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WHAT WE THOUGHT WE KNEW: SURPRISING TRUTHS ABOUT BUYERS AND SELLERSJeremy Wacksman, Chief Marketing Officer
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VS.
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What if you had better data?
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Introducing the first annual
Consumer Housing Trends Report
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What’s different from prior studies?Prior industry studies Zillow Group’s study
Double weighted:• age, gender, region, income and ethnicity• buyers, sellers, homeowners and renters
Single weighted: • geography of the general population 2x
• 13,000+ completes• Buyers, sellers, renters and homeowners
• 6,400 responses• Buyers and sellers only
Existing homes only Existing homes and new construction
Income data from a different year than survey period All data from the same survey period
By mail128 questions
Online165 questions
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Surprising truths we discovered…
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#1: Online is bigger than anyone thought
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Where buyers found their agent
10%
41%
26%
33%
Online Referral
Prior studies Zillow Group
Source: 2016 Zillow Group Consumer Housing Trends Report; 2015 NAR Profile of Home Buyers and Sellers
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Online vs. referral by generation
10%
41%
26%
33%
Online Referral
Prior studies Zillow Group
29%31%
27%
32%
20%
33%
17%
39%
Online Referral
18-34 35-49 50-64 65+
Source: 2016 Zillow Group Consumer Housing Trends Report
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#2: Nearly half of buyers are millennials… and they shop differently.
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social58% seek advice; use more resources than any other
generation
patientwaiting longer and bypassing
starter homes to buy their forever home
personalhome is a reflection of
themselves, more so than other generations
selectivecontacting more agents – at least
two when buying – and using online to vet agents with reviews
Source: 2016 Zillow Group Consumer Housing Trends Report
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#3: The face of the buyer is changing.
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More diverse than we thought
85%75% 71%
62%
6%11% 13%
18%
5%7% 8% 13%
5% 5% 5% 6%
Prior studies ZG: All buyers ZG: First-timebuyers
U.S. population
Source: 2016 Zillow Group Consumer Housing Trends Report; U.S. Census Data
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40% of movers are relocating to a different city 29% of out of state moves are
made by 65+ buyers
More adventurous than we thought
Source: 2016 Zillow Group Consumer Housing Trends Report
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32%
47%
Prior studies Zillow Group
More first-time buyers than we thought
Source: 2016 Zillow Group Consumer Housing Trends Report; 2015 NAR Profile of Home Buyers and Sellers
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What’s unique about first-time buyers?
Desired number of beds and baths is really important (baths, especially)
Close to work/school significantly more important than repeat buyers
Significantly more likely to go over budget than repeat buyers
Source: 2016 Zillow Group Consumer Housing Trends Report
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#4: The face of the seller is changing.
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Younger than we thought
54years old
Prior studies Zillow Group
41years old
Average age of sellers
Source: 2016 Zillow Group Consumer Housing Trends Report; 2015 NAR Profile of Home Buyers and Sellers
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Majority of sellers are first-time
63%20%
17%
Source: 2016 Zillow Group Consumer Housing Trends Report
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Turning to online more than we thought
4%
42%
18%
24%
Online ReferralPrior studies Zillow Group
Where sellers found their agent
Source: 2016 Zillow Group Consumer Housing Trends Report; 2015 NAR Profile of Home Buyers and Sellers
@jwacksman
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Deliberation process is long
Sellers consider putting their home on the market
5 months on average before they list.
Source: 2016 Zillow Group Consumer Housing Trends Report;
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Their #1 regret? Starting late.
30%
21% 20%
Started preparing tosell earlier
Taken more time tofind a new home
Moved into newhome faster
Top three seller regrets
Source: 2016 Zillow Group Consumer Housing Trends Report
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Data isn’t enough. It’s about what you do with it.
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Download the 2016 Consumer Housing Trends Report
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