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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

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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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