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INTERNET VS.TRADITIONAL BUYER

Real Estate Research Report

Copyright 2007 California Association of REALTORS. No portion of this text may be reproduced,redistributed, faxed or transmitted electronically without written permission.

2007-2008


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Table of Contents

Executive Summary ........................................................................................................ 1

Introduction ..................................................................................................................... 3

The Share for Internet Buyers Continued to RiseFor Now ......................................... 3

Where are the Buyers ..................................................................................................... 3

Buyer Behavior Reflects Change in Market Conditions ................................................... 5

Changing Market Conditions = REALTORS Need to Step Up .................................. 7

Conclusion ..................................................................................................................... 11

Profiles of Baby Boomers and Gen Xers ....................................................................... 15

Profiles of First-Time Buyers and Repeat Buyers ......................................................... 18

Graphs ........................................................................................................................... 23

Methodology and Questionnaire .................................................................................... 71


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Internet Vs. Traditional Buyer 1

Home buyers became more patient and morecareful about the purchase of their home,resulting in more time devoted to each part ofthe home buying process. They spent more time

considering buying and investigating homesbefore contacting an agent, and they spent moretime previewing homes with their agent.

Consistent with past years results, nine of tenhome buyers hired an agent to assist themthrough the home sales transaction.

With buyers being more concerned abouthousing market conditions, and more cautiousabout their home purchase, they expectedquicker and more frequent communicationfrom their agent. Agent qualifications, on theother hand, became secondary in the selec-tion process, perhaps because of the lack ofunderstanding about the value a REALTORbrings to the transaction.

When asked why they were satisfied with theiragent, Internet buyers cited always quick torespond and worked hard on their behalf asthe top two reasons, while traditional buyerssaid their agent worked hardand negotiated

good deal on their behalf.

Housing market conditions are rapidly changing andare affecting the behavior of buyers. Home buyersare more concerned about the direction of the hous-ing market, are more cautious about their homebuying process, and are spending more time doingresearch on their own before making a purchase.Consequently, they are also expecting more fromtheir agent: faster response time, more effectivecommunication, more aggressive negotiation skills,and simply more VALUE. REALTORS who under-stand these changes in consumer behavior and adaptaccordingly will be able to deliver their service to theirclients with a maximized level of satisfaction, and beable to establish a long-term relationship withtheir clients.

During the transition period of 2006 and early 2007,home buyers adjusted their behaviors to adapt to thenew housing market environment. This reportdescribes changes among consumers in the real

estate market, driven in part by the slowdown in thedemand of housing, as well as by the influence thatthe Internet has on the real estate marketplace. Someof the key findings include:

The share of Internet buyers has grown from28 percent in 2000 to 72 percent in 2007, whilethe share of traditional buyers declined from72 percent in 2000 to 28 percent in 2007.Growth in the use of the Internet in the home buy-ing and selection process has been acceleratedby the growth in broadband use. The two percent-age point increase from 2006 to 2007, however,was the smallest increase since the inception ofthis study.

Many home buyers preferred the dynamiconline experience that the Internet offers overthe static paper experience that print adver-tisements offer. Only 12 percent of all homebuyers looked at newspaper/magazine ads tosearch for a home, while more than seven of tenhome buyers used the Internet as a significant

part of the home buying and selection process.

Multiple pictures/slide shows continued tobe the online feature with the highest ratingamong all online features, followed byMap/Directions.

Internet buyers were pleased with their experi-ence of using the Internet during the homebuying process, as 98 percent expressedabove average levels of satisfaction. Almost allagreed that using the Internet helped them betterunderstand the home buying process, more thannine of ten agreed that the Internet helped themunderstand home values better, and nine of tenagreed that using the Internet put them more incontrol of the home buying process.

Executive Summary


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band use, as the share of Internet home buyers usinghigh-speed Internet doubled from 35 percent in 2003to 71 percent in 2007.

Although the number of Internet buyers continued togrow, it also appeared to be leveling off, as thepercent of Internet buyers with broadband accessremained stagnant from 2006 to 2007. The two per-centage point increase from 70 percent in 2006 to 72percent in 2007 was the smallest increase since the

inception of this study. Meanwhile, the share ofInternet buyers with broadband access remainedunchanged from 2006 at 71 percent. As richer andmore interactive Web content continues to developonline, the share of Internet buyers will continue toincrease in the next few years. How fast it will grow,however, will depend largely on the rate of growth ofthe broadband penetration in the next few years.

Where Are the Eyeballs?

As broadband Internet access has become moreaffordable, and as more real estate informationbecomes available online, more home buyers thanever are turning to the Internet for information onhousing. According to a study by Pew Internet andAmerican Life Project, 39 percent of Internet userswent online to look up information about housing in2006, an increase from 27 percent in 2000. Thenumber has been growing steadily over the past sixyears.

Introduction

As 2007 got underway, the California housing marketsaw signs of stability in the form of steady mortgagerates and sales, with inventory levels holding close totheir long-run average. This was a far cry from early

2006 when sales slid and inventory doubled. Marketpsychology was a big factor in the slowdown of thehousing market in 2006, but buyers and sellersappear to have become more realistic in recentmonths about their expectations regarding homeprices.

While the market is exhibiting signs of stability, theresetting of sub-prime loans and the tightening of thecredit standards are potential problems that couldweaken the market in 2007. An increase in foreclo-sures in the next two years is likely and could have anadverse impact on housing demand, supply condi-tions, and home prices. The direct impact on thehousing market should be limited to sub-prime andfirst-time borrowers, but the uncertainty created bythe situation may have an unfavorable psychologicaleffect on the broader market. Overall, the risk to thehousing market should be manageable, and for 2007sales are projected to decline by 7 percent while themedian price is expected to edge downward by 2 per-cent.

During the transition period of 2006 and early 2007,home buyers adjusted their behaviors to adapt to thenew housing market environment. This reportdescribes changes among consumers in the realestate market, driven in part by the slowdown in thedemand of housing, as well as by the influence thatthe Internet has on the real estate marketplace.

The Share for Internet Buyers Continued to

RiseFor Now

The use of the Internet as a significant part of thehome buying and selection process has been growingsince 2000. The share of Internet buyers has grownfrom 28 percent in 2000 to 72 percent in 2007, whilethe share of traditional buyers declined from 72percent in 2000 to 28 percent in 2007. Growth in theuse of the Internet in the home buying and selectionprocess has been accelerated by the growth in broad-


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4 Internet Vs. Traditional Buyer

The rating for virtual tours dropped in impor-tance quite a bit from last year. Seventy-six per-cent of all Internet buyers claimed the online fea-ture to be either very important or extremelyimportant, but only 14 percent said it wasextremely important, compared to 55 percent in2006.

