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THE
STRESSED
SELLER
Amy Bohutinsky
Chief Operating Officer
Zillow Group
MEET “SUSAN” THE SELLER
MEDIAN AGE: 45
MARRIED
$87,500
SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
A GENERATIONAL SHIFT
32%
31%
28%
9%
ONE-THIRD OF SELLERS ARE MILLENNIALS
MILLENNIALS
GEN X
BOOMERS
SILENT GEN
SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
61% OF SELLERS ARE SELLING
FOR THE FIRST TIME
SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
CONVENIENCE > COST
ZILLOW GROUP
CONSUMER HOUSING
TRENDS REPORT 2017
3,000
SELLERS
TREND 1:
SUSAN IS STRESSED.
71% LOOKING TO PURCHASE
NEXT HOME WHILE SELLING
SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
SELLERS WHO STRUGGLE TO SELL WITHIN THEIR
DESIRED TIMEFRAME
SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
TREND 2:
SUSAN IS RESEARCH OBSESSED.
SELLERS CONSIDER AGENT REVIEWS AND RATINGS IMPORTANT
SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
64%
OF ALL POTENTIAL SELLERS USE
ZESTIMATE/AVM TO TRACK HOME
VALUE
SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
80% OF MILLENNIALS USE
ZESTIMATE/AVM
53%
WANT TO KNOW HOW MANY
PEOPLE HAVE VIEWED THEIR
HOME ONLINE
SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
59%
WANT TO SEE HOW THEIR HOME
IS PERFORMING AGAINST SIMILAR
HOMES
SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
59%
WANT TO KNOW HOW MANY
PEOPLE CONTACT THEIR AGENT
ABOUT THE HOME
SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
TREND 3:
SUSAN IS TEMPTED TO
DO THINGS DIFFERENTLY.
The Stressed Seller - Amy Bohutinsky
MOST SELLERS WORK WITH AN AGENT
89%
11%
LISTED WITH AN AGENT DIDN'T LIST WITH AN AGENT
SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
The Stressed Seller - Amy Bohutinsky

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The Stressed Seller - Amy Bohutinsky

Notas do Editor

  1. Meet Susan. By the numbers, she’s not that surprising.
  2. Median age: 45 years old Median household income of $87,500 78% of Susans are white
  3. When we dig into Susan, she becomes a lot more complex. And she’s changing. There is a generational shift in Susan…
  4. A third of sellers – the largest group represented – are Millennials (18-37): 32% millennials, 31% Gen X, 28% Boomers, 9%s Silent Gen (show full generational split)
  5. 61% are selling for the first time, and the median age of these first-time sellers is 38.
  6. This younger, first-time seller has spent much of her life online, which significantly impacts the way she finds information (image: phone), the way she researches decisions (image: google), the speed and the manner in which she gets stuff done (image: opentable, HotelTonight), and the fact that she’ll trade convenience over price (image: Amazon Prime, Lyft). Nearly every single aspect of her life has massively changed, abetted by technology. Yet organized real estate is by and large still programmed to work with her the same way we have been for decades.
  7. This year, we talked to nearly 3,000 Susans in the 2017 Zillow Group Report on Consumer Housing Trends. We asked her 60+ questions about who she is, what her expectations and fears are, what’s she’s willing to give up and how her needs are changing. And a handful of key trends shone through, that have a significant impact on our industry today
  8. Trend 1: Susan is emotional and stressed. There is high emotion for people considering selling their home. Sellers are stressed. And it comes down to the reasons why many of them have to sell. Job change. Death. Divorce. Job change. Increase of household size (birth of a new child). These changes are time-sensitive, and change is stressful – even if it’s positive. Pivotal, stressful moments in people’s lives, only compounded by factors like needing to find a new home before the kids are back in school, or needing the proceeds because of financial burden or to make a down payment on her next home.
  9. Nearly three quarters (71%) of sellers are simultaneously looking to purchase their next home while selling. While we often think of hot markets as a boon for Susan, fetching her a higher price, the flip side of this is that when her home sells quickly, she has less time to find her next home. The other flip side of being in seller and buyer in a hot market is that you not only have less time to purchase your next home, but it's likely expensive.
  10. And just because many markets move fast… many others don’t. More than one in three sellers (36%) struggled with selling within their desired time frame over the past year. But the younger they are, the more difficulty they have selling when they want: Total sellers: 36% Millennials: 48%  Gen X: 33% Boomers 24% Silent gen: 37% Also higher for those with children (40%.)
  11. Trend 2: Susan is research obsessed. The average Susan spends more than 5 months researching and thinking about selling before she takes the plunge. And in this time, she does an enormous amount of research:
  12. And this is even more true the younger you are. 64% of Millennials 53% of Gen X 38% of Boomers 27% of Silent Gen
  13. The majority of homeowners who plan to sell within 3 years use the Zestimate or other AVM to understand what her home could be worth. And the younger she is the more likely she is to use this information, but it’s high across generations. 64% of all homeowners Millennials: 80% Gen X: 70% Boomers: 60% Silent Gen: 41%
  14. And once Susan has her home on the market, she’s still obsessed with data along the way. 53% want to know how many people have viewed their home online.
  15. 59% want to see how their home is performing against other similar homes for sale.
  16. 59% want to know how many people contact their agent about the home. But the research is a double-edged sword; having all the information makes her even more involved and stressed. And in other parts of her life, Susan is paying to eliminate that stress through one-click services that might not be the cheapest, but they are just so easy.
  17. Trend 3: Susan is tempted to do things differently
  18. This younger, first-time seller has spent much of her life online, which significantly impacts the way she finds information (image: phone), the way she researches decisions (image: google), the speed and the manner in which she gets stuff done (image: opentable, HotelTonight), and the fact that she’ll trade convenience over price (image: Amazon Prime, Lyft).   Nearly every single aspect of her life has massively changed, abetted by technology. Yet organized real estate is by and large still programmed to work with her the same way we have been for decades.
  19. Now, we all know when it comes to FSBOs, how this story ends. Between the said and the done, there lies a great gap, and in the end only 11% of sellers go at it alone without ever partnering with an agent.  89% of sellers work with an agent. Selling her home herself is hard, it’s unfamiliar, it’s time consuming, it’s emotional, and it often fetches a lower price.   This nuance is important, because a portion of sellers involve an agent but ultimately sell on their own, making FSBO number much higher at 25%.
  20. VOG transition – will intro Greg and Spencer to come up together