View the full presentation on YouTube: http://zlw.re/s9sk3yd Jeremy shares insights from the Zillow Group Report on Consumer Housing Trends – the largest survey of its kind ever conducted in real estate – that debunk traditional assumptions and challenge agents to think about their business in new ways.

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WHAT WE THOUGHT WE KNEW:
SURPRISING TRUTHS ABOUT BUYERS AND SELLERS
Jeremy Wacksman, Chief Marketing Officer

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@jwacksman
VS.

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What if you had better data?
@jwacksman

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Introducing the first annual
Consumer
Housing Trends
Report
@jwacksman

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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 mail
128 questions
Online
165 questions
@jwacksman

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Surprising truths we discovered…
@jwacksman

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#1: Online is bigger than anyone thought
@jwacksman

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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
@jwacksman

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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
@jwacksman

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#2: Nearly half of buyers are millennials…
and they shop differently.
@jwacksman

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social
58% seek advice; use more
resources than any other
generation
patient
waiting longer and bypassing
starter homes to buy their
forever home
personal
home is a reflection of
themselves, more so than other
generations
selective
contacting more agents – at least
two when buying – and using
online to vet agents with reviews
Source: 2016 Zillow Group Consumer Housing Trends Report
@jwacksman

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#3: The face of the buyer is changing.
@jwacksman

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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-time
buyers
U.S. population
Source: 2016 Zillow Group Consumer Housing Trends Report; U.S. Census Data
@jwacksman

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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
@jwacksman

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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
@jwacksman

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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
@jwacksman

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#4: The face of the seller is changing.
@jwacksman

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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
@jwacksman

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Majority of sellers
are first-time
63%
20%
17%
Source: 2016 Zillow Group Consumer Housing Trends Report
@jwacksman

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Turning to online
more than we
thought
4%
42%
18%
24%
Online Referral
Prior 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;
@jwacksman

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Their #1 regret?
Starting late.
30%
21% 20%
Started preparing to
sell earlier
Taken more time to
find a new home
Moved into new
home faster
Top three seller regrets
Source: 2016 Zillow Group Consumer Housing Trends Report
@jwacksman

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Data isn’t enough. It’s about
what you do with it.
@jwacksman

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Download the 2016 Consumer Housing Trends Report
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