With the help from these online tools, home buyerswere able conduct research activities such aspreviewing homes to narrow search, learning about

specific neighborhoods, getting home financing infor-mation, and identifying homes for agent to show.

Home buyers frequently visited more than one Website when they conducted their research on theInternet. Some of the popular Web sites that Internetbuyers visited were:

Web sites with listings of homes that buyers wereinterested (81 percent)

Individual real estate agents Web site (80 percent) REALTOR.com (80 percent) Zillow (54 percent) Real estate company Web sites (40 percent) Craigslist (24 percent) Google (7 percent)

For buyers who did not use an agent, Realtor.comand Zillow were the most popular with nine of ten ofthem visited the Web sites. Although Google was notas popular, 35 percent indicated that Google was thefirst Web site that they visited. It was probably consid-ered by many buyers as a search engine where they

Many home buyers preferred the dynamic onlineexperience that the Internet offers over the staticpaper experience that print advertisements offer. Infact, only 12 percent of all home buyers looked atnewspaper/magazine ads to search for a home, whilemore than seven of ten home buyers used theInternet as a significant part of the home buying andselection process.

The Internet allows buyers to access interactive Webcontent that they would not have seen using printadvertisements. Web content such as digital photos,maps, and videos are online features that homebuyers valued in their research process. When askedto rate the importance of several online tools:

Multiple pictures/slide shows continued to be theonline feature with the highest rating among allonline features. All Internet homebuyers rated thisfeature either very important or extremelyimportant in the home viewing process.

Map/Directions was the second highest ratedonline feature with a mean score of 4.3, a big

improvement from last years 3.6. Seventy-sevenpercent of all Internet buyers said it was eithervery important or extremely important.

Agent Contact Option ranked the third, with 79percent indicating that this feature was eithervery important or extremely important.

Neighborhood profile had a mean score that wasvirtually unchanged from last year. Eighty-fourpercent of all Internet buyers rated it either veryimportant or extremely important.

Individual real estate agents Web site (80 percent)


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Almost all agreed that using the Internet helpedthem to better understand the home buyingprocess.

More than nine of ten agreed that the Internethelped them understand home values better.

Nine of ten agreed that using the Internet put them

more in control of the home buying process. Sixty-four percent either agreed or stronglyagreed that using the Internet helped them betterunderstand and increased their appreciation forwhat real estate agents do.

Fifty-five percent agreed or strongly agreed thatthe Internet helped them locate the best possibleneighborhood.

Consumers have more information about the homebuying process at their fingertips than ever before,giving real estate professionals an opportunity to help

buyers sift through that information and establishthemselves as experts in the home buying and sellingprocess. REALTORS are much more than the gate-keepers of real estate information. As the Internetcontinues to evolve into a powerful information gath-ering tool that provides buyers with more knowledgethan ever about the home buying process, home buy-ers will find value in working with REALTORS because of their expertise in interpreting market infor-mation, their home purchase negotiating skill, andother knowledge in real estate that carries buyersthrough the transaction.

Buyer Behavior Reflects Change in Market

Conditions

As the housing market dynamics shifted, buyers real-ized that they might have more control over the homebuying process than they had in the last few years. Atthe same time, the corrections that began in the late2005 may have resulted in greater concerns for buy-ers regarding the health of the housing market, thehealth of the mortgage industry, general economicconditions, and the impact all these had on homeprices. By all measures, home buyers became more

found the listings or the agent they were interested,rather than a real estate related Web site. The Websites that home buyers considered most useful werethe individual agents Web site (31 percent),Realtor.com (22 percent), and Web sites with listingsthat buyer was interested (20 percent)

Internet buyers were pleased with their experience ofusing the Internet during the home buying process, as98 percent expressed above average level of satisfaction.

Tip#1: As an agent, if you dont currently have a per-sonal real estate web site, you may want to consid-er establishing one, to allow more buyers to viewyour listings.

Tip#2: Pre-assemble Buyer Packages to presentto prospective buyers upon your first meeting.Include information such as the basic steps to pur-chasing a home, and the benefits you can offer themas their agent.


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bought their home in 2007 because they expectedmortgage rates to increase, as compared to 31 per-cent in 2006. Other home buyers cited low rates thathelped them move to a better location or move to alarger home as the reason for the home purchase,reflecting the fact that rates are still at near-historiclows even with the increases of the past year.Generaleconomic conditions also had an influence on homebuyers decision to buy, as one of seven said that theimproving economy gave them confidence to moveup, a slight increase from 2006.

Despite the adjustment in behavior and attitudesbrought on by the change in market conditions, homebuyers continued to rely on real estate agents to carrythem through the process of home buying. Consistent

patient and more careful about the purchase of theirhome, resulting in more time devoted to each part ofthe home buying process.

Internet buyers spent an average of 7.6 weeksconsidering buying a home before contacting anagent in 2007, up from 5.8 weeks a year earlier.For traditional buyers, this measure doubled from2.0 to 4.0 weeks.

Internet buyers and traditional buyers also spentconsiderably more time investigating homes andneighborhoods before contacting an agent, whencompared to previous years. Internet buyersspent 6.9 weeks on the activity in 2007, as com-pared to 4.2 weeks in 2006. Time spent on inves-tigating homes and neighborhoods for traditionalbuyers more than double from 1.7 weeks in 2006to 4.2 weeks in 2007.

Internet buyers continued to move more quicklythan traditional buyers once they began workingwith their agent. Again, the time spent with theiragent looking for a home increased for bothgroups, but was more obvious for Internet buyers.Internet buyers spent 5.2 weeks in 2007 with anagent looking for the home they bought, as com-pared to 2.2 weeks in 2006. Traditional buyersspent 8.0 weeks in 2007 on the activity, as com-pared to 7.1 weeks in 2006.

With housing demand easing and the number oflistings considerably higher, home buyers couldchoose from among more homes than in recentyears. Home buyers spent more time with theiragent when compared to the previous years, part-ly because they visited more homes this year.Internet buyers on average visited 9.3 homes withtheir agent, as compared to 6.7 homes in 2006.Traditional buyers visited 20.2 homes with theiragent, as compared to 15.4 homes in 2006.

