials/Gen Y/Gen Next: Gen X: Younger Boomers: Older Boomers: Silent Generation: G.I. Generation:
103

2013 Nar Home Buyer &amp; Seller Generational Trends

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2013 Nar Home Buyer &amp; Seller Generational Trends

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2013 National Association of REALTORS

Home Buyer and Seller Generational Trends

2013 National Association of REALTORS

Home Buyer and Seller Generational Trends

NATIONAL ASSOCIATION OF REALTORS Research Division

Methodology ............................................................................................................... 103

Characteristics of Homes Purchased

The Home Search Process

Home Buying and Real Estate Professionals

Financing the Home Purchase

Home Sellers and Their Selling Experience

Home Selling and Real Estate Professionals

CHARACTERISTICS OF HOME BUYERS

CHARACTERISTICS OF HOME BUYERS

Year Born: 1980-2000 1965-1979 1955-1964 1946-1954 1925-1945 1900-1924

Age in 2012: 32 and younger 33 to 47 48 to 57 58 to 66 67 to 87 88 and older

Percent in Category 28% 31 18 14 10 <1%

Median Age in Group 28 39 53 62 71 90

CHARACTERISTICS OF HOME BUYERS

All Buyers 5% 7 9 9 8 9 9 11 12 7 4 3 8 $78,600

32 and younger 5% 8 13 12 12 9 10 11 11 5 3 2 2 $66,200

58 to 66 67 to 87 6% 10% 7 10 8 12 11 11 7 11 10 10 8 9 11 10 14 6 5 4 4 2 2 1 8 5 $76,200 $61,800

88 and older 5% 40 25 * 5 * * * * 25 * * * $37,000

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

Married couple Single female Single male Unmarried couple Other

All Buyers 65% 16 9 8 2

32 and younger 33 to 47 48 to 57 58 to 66 63% 71% 61% 64% 12 14 20 19 10 6 10 10 14 8 6 4 1 1 3 3

88 and older 48% 22 26 4 *

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER

All Buyers None 59% One 18 Two 16 Three or more 7

32 and younger 55% 24 15 6

88 and older 74% 4 9 13

CHARACTERISTICS OF HOME BUYERS

CHARACTERISTICS OF HOME BUYERS

AGE OF HOME BUYER English Other

All Buyers 96% 4

32 and younger 96% 4

88 and older 100% *

CHARACTERISTICS OF HOME BUYERS

CHARACTERISTICS OF HOME BUYERS

All Buyers 32 and younger 33 to 47 48 to 57 58 to 66 67 to 87 88 and older

39% 79% 36% 19% 14% 5% 13%

70% 60% 50% 39%

CHARACTERISTICS OF HOME BUYERS

CHARACTERISTICS OF HOME BUYERS

All Buyers 30% 11 9 8 7 6 6 4 4 4 2 2 1 1 1 1 1 4

32 and younger 33 to 47 48 to 57 58 to 66 50% 32% 21% 14% 9 17 9 7 6 13 13 8 10 7 9 9 12 6 6 6 1 3 4 13 2 7 5 7 * 1 3 13 * 1 6 8 2 5 7 2 4 2 1 0 1 2 3 2 1 1 2 1 * * 3 1 * 1 2 1 1 1 1 1 1 1 3 1 6 1 5

CHARACTERISTICS OF HOME BUYERS

CHARACTERISTICS OF HOME BUYERS

CHARACTERISTICS OF HOME BUYERS

All Buyers 77% 11 5 5 4 3

32 and younger 90% 6 1 2 1 1

AGE OF HOME BUYER 33 to 47 48 to 57 58 to 66 76% 69% 67% 14 13 13 5 7 7 4 7 8 3 5 6 2 4 4

88 and older 57% 13 17 9 * *

CHARACTERISTICS OF HOMES PURCHASED

CHARACTERISTICS OF HOMES PURCHASED

New Previously Owned

CHARACTERISTICS OF HOMES PURCHASED

CHARACTERISTICS OF HOMES PURCHASED

All Buyers 51% 18 17 12 3

32 and younger 50% 19 21 10 *

88 and older 42% 17 21 21 *

CHARACTERISTICS OF HOMES PURCHASED

All buyers over 48 14%

AGE OF HOME BUYER 48 to 57 6% 58 to 66 14% 67 to 87 27% 88 and older 26%

2013 Nar Home Buyer & Seller Generational Trends

2013 Nar Home Buyer & Seller Generational Trends