WORKING WITH INTERNATIONAL HOME BUYERS IN CALIFORNIA Presented by Carmen Hirciag Senior Research Analyst THINK GLOBALLY What is going on in the world economy? GLOBAL GDP EXPECTED TO IMPROVE US GDP GROWTH HAS BEEN MODERATE ANNUAL PERCENT CHANGE, CHAIN-TYPE (2005) $ 6% 2014 QUARTERLY ANNUAL 5% 4.6% 5.0% 4% 3.1% 3% 2.7% 1.9% 2% 2.8% 2.4% 1.9% 1.8% 1% 0% -0.3% -1% -2% -2.1% -3% -3.1% -4% 2005 2006 2007 2008 2009 2010 SERIES: GDP SOURCE: US Dept. of Commerce, Bureau of Economic Analysis 2011 2012 2013 Q1-14 Q2-14 Q3-14 GLOBAL UNEMPLOYMENT DECLINING US & CA UNEMPLOYMENT RATES FALLING SLOWLY 14% CA US 12% 10% 8% 7.2% 6% 5.8% 4% 2% 0% SERIES: Unemployment Rate SOURCE: US Bureau of Labor Statistics, CA Employment Development Division US & CA LABOR FORCE PARTICIPATION RATE ALSO FALLING SLOWLY CA 69% 67% 65% 63% 61% 59% SERIES: Labor Force Participation Rate SOURCE: BLS, Data Buffet US GLOBAL INFLATION STEADY US INFLATION IS HEALTHY 6% 5% 4% 3% 2% 1% 0% -1% -2% -3% SERIES: Consumer Price Index SOURCE: US Bureau of Labor Statistics DOLLAR VALUE RISING Value of Dollar Vs Basket of Currencies 140 130 120 110 100 90 80 70 60 SOURCE: Federal Reserve Board 2014.01 2013.01 2012.01 2011.01 2010.01 2009.01 2008.01 2007.01 2006.01 2005.01 2004.01 2003.01 2002.01 2001.01 2000.01 50 FDI NET INFLOWS GROWING $350.0 $300.0 Billions of $ $250.0 $200.0 $150.0 $100.0 $50.0 $0.0 Source: The World Bank FDI IN REAL ESTATE DOWN $4,000.0 $3,500.0 Millions of $ $3,000.0 $2,500.0 $2,000.0 $1,500.0 $1,000.0 $500.0 $0.0 Source: Bureau of Economic Analysis INTERNATIONAL HOME BUYERS IN THE U.S. INTERNATIONAL PURCHASES ACCOUNT FOR 7% OF REAL ESTATE TRANSACTIONS IN U.S. Sales (Billions) Foreigners (nonUS resident) 3% Foreigners (US resident) 4% Noninternational 93% Source: NAR 2014 Profile of International Home Buying Activity COUNTRY OF ORIGIN OF INTERNATIONAL BUYERS Canada 19% China 16% Mexico 9% India 5% UK 5% 0% 5% 10% Source: NAR 2014 Profile of International Home Buying Activity 15% 20% INTERNATIONAL BUYERS PREFER FL 25% 23% 20% 15% 14% 12% 10% 5% 0% Source: NAR 2014 Profile of International Home Buying Activity 6% 4% CALIFORNIA HOUSING MARKET The Impact of International Home Buyers SURVEY METHODOLOGY • email to random sample of CA REALTORS® in OctoberNovember 2014 • 466 respondents • closed escrow within 12 months prior to October/November 2014 with an international client (one who is not a citizen or permanent resident of the US) AGENT’S GENERAL INTERNATIONAL BUSINESS CLOSED TRANSACTIONS IN THE PAST 12 MONTHS DECLINED Median 12 11 9 10 8 6 4 2 0 2013 Q. How many real estate transactions did you close during the past 12 months? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 2014 SLIGHTLY MORE REALTORS® CLOSED A TRANSACTION WITH AN INTERNATIONAL CLIENT IN 2014 18% 17% 16% 16% 14% 12% 10% 8% 6% 4% 2% 0% 2013 2014 Q: How many of those closed transactions involved an international client (one whose permanent residence