More home buyers in 2007 believed that mortgagerates will likely go up in the future, and were motivated to buy a home for this reason. In fact, 66 percent

Tip#3: When taking a listing, helping the sellersstage their home may help it sell faster in a marketof increased inventory.


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Changing Market Conditions = REALTORS Need to Step Up

With buyers being more concerned about the housingmarket conditions, and more cautious about theirhome purchase, they also expected more from theiragent. One such demand that buyers continued toask for more and more year after year was quickerand more frequent communication from their agent.

All buyers continued to have high expectation onagents response time. In fact, more buyers citedquick response time as an important factor in selectingtheir agent, when compared to 2006.

Forty-seven percent of Internet buyers and 43percent of traditional buyers indicated that theyselected their agent because the agent was eitherthe first agent or the quickest to respond to his orher inquiry.

Forty-three percent of Internet buyers and 44 per-cent of traditional buyers selected their agentbecause he or she seemed to be the most responsive.

Twenty-one percent of Internet buyers and 21percent of traditional buyers selected their agentbecause he or she appeared to be the mostaggressive on their behalf.

Twenty-one percent of Internet buyers and 18percent of traditional buyers selected their agentbecause he or she was the most qualified.

Fifteen percent of Internet buyers and 17 percentof traditional buyers selected their agent becausehe or she offered the best deal.

with past years results, nine of ten home buyers (89percent) hired an agent to assist them through thehome sales transaction. Ninety-seven percent of tra-ditional buyers hired an agent to assist them in thehome buying process, while 82 percent of Internetbuyers used an agent in the process.

Home buyers found their agent through differentchannels, depending on whether the home buyer wasan Internet buyer or a traditional buyer. While Internetbuyers found their agent mainly through the Internet,traditional buyers used their agent mainly becausethey had prior dealings with the agent, or they identi-fied them through For Sale signs in the neighbor-hood, or the agent was referred by friends orrelatives, or the buyers received agents farmingmaterials.

Home buyers were more careful in selecting theiragent when compared to 2006. Fifty-three percent of

all Internet buyers interviewed two or more agents in2007, as compared to 31 percent in 2006. The shareof traditional buyers who interviewed two or moreagents also increased slightly from 91 percent in2006 to 94 percent in 2007.


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Agent qualifications, on the other hand, were lessimportant in the selection process when compared tothe previous year, perhaps because of the lack ofunderstanding in the value a REALTOR could bring tothe transaction. Meanwhile, the increase in the levelof importance agents cost played in the selection

process also seemed to suggest the same type ofbuyer mentality.

Both Internet and traditional buyers demanded fasterresponse times from agents in 2007, when comparedto 2006.

Fifty-nine percent of Internet buyers expected aresponse from their agent within one hour or less,compared to 45 percent in 2006.

Expectations on response time increased evenmore dramatically for traditional buyers. Fifty-

eight percent expected their agent to respond tothem within one hour or less, compared to 11percent in 2006.

Ninety-four percent of Internet buyers expectedtheir agent to respond within four hours or less,compared to 67 percent in 2006.

Seventy-two percent of traditional buyers expectedtheir agent to respond within four hours or less,compared to 40 percent in 2006.

Twenty-two percent of Internet buyers expectedtheir agent to respond instantly, compared to zeropercent of traditional buyers.

Ninety-seven percent of Internet buyers expectedat least a same-day response from their agent,compared to 85 percent of traditional buyers.

When asked how important the agents responsetime was in their decision on the selection process,

Almost three quarters (75 percent) of all home

buyers considered the agents response timeeither a very important or an extremely impor-tant factor in their decision-making process.

Nine of ten (90 percent) of the Internet homebuyers said the agents response time was eithervery important or extremely important whenthey decided whom to use as their agent.

About two-thirds (61 percent) of all traditionalbuyers thought agents response time was eithervery important or extremely important in theirselection process.


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scale of 1 to 5, where 5 is most satisfied and 1 is leastsatisfied, the satisfaction level for the overall processof finding a home dropped from 4.5 in 2005 to 4.2 in2007. The satisfaction level for the agents overall per-formance also fell from 4.6 in 2005 to 4.1 in 2007.

Internet buyers, in general, were more satisfied thantraditional buyers on all aspects of the home buyingprocess except one.

Ninety-three percent of all Internet buyers wereeither satisfied or very satisfied with their overallprocess of home buying, a slight decrease from94 percent in 2006. However, only 81 percent ofInternet buyers were very satisfied with the overallprocess in 2007, compared to 92 percent in 2006.

Ninety-four percent were either satisfied or verysatisfied with the overall performance of theiragent, a decline from 96 percent in 2006. Again,only 59 percent of Internet buyers were verysatisfied with the overall performance of their

agent in 2007, compared to 64 percent in 2006. The percent of Internet buyers who were verysatisfied with how well their agent kept theminformed in the process also dropped significantlyfrom 67 percent in 2006 to 58 percent in 2007.

Internet buyers who were very satisfied with theiragents aid in finding a home fell from 72 percentin 2006 to 64 percent in 2007.

Only 52 percent of Internet buyers were eithersatisfied or very satisfied with the information onhousing market that their agent provided.

With home buyers increasing their expectations fromagents, many agents were unable to live up to theirclients standards. Although the share of home buyerswho said their agent surpassed their expectations onresponse time remained the same as last year at 62percent, those who reported that their agent fell belowtheir expectations jumped from 8 percent in 2006 to30 percent in 2007.

Agents who served Internet buyers were largely ableto maintain the same level of satisfaction for theirclients as in previous years, but traditional buyersagents failed to keep up with their clients pace in2007. Through the use of email and the Internet com-munication, agents were able to respond to Internetbuyers in a timely manner even as their expectationcontinued to increase. Consequently, the levels ofsatisfaction for Internet buyers did not change muchdespite an increase in their expectation. Agents serv-ing traditional buyers, on the other hand, may have a

more difficult time meeting their clients increasedexpectation, as many of their clients were notequipped with the more efficient email and Internetcommunications.

Ninety-one percent of Internet buyers said theiragents surpassed their expectations, including 54percent who said their agent well surpassed theirexpectations. Only 4 percent indicated that theiragent response time fell below expectations.

Thirty-eight percent of traditional buyers said theiragent surpassed their expectations, matching thatof last year. However, over half (52 percent) saidtheir agent fell below their expectation onresponse time, a significant increase from 10percent in 2006.

