Presentation Transcript

1. 2011 Survey of California Home Sellers

2. Overview Methodology About the Seller About the Home The Selling Process Sellers Working With Agents Financing
3. Methodology Telephone surveys of 600 home sellers who purchased in the past 3 months (June through August). (Previous studies surveyed sellers who sold in the last 6 months.) Maximum sampling error: ±4.1 percent at two standard deviations (a 95% confidence level). (Subsets of the total sample will have a higher sampling error.)

4. ABOUT THE SELLER

5. The Typical Seller Female (57%) 25 – 34 years old (43%) White (33%) Married (46%) $75,000 - $99,999 annual income (34%) Experienced seller (52%)
6. Gender
7. Gender Q: Your Gender
8. Median Age: 34 Q: What is your age?
9. Sellers Are Getting Younger Q: What is your age?
10. Q: What is your age? Sellers by Generation
11. Ethnic Background Q: How would you describe your ethnic background?
12. Q:What was the marital status the head of your household at the time of the sale? Marital Status
13. Household Income Q: Which of the following categories best describes your total annual household income from all sources?
14. Q: Was this your first experience in selling a house? First-time Sellers
15. Length of Ownership Before Sale Q: Length of time home was owned prior to sale.
16. Q: Why did you sell your home? Top 5 Reasons for Selling
17. Most Sellers Rent & Don’t Intend to Buy Again Q: Do you own or rent your current home?
18. Seller Migration Q. County in which home was located. In which county is your current residence located?
19. Q: Do you think home prices in your neighborhood will go up, down, or stay flat? Sellers Not Optimistic About Future Home Prices

20. ABOUT THE HOME

21. Type of Home Q: What type of home was it?
22. Q: What type of occupancy was it? Type of Occupancy
23. Q: Was the home sold as a short sale? Short Sales vs. Regular Sales
24. List vs Sale Price Q: What was the initial listing price of your home? Selling price?

25. THE SELLING PROCESS

26. Home Owners Considered Selling More Than 4 Months Before Actually Doing So Q: How long did you consider selling before actually doing so? Why did you wait that long?
27. Quick Facts Home was listed for about 7 months before opening escrow Median escrow length was 1.5 months Only 40% of sellers closed escrow on time 20% of sellers used electronic signature
28. Reasons Escrow Did Not Close on Time Loan did not fund on time Lender did not approve terms Paperwork not completed on time Title company late with recording Trouble with buyer’s loan approval Problems / mistakes on loan documents Walk-through changes not completed Mistakes by other agent Insurance problems Escrow company mistake
29. Q: If there was one thing you could change about your recent home sale, what would it be? What Sellers Would Change About the Sale

30. SELLERS WORKING WITH AGENTS

31. Most Sellers Found their Agent on the Internet Q. How did you find your real estate agent?
32. Q: How many agents did you interview prior to selecting the agent you used in your recent home selling process? Number of Agents Interviewed
33. Reason Seller Selected Agent Q: What was the single most important reason for selecting the agent you used in your recent home sale?
34. Q: Did you initially list your home with an agent other than the one with whom you sold it? Initially Listed Home With Another Agent
35. Reasons for Changing Agents Not skilled in short sale negotiation Took too long to sell Poor follow-up / communication Marketing not aggressive enough Q: Why did you start with one real estate agent and change to another?
36. Ratings in Agent Selection Q: Please rate the following factors by their importance in your decision on selecting the agent you used for your home selling process on a scale from 1 to 5, where 5 is “Extremely important” and 1 is “Not at all important”.
37. Q: Please rate your degree of satisfaction with your agent for each of the following aspects on a scale of 1 to 5, where 1 is least satisfied and 5 is most satisfied. Agent Satisfaction Ratings
38. Seller Reasons for 2.82 Satisfaction Rating of Agent House took too long to sell Did not get desired price Negotiated good deal Got the best price for the home Worked hard Listened to needs Quick to respond Did not communicate effectively/efficiently Sold home quickly Kept updated on transaction Q: Please explain why you had that level of satisfaction with your agent.

39. Marketing

40. Internet Widely Used in Home Marketing Q: How did your agent market your home?
41. Websites on Which Home Was Advertised Individual brokerage Individual agent Q: On which websites did your agent advertise your home?
42. Q: What was the single most important web site you used in your home selling process? Most Important Websites for Sellers
43. Q: Did you use social media in the home selling process? Most Sellers Used Social Media in the Transaction
44. 77% of All Sellers Used Social Media Q: Which social media websites did you use to learn more about and communicate with real estate agents and companies?

45. Communication

46. Q: What was your preferred method of communication with your agent? Q: What was the actual method of communication used most frequently with your agent? Agent / Seller Communication Gap
47. The Communication Gap Widens With the Generations Q: What was your preferred method of communication with your agent? Q: What was the actual method of communication used most frequently with your agent?
48. The Communication Gap Widens With the Generations Q: What was your preferred method of communication with your agent? Q: What was the actual method of communication used most frequently with your agent?
49. Q: What was the typical response time you EXPECTED from your agent to return any form of communication with you? Q:On average, what was the ACTUAL time of your agent to return any form of communication to you? Response Time is of the Essence
50. Gen Y Has Highest Expectations in Response Time Q: Did your real estate agent meet your expectations on response time?
51. Sell home faster Improve communication speed Negotiate more aggressively Improve communication quality Market home more aggressively Price home to sell from start Gain more expertise in short sales Provide quality information on market Listen better Q: What advice would you give to real estate agents to improve the process or level of service? Seller Advice to Agents

52. FINANCING

53. Type of Mortgage Q: What type of mortgage did you have?
54. Q: Who was your lender? Q: On a scale of 1 to 5, with 1 being extremely dissatisfied and 5 being extremely satisfied, how satisfied were you with your lender regarding your short sale? Lenders- Sellers Gave Lenders Average Satisfaction Rating of 2.1 (on 5 Point Scale) During Short Sale Process -
55. Most Sellers Had Not Tapped Into Their Equity Q: At the time of your home sale, was any portion of your outstanding mortgage balance due to a cash-out refinance?
56. Q: Did you sell your home because you had problems making your mortgage payments? Sellers Had Problems Making Their Mortgage Payments
57. Efforts to Avoid Short Sale Tried to re-negotiate mortgage payments Nothing, just can’t afford it Nothing, prices won’t recover in foreseeable future Tried to refinance Q: What effort did you make to avoid a short sale?
58. Most Sellers Did Not Consider Strategic Default Q: As you may be aware, some home owners decided to stop paying their mortgages because their home value was lower than the balance on their loan. This is known as strategic default. Did you consider a strategic default?