The Stressed Seller - Amy Bohutinsky
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Amy Bohutinsky presents on the stressed seller at the Premier Agent Forum 2017. Check out the live presentation on Youtube: https://youtu.be/Zmtjrx9OKT4
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The Stressed Seller - Amy Bohutinsky
- 1. THE STRESSED SELLER Amy Bohutinsky Chief Operating Officer Zillow Group
- 2. MEET “SUSAN” THE SELLER
- 3. MEDIAN AGE: 45 MARRIED $87,500 SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
- 5. 32% 31% 28% 9% ONE-THIRD OF SELLERS ARE MILLENNIALS MILLENNIALS GEN X BOOMERS SILENT GEN SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
- 6. 61% OF SELLERS ARE SELLING FOR THE FIRST TIME SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
- 8. ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT 2017 3,000 SELLERS
- 9. TREND 1: SUSAN IS STRESSED.
- 10. 71% LOOKING TO PURCHASE NEXT HOME WHILE SELLING SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
- 11. SELLERS WHO STRUGGLE TO SELL WITHIN THEIR DESIRED TIMEFRAME SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
- 12. TREND 2: SUSAN IS RESEARCH OBSESSED.
- 13. SELLERS CONSIDER AGENT REVIEWS AND RATINGS IMPORTANT SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
- 14. 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
- 15. 53% WANT TO KNOW HOW MANY PEOPLE HAVE VIEWED THEIR HOME ONLINE SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
- 16. 59% WANT TO SEE HOW THEIR HOME IS PERFORMING AGAINST SIMILAR HOMES SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
- 17. 59% WANT TO KNOW HOW MANY PEOPLE CONTACT THEIR AGENT ABOUT THE HOME SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
- 18. TREND 3: SUSAN IS TEMPTED TO DO THINGS DIFFERENTLY.
- 20. 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
Notas do Editor
- Meet Susan. By the numbers, she’s not that surprising.
- Median age: 45 years old Median household income of $87,500 78% of Susans are white
- When we dig into Susan, she becomes a lot more complex. And she’s changing. There is a generational shift in Susan…
- 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)
- 61% are selling for the first time, and the median age of these first-time sellers is 38.
- 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.
- 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
- 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.
- 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.
- 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%.)
- 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:
- And this is even more true the younger you are. 64% of Millennials 53% of Gen X 38% of Boomers 27% of Silent Gen
- 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%
- 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.
- 59% want to see how their home is performing against other similar homes for sale.
- 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.
- Trend 3: Susan is tempted to do things differently
- 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.
- 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%.
- VOG transition – will intro Greg and Spencer to come up together