Home buyer satisfaction levels also declined for otheraspects of the buying process. When compared toresults from 2006, satisfaction levels for all aspectswere either at or below that of the previous year. On a

Tip#4: With response expectations on the rise, youmay want to consider using a Black Berry or otherwireless communication tools that allow you to cap-ture leads and respond to your clients in a moretimely fashion.


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When asked why they were satisfied with their agent,Internet buyers cited always quick to respond (80percent) and worked hard on their behalf (71percent) as their top two reasons. Traditional buyerswere satisfied with their agent primarily because theiragent worked hard on their behalf (62 percent) andnegotiated good deal on their behalf (59 percent).

Most home buyers who expressed dissatisfaction withtheir agent were traditional buyers. They were notsatisfied with their agent because:

Agent did not negotiate aggressively on theirbehalf (36 percent)

Agent did not communicate effectively or efficientlyduring the transaction (34 percent)

Agent was slow to respond (26 percent) Agent needed to keep them better informed on

how the transaction was proceeding (15 percent)

Although home buyers did not mention it, failure toclose escrow on time probably contributed to the levelof dissatisfaction buyers had with their agent. Fifty-seven percent of traditional buyers and 29 percent ofInternet buyers did not close their escrows on time in2007. In fact,

Forty-three percent of Internet homebuyersselected escrow closing on time as the one thingthey would like to change most about their home

buying experience. Twenty-six percent of traditional homebuyers also

selected escrow closing on time as the one thingthey would like to change most about their homebuying experience. The top item that more tradi-tional buyers selected, however, was fasterresponse time with agent with 32 percent.

Except for information on housing market, traditionalbuyers rated all aspects of the home buying processwith a lower degree of satisfaction than Internet buyers:

Only 61 percent of traditional buyers were eithervery satisfied or satisfied with their overall processof home buying, a decline from 64 percent in2006, after a significant drop from 86 percent in2005.

Fifty-three percent of traditional buyers wereeither very satisfied or satisfied with the overallperformance of their agent, a decline from 56percent in 2006, after dropping 40 percent from 97percent in 2005.

Only 53 percent of Internet buyers were eithervery satisfied or satisfied with the information onhousing market that their agent provided.


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require professional expertise to help them under-stand and identify what is important to them and whatis not.

This availability of vast amounts of information on theInternet presents both an opportunity and a challenge

for REALTORS to shine in the transaction. REAL-TORS role as a source of real estate information isonly a part of the home buying process. A bigger rolethat they play during the process is an advisor, whonot only helps buyers to interpret the information theyreceive, but also manages the entire transactionprocess for them. Home buyers value the assistancethey receive from their agents during the process, butagents could take steps to increase client awarenessof the services they provide beyond property informa-tion. With greater awareness of these services, clientswill register greater satisfaction, and agents willsucceed in the changing environment of real estate.

When asked whether home buyers would use thesame agent again in the future, 67 percent of all homebuyers said they would, a further decline from 71percent in 2006 after dropping from 87 percent in2005. Thirty percent said they were unsure.

Eighty-seven percent of all Internet buyers saidthey would use the same agent again, a declinefrom 97 percent in 2006. Ten percent were unsurein 2007, compared to 0 percent in 2006.

Sixty-three percent of all traditional buyers saidthey would use the same agent again, a jumpfrom 50 percent in 2006, but still significantlybelow 79 percent two years ago. Those who wereunsure fell from 47 percent to 34 percent.

Conclusion

Housing market conditions are rapidly changing andare affecting the behavior of buyers. Home buyersare more concerned about the direction of the housingmarket, are more cautious about their home buyingprocess, and are spending more time doing researchon their own before making a purchase.Consequently, they are also expecting more fasterresponse time, more effective communication, moreaggressive negotiation skills, and simply moreVALUE- from their agent. REALTORS who under-stand these changes in consumer behavior and makeadaptations accordingly will be able to deliver theirservice to their clients with a maximized level of satis-

faction, and be able to establish a long-term relation-ship with their clients.

In the mean time, one thing that clearly did notchange from previous years results was the buyersneeds for agents assistance in the home buyingprocess. As the cyberspace evolves into Web 2.0 andbecomes more user-friendly, the explosion of informa-tion on the Internet will continue to take place. Homebuyers, who are inundated with valuable informationrelated to their home buying process, ultimately

Tip#5: Keep in touch with your buyers after theclose of escrow, to help ease their minds regardingconcerns that may arise after they move in, and toincrease their level of satisfaction with you, for futurereferrals.


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Buyer Profiles


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Interest rates continued to play an important role inthe decision to buy a home in all generation groups.Gen X buyers, in particular, were motivated topurchase their home because of the likelihood thatinterest rates will move up.

Seventy-one percent of Gen X buyers bought theirhomes because of the likelihood that interest rateswould go up, an increase from 30 percent in 2006.Fifty-six percent of Baby Boom buyers boughttheir home because of the same factor, anincrease from 31 percent from last year.

There were other factors that motivated BabyBoomers and Gen Xers to buy a home, besides themovements of the interest rates.

Fourteen percent of Baby Boomers purchasedtheir home because the improving economy gavethem confidence to move, compared to 13 percentfor Gen Xers.

Twenty-seven percent of home buyers aged 55and over bought their new residence becausethey wanted to move to an area that was moreaffordable, compared to only 5 percent for thosebetween the ages of 25 and 34.

Gen Xers generally spent more time than BabyBoomers conducting research before they met withtheir agent. Since younger buyers were more likely tobe first-time buyers, they likely devoted more time inpreparation for their first-ever home purchase, whileolder buyers were more likely to be repeat buyers,with at least some experience in buying a home,perhaps some knowledge of market trends, andpossibly some familiarity with one or more real estateagents:

On average, Gen X home buyers spent 6.0 weeksconsidering buying and 5.9 weeks investigatinghomes before contacting their agent, considerably

more when compared to 4.1 weeks and 3.5 weeksrespectively that they spent in 2006.

Baby Boomers spent 4.9 weeks considering buyingand 4.6 weeks investigating homes before theymet with their agent, also a significant increasefrom last years 3.1 weeks and 2.4 weeks respec-tively.

Home buyers between the ages of 25 and 34spent more time in doing research up front thanany other age group. They spent 7.2 weeks

Profiles of Baby Boomers and Gen Xers

Baby Boomers had different needs during the homebuying and selection process when compared to latergenerations. Learning and understanding the differ-ence in the buying behavior between these genera-

tional groups will help an agent build good relation-ships with an increasingly diverse client base.

For the reason of simplicity, the term Baby Boomersin this report refers to buyers aged 45 and older, whileGen Xers refers to members of Generations X andY under the age of 45. In general, Baby Boomer homebuyers earned a higher income than home buyersfrom later generations, were more likely to be repeatbuyers. In fact, 98 percent of Baby Boomers said thehome that they recently bought was not their firsthome purchase, compared to 71 percent for the GenX home buyers. With almost all Baby Boom buyersbeing repeat buyers, a typical home that theypurchased tended to have a higher price than thatpurchased by a Gen X buyer.

Baby Boomers were also more likely than Gen Xersto move closer to their previous residence, probablybecause many of them were comfortable with theirliving environment and did not want to make manyadjustments. Baby Boom buyers moved a median of

12 miles from their previous residence, compared to20 miles of the Gen X buyers.


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considering buying a home and 6.1 weeks investi-gating homes and neighborhoods before contact-ing their agent.

Home buyers aged 55 and over spent the leastamount of time researching on their own among allage groups. They spent 3.9 weeks considering

buying a home and 4.4 weeks investigating homesand neighborhoods before contacting their agent.

Preparing less on their own, Baby Boomers spentmore time with their agent visiting more homes. BabyBoomers spent 7.1 weeks visiting 17 homes with theiragent, compared to 6.6 weeks and 14 homes for GenXers.

The Internet played a more important role in the homebuying process for Gen Xers than for Baby Boomers.Three of five Gen X homebuyers considered the

Internet a vital tool in their home buying and selectionprocess, compared to two of five Baby Boomers.Perhaps more noteworthy, no one in the age group of55 and over said the Internet was significant to theirprocess of home buying.

As Gen Xers used the Internet more frequently thanthe Baby Boomers during the home buying process,they also had a higher tendency of finding their realestate agent online: Fifty-two percent of Gen X buyers found their agent

through the Internet, compared to 22 percent forBaby Boom homebuyers.

Baby Boomers also found their agent mainlythrough prior dealings with the agent (34 percent),for sale signs (25 percent), referral by a friend or arelative (9 percent), and farming material (9percent).

Home buyers over the age of 54 did not rely on theInternet during their home buying process. Instead,they found their agent through more traditionalmethods such as for sale signs (44 percent), priordealings with the agent (39 percent), and agentsfarming material (16 percent).

Top reasons for selecting agents were consistentbetween the generational groups. Most BabyBoomers and Gen Xers chose their agent eitherbecause he or she was the first to respond to theirinquiry, or because they believed their agent would bethe most responsive or the most qualified.

Baby Boomers and Gen Xers differed with respect tothe means of communication they used with their realestate agent:

Nine of ten Baby Boomers communicated withtheir agent mainly through telephone, while onlytwo-thirds of Gen Xers considered telephone theprimary means of communication.

Fourteen percent of Baby Boomers used email tocommunicate with their agent, compared to 50

percent of Gen Xers. Virtually all homebuyers aged 55 and over consid-ered telephone the most important means ofcommunication with their agent. Fifty percent alsoreported face-to-face contact as their primary com-munication channel.

By contrast, 60 percent of homebuyers betweenages 25 and 34 indicated that telephone was theirprimary means of communication and only 12percent relied on fact-to-face contact.

Since many Gen Xers were also Internet buyers, thegroup typically had higher expectations for responsetime than Baby Boom homebuyers:

Sixteen percent of Gen Xers expected their agentto respond instantly, compared to zero percent ofBaby Boomers.

Sixty-five percent of Gen Xers expected to receivea response from their agent within one hour orless, almost doubled the 33 percent in 2006compared to 16 percent of Baby Boomers whoexpected to receive a response from their agent

within one hour or less also almost tripled from 16percent in 2006 to 47 percent in 2007. Ninety-three percent of Gen Xers expected their

agent to respond before the end of the day, com-pared to 87 percent of Baby Boomers.

With respect to agents response time, homebuyers between the age of 25 and 34 had consid-erably less patience than home buyers over theage of 54. Thirty-nine percent of homebuyers ofthe younger age group expected their agent torespond within 30 minutes, compared to zeropercent of homebuyers in the older age group.

With higher expectations came higher levels of satis-faction on response time. When asked whether theirreal estate agent met their expectations on responsetime, Gen X homebuyers generally rated their agentwith a higher score than Baby Boom homebuyers.

Gen Xers, in general, were more satisfied with everyaspect of the home buying process than BabyBoomers. These results were consistent with abovefindings on differences in satisfaction levels between


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Internet and traditional buyers. Since Internet buyerswere generally more satisfied than traditional buyers,and Gen Xers relied more on the Internet for researchduring the home buying process than Baby Boomersdid, Gen Xers generally reported higher satisfactionlevels compared to Baby Boomers.


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Profiles of First-Time Buyers and RepeatBuyers

First-time buyers, typically in their early thirties, wereyounger than repeat buyers who were typically in theirearly forties. They generally had lower income levels

than that of repeat buyers and purchased homes withsmaller price tags. First-time buyers were more willingthan repeat buyers to relocate further away from theirprevious residence.

Mortgage rate movements continued to be an impor-tant factor for most first-time and repeat buyers in theirdecision of buying their home, but other factors suchas an improving economy and the appreciation ofhome prices also played a role in the home buyingdecision:

Eighty-four percent of first-time buyers decided tobuy their home because they believed interestrates will likely move up, a significant increase from30 percent in 2006.

Meanwhile, the number of repeat buyers who weremotivated to buy their home because of the likeli-hood that interest rates will move up almostdoubled to 61 percent from 31 percent in 2006.

Forty-one percent of first-time buyers decided tobuy their home because low interest rates helpedthem move to a better location, compared to 39percent for repeat buyers.

Eighteen of first-time buyers were motivated to buybecause of an improving economy, compared to13 percent of repeat buyers.

Thirteen percent of repeat buyers indicated theappreciation of home prices as a market conditionthat motivated them to buy their home, and thirteenpercent of repeat buyers bought their homebecause they wanted to move to a more affordablearea. None of the first-time buyers expressedthese market conditions as an influence on theirhome buying decision.

First-time buyers and repeat buyers alike spent moretime considering buying, investigating, and previewinghomes in 2007 than in 2006. First-time buyers, however,devoted more time than repeat buyers to researchon their own in the early stages of the home buyingprocess.

First-time buyers spent 7.6 weeks consideringbuying a home before contacting an agent, anincrease from 5.3 weeks last year.

They also spent 5.7 weeks investigating homesbefore contacting an agent, an increase from 4.3weeks in 2006.

After they contacted their agent, they spent 5.8weeks previewing an average of eight homes,compared to 3.2 weeks previewing 11 homes.

Repeat buyers did not spend as much time researching

on their own, but relied more on their agent as theirinformation source. Repeat buyers spent 5.2 weeks considering

buying a home before contacting an agent, anincrease from 3.3 weeks last year.

They also spent 5.4 weeks investigating homesbefore contacting an agent, doubled the 2.7 weeksspent in 2006.

Once they contacted their agent, they spent 7.0weeks visiting an average of 16 homes with theagent, considerably higher than 5.4 weeks and 13homes in 2006.

The Internet was an essential tool for many first-timebuyers as they conducted more research on their ownthan repeat buyers did during the home buyingprocess. In fact,

Eighty-three percent of first-time buyers used theInternet as an important part of their home-buyingand selection process, a slight increase from 82percent in 2006.

By contrast, only 42 percent of repeat buyers usedthe Internet in their home buying and selectionprocess, an increase from last years 39 percent.

Eighty-two percent of first-time buyers found theiragent online, either through Internet listings or realestate companys web sites. Seven percent foundtheir agent through for sale signs, 6 percentthrough referral from friends and relatives, and 5percent through agents farming material.

Channels through which repeat buyers found theiragent were more dispersed. Only 33 percentfound their agent through the Internet. Twenty-ninepercent used an agent with whom they had prior

Tip#6: Keep abreast of current economic trends andfactors such as mortgage interest rates. It helpsdemonstrate to buyers that you are well informed onissues that may affect their home purchase price.


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transactions. Twenty-three percent found theiragent through for sale signs, 9 percent throughagents farming materials, and 8 percent throughreferral from friends and relatives.

When selecting their agents, both first-time buyers

and repeat buyers considered their agents respon-siveness the most important factor, followed by theiragents aggressiveness. With the housing marketslowing down, buyers also grew more price-con-scious during the agent selection process, when com-pared to 2006.

Those who chose first agent to respond toinquiry as the most important reason for selectingan agent increased from 27 percent in 2006 to 35percent in 2007 for first-time buyers, andincreased from 30 percent in 2006 to 45 percentin 2007 for repeat buyers.

Those who selected their agents because theybelieved the agent would be the most responsiveincreased from 38 percent in 2006 to 44 percentin 2007 for first-time buyers. Repeat buyersdecreased slightly from 44 percent in 2006 to 43percent in 2007.

Seventeen percent of Internet buyers and 19percent of traditional buyers selected their agentbecause he or she was the most qualified, a sig-nificant decline from 43 percent and 42 percent

respectively in 2006. Seventeen percent of first-time buyers and 16percent of repeat b uyers selected their agentbased on whether the agent offered the bestdeal/lowest commission rate, an increase from 4percent for first-time buyers and 5 percent forrepeat buyers in 2006.

First-time buyers had high expectations concerningtheir agents responsiveness, not only in the agentsselection process, but also throughout the entirehome buying experience. The change in the market

conditions also increased repeat buyers expectationon agents responsiveness significantly from 2006 to2007.

Twenty-two percent of first-time buyers expectedan instant response from their agent, a drop from27 percent in 2006.

More repeat buyers expected their agent torespond instantly in 2007. Eight percent of repeatbuyers expected an instant response, comparedto 5 percent in 2006.

First-time buyers, who expected a response fromtheir agent within one hour or less, increased from52 percent in 2006 to 66 percent in 2007. Repeatbuyers increased even more considerably from 19percent in 2006 to 57 percent in 2007.

Ninety-four percent of first-time buyers and 90

percent of repeat buyers expected a responsefrom their agent by the end of the day or sooner,an increase from last years 90 percent and 84percent respectively.

When asked to rate their agents ability to meetexpectations on response time on a five-point scale,with 5 being well surpassed expectations and 1being fell way below expectations, first-time buyersrated their agent a mean of 4.2, a jump from lastyears 3.7. Repeat buyers, on the other hand, ratedtheir agent at 3.5, slightly lower than 3.6 in 2006.With many first-time buyers being Internet buyers aswell, their means of communication with their agentwas quite different from that of repeat buyers.

Three of four first-time buyers used mainly emailto communicate with their agent, compared tothree of ten repeat buyers. Four of five first-timebuyers got an update on their home closing fromtheir agent via email, compared to one in three forrepeat buyers.

Only one of two first-time buyers communicated

with their agent mainly through telephone, whilefour of five repeat buyers considered telephonethe primary means of communication with theiragent.

Less than one of ten first-time buyers also reportedface-to-face contact with their agent, while one offive repeat buyers had fact-to-face contact withtheir agent.

In addition to their agents ability to meet expectedresponse time, first-time buyers were also more satis-fied than repeat buyers with all aspects of the homebuying process, except one:

Eighty-seven percent of first-time buyers wereeither satisfied or very satisfied with the overallprocess of finding a home, compared to 73 per-cent of repeat buyers.

Eighty-six percent of first-time buyers were eithersatisfied or very satisfied with their agents overallperformance, compared to 69 percent of repeatbuyers.


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Eighty-nine percent of first-time buyers were eithersatisfied or very satisfied with the value theyreceived for the amount they paid their agent, com-pared to 67 percent of repeat buyers.

Eighty-nine percent of first-time buyers were eithersatisfied or very satisfied with their agents negoti-

ating skills, compared to 70 percent of repeat buyers. Ninety-six percent of first-time buyers were eithersatisfied or very satisfied with their agents assis-tance in searching for a home, compared to 78percent of repeat buyers.

Eighty-nine percent of first-time buyers were eithersatisfied or very satisfied with how well their agentkept them informed during the home buyingprocess, compared to 63 percent of repeat buyers.

Forty-six percent of first-time buyers were eithersatisfied or very satisfied with the information onhousing market conditions that their agents provided,compared to 53 percent of repeat buyers.


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Methodology &

Questionnaire


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an important part of your homebuying and selectionprocess? Traditional buyers were those whoresponded no to the question. Survey respondentswere selected on a random probability basis. Surveyresults are subject to a maximum sampling error of+/-3.5% at a 95% confidence interval.

One thousand six hundred surveys were conductedvia telephone interview. The sample consisted of 800Internet homebuyers and 800 traditional homebuyerswho had purchased their homes in the second half ofyear 2006. Internet buyers were those who respond-ed yes to the question Did you use the Internet as

Methodology


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Internet versus Traditional Home Buyers Study - Questionnaire

1. Do you or any member of your household work in any of the following fields?

Market Research Yes No If Yes, TerminateAdvertising Yes No If Yes, TerminateReal Estate Sales Yes No If Yes, Terminate

2. Have you purchased a home in the last six months?

1) Yes2) No If No, Terminate3) Unsure If Unsure, Terminate

3. Was this your first home purchase?

1) Yes (First-Time Buyer)2) No

4. What is the approximate distance between your previous residence and your new residence? _______________Miles.

5. When you first saw the home you purchased as a picture, on the Internet, or in person:(Read)

1) Did you find the home on your own? (Go to Q. 6)2) Did you become aware of the home through a real estate agent? (Skip to Q. 7)

6. You indicated you found the home on your own, how did you become aware of that home?(Read & Rotate)

1) Driving around looking for For Sale signs2) Print advertising (newspaper and/or magazine)3) Open house

4) Friends or relatives who referred you to that home5) Internet6) Other sources (Please Specify: ____________________________)


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7. Did you look at newspaper/magazine ads to search for a home?

1) Yes (Go to Q. 8)2) No (Skip to Q. 9)3) Unsure

8. In what publication(s) did you find your home?

9. Did you use the Internet as an important part of your home-buying and selection process?

1) Yes (Go to Q. 10)2) No (Skip to Q. 23)3) Unsure (Skip to Q. 23)

10. What type of Internet connection at the primary computer used, including wireless Internetaccess, did you use in your home-buying process(Do Not Read List)

1) Dial-up (analog)2) DSL (broadband)3) Cable modem4) Employers corporate T1/other business broadband5) Wireless Internet access6) Did not use Internet in home-buying process7) Other, please specify_________________

11. Which of the following best describes when you started using the Internet in your homebuying process? (Read)

1) Before I started looking for a specific home2) After I started looking for a home, but before I contacted a real estate agent3) After I contacted a real estate agent


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12. What Internet sites did you visit as part of your home buying process? (Do Not Read List)

1) California Living Network (ca.realtor.com)2) Homegain.com3) Move.com (Homestore.com)4) MSN Real Estate (realestate.msn.com)5) Homebuilder web sites6) Internet listing of a home that I was interested in7) Individual real estate agents web site8) Newspaper web sites9) Real estate company web sites10)Realtor association web sites11)Realtor.com12)Zillow13)You Tube14)Google Base15)Realestate.com16)Craiglist17)Trulia18)Redfin19)Others (Specify: __________________________)20)None21)Unsure

13. What was the first web site that you visited during your home buying process?

14. What was the most useful web site that you visited during your home buying process?

15. How satisfied were you with using the web during your home buying process? On a scale of 1to 5, where 5 is most satisfied, 3 is average level of satisfaction, and 1 is least satisfied, pleaserate the level of satisfaction with your experience _______


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16. For which of the following did you use the Internet as part of your home buying process?(Read & Check all that apply)

1) Learn about specific neighborhoods you might want to move to2) Preview homes so that you can narrow your search (via pictures, virtual tours, maps,

video) (NOTE: if checked also ask Q. 17)3) Identify specific homes you wanted your real estate agent to show you4) Find a real estate firm5) Find a specific real estate agent6) Get information on home financing and down payments

17. You indicated that you used the Internet to preview homes. On a scale of 1 to 5, where 5 is

extremely important, 3 is moderately important, and 1 is not at all important, pleaserate the following online features by the level of importance they were to you in your home viewing process? (Read & Rotate)

1) Multiple pictures/Slide show2) Virtual tours/Video3) Map/Directions4) Neighborhood profile5) Agent contact option6) Mortgage payment calculator

Please rate your level of agreement with the following statement on a scale of 1 to 5, where 5 isstrongly agree and 1 is strongly disagree.

18. Using the Internet helped me locate the best possible neighborhood ________19. Using the Internet helped me better understand home values ________20. Using the Internet helped me better understand the home-buying process ________21. Using the Internet put me more in control of the home-buying process ________22. Using the Internet gave me a better understanding of what real estate agents do

and how useful they are in the process ________

23. Did you use a real estate agent in your home buying process?

1) Yes (Go to Q. 24)2) No (Skip to Q. 56)


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24. How did you find your real estate agent? (DO NOT READ LIST)

1) Agents farming material (brochures, flyers, mailers to home)2) Referral from friends, relatives, neighbors, or other contacts3) For Sale signs in the neighborhood4) Prior dealings with real estate agent5) Internet listing on an aggregate web site (like Realtor.com) (Proceed to Q.25)6) Prior dealings with the company in other areas7) Agents web site8) Real estate companys web site9) Internet search engine10)Through an employer-based program11)Others (Specify: __________________________)

Ask Q.25 only of those respondents who chose (5) in Q.24

25. You indicated that you found your agent through an Internet listing of a home that you wereinterested in. At which web site did you find the listing? (Do Not Read List)

1) ca.realtor.com2) Homegain.com3) Move.com (Homestore.com)4) MSN Real Estate (realestate.msn.com)5) Homebuilder web sites6) Individual real estate agents web site7) Newspaper web sites8) Real estate company web site9) Realtor association web sites10)Realtor.com11)Zip Realty12)Zillow13)You Tube14)Google Base15)Realestate.com16)Craiglist17)Trulia18)Redfin19)Others (Specify: __________________________)20)Unsure


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26. How many agents did you interview prior to selecting the agent you used in your recent homepurchase? __________ If More than One, also ask Q.27 & Q. 28. Otherwise, skip to Q. 29

27. What was the single most important reason for selecting the agent that you used in yourrecent home purchase?

28. How important was the agents response time in the decision on your final selection? Pleaserate the level of importance on a scale of 1 to 5, where 5 is extremely important, 3 ismoderately important, and 1 is not at all important. __________

29. Did you Google your agent to find out information about him/her before the finalselection?

1) Yes (Go to Q.30)2) No (Skip to Q.31)3) Dont Know/Not Sure

30. What information about the agent were you able to find?

31. How many weeks did you consider buying a home before contacting a real estate agent? ___________Weeks.

32. How many weeks did you spend investigating homes and neighborhoods before contacting areal estate agent? ___________Weeks.

33. Once you found your agent, about how many weeks did you spend looking for a home withyour real estate agent? ___________Weeks.

34. About how many different homes did you preview and visit with him or her prior to yourpurchase? ___________Number of homes.

Now I would like to ask you some questions about the real estate agent you utilized in your homepurchase.


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35. Did your real estate agent: (Read & Check all that apply)

1) Update you on your home closing by e-mail?2) Have listings on the Internet?3) Have a web site for their real estate brokerage firm?4) Have his or her own, individual web site?5) Have a web page on MySpace?6) Use electronic or online forms in the transaction?

36. What was the most important means of communication with your real estate agent? (Do NotRead List)

1) E-mail2) Fax3) In person4) Telephone calls5) US mail/Direct mail6) Text Messaging7) Instant Messaging8) Other (Specify: __________________________)

37. About how often did you receive communications from your real estate agent?

38. What was the typical response time you EXPECTED (Stress) from your agent to return anyform of communication with you? (Do Not Read List)

1) Instantly2) Within 30 Minutes3) Within 1 Hour4) Within 2 Hours

5) Within 4 Hours6) 1 business day7) More than one business day8) Other (Specify: __________________________)


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39. On average, what was the ACTUAL time (Stress) it required for your agent to return anyform of communication with you? (Do Not Read List)

1) Instantly2) Within 30 Minutes3) Within 1 Hour4) Within 2 Hours5) Within 4 Hours6) 1 business day7) More than one business day8) Other (Specify: _____________________)

40. Did your real estate agent meet your expectations on response time? Please rate your agentsresponse time on a scale of 1 to 5, where 5 means your agent exceedingly surpassedexpectations, 3 means your agent met expectations, and 1 means your agent fell way belowexpectations. ___________

41. Was your real estate agent also the listing agent (sellers agent) for the home you purchased?

1) Yes2) No3) Unsure

Please rate your degree of satisfaction with the following aspects of your home buying experienceon a scale of 1 to 5, where 5 is most satisfied, 3 is average level of satisfaction, and 1 is leastsatisfied (Read and Rotate 42-49, but not 50).

42. Information on neighborhood: schools, crime, etc. ________43. Understanding the homebuying process ________44. Information on housing market conditions that your agent provided ________45. Your real estate agents negotiating skills ________46. The assistance your real estate agent provided in searching for a home ________47. Overall, how well your real estate agent kept you informed ________48. Overall process of finding a home ________49. Value received for what you paid your real estate agent ________50. Overall satisfaction with your real estate agent ________

51. Why do you have that level of satisfaction with your agent? Any other reasons?


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52. How would you compare the information you gathered on the Internet to the informationprovided by your real estate agent? (Read)

1) More useful than information provided by the real estate agent2) As useful as the information provided by the real estate agent3) Less useful than the information provided by the real estate agent4) Different information from that provided by the real estate agent5) Did not use the Internet to gather information

53. What form of communication have you received from your agent since the close of escrow?(CHECK ALL THAT APPLY) (Do Not Read)

1. None (Skip to Q.55)2. E-mail3. Fax4. In person5. Telephone calls6. US mail7. Other (Specify: __________________________)

54. What was the purpose of the communication? (Do Not Read)

1. Sent a gift2. A request for a referral3. A thank you note4. A request to use them as a reference5. Customer satisfaction related issues/survey6. Inform you about his or her change of name, change of office location, etc7. Socialize/keeping in touch8. Inform you about current market condition9. Want to sell you a property

10. Want to buy your property11. Other (Specify: __________________________)

55. If you were to utilize a real estate agent again in the sale of your current residence and/orpurchase of another home, would you use the same agent? (Please check one)



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56. If there is one thing you would like to change about your home buying experience, what would that be? (No multiple answers for Internet and/or Traditional Buyers)

57. What role did market conditions play in your decision to buy your home?

58. Did your escrow close on time?


Finally, I would like to get some information for classification purposes only.

59. Record, Do Not Ask:

1) Female

2) Male

60. What is your age? (Record exact age and check the appropriate category) _______ years

1) Under 25 years2) 25 to 34 years3) 35 to 44 years4) 45 to 54 years5) 55 to 646) 65 or older

61. What is your marital status?

1) Married2) Single3) Other


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62. What is the highest level of education you completed? (Please check one)

1) Grade school or less2) Some high school3) High school graduate4) Some college5) Vocational/technical school6) 4 year college graduate7) Post graduate

63. Which of the following categories best describes your total annual household income from allsources?

1) Under $35,0002) $35,000 to $49,9993) $50,000 to $74,9994) $75,000 to $99,9995) $100,000 to $149,0006) $150,000 to $199,0007) $200,000 or more

64. What was the price of the home you purchased? (Record exact number and in the categories

below) $_______________________

1) Under $200,0002) $200,000 to $299,0003) $300,000 to $399,9994) $400,000 to $499,9995) $500,000 to $599,0006) $600,000 to $699,9997) $700,000 to $799,999

8) $800,000 to $899,9999) $900,000 to $999,99910)$1,000,000 to $1,499,99911)$1,500,000 to $1,999,99912)$2,000,000 to $2,999,99913)$3,000,000 or more


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65. How would you describe your ethnic background?

1) African American, black2) Chinese3) European, Caucasian, white4) Filipino5) Hispanic, Latin American6) Indian7) Korean8) Middle Eastern9) Native America, American Indian10)Pacific Islander11)Pakistani12)Other Asian13)Other (Specify: ________________________________________)14)Refused

66. How often do you visit the Internet to shop online?

1) Never2) Once a month

3) 2 3 times a month4) 4 5 times a month5) More than 5 times a month


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67. Pre-code, Do Not Ask: What county do you live in?

1=Northern CA

1=Alameda (Oakland)2=Contra Costa3=Marin4=Napa

5=San Francisco6=San Mateo7=Santa Clara (San Jose)8=Santa Cruz

9=Solano10=Sonoma

2=Other CA

1=Alpine2=Amador3=Butte4=Calaveras5=Colusa6=Del Monte7=El Dorado8=Fresno9=Glenn10=Humboldt11=Imperial12=Inyo13=Kings Tulare14=Lake

15=Lassen16=Madera17=Mariposa18=Mendocino19=Merced20=Modoc21=Mono22=Nevada23=Placer24=Plumas25=Sacramento26=San Luis Obispo27=San Benito28=San Joaquin

29=Shasta30=Sierra31=Siskiyou32=Stanislaus33=Sutter34=Tehama35=Trinity36=Tuolumne37=Yolo38=Yuba39=Kern40=Monterey

3=Southern CA

1=Los Angeles2=Orange3=Riverside

4=San Bernardino5=San Diego6=Santa Barbara

7=Ventura


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Int vs Traditional Buyer 0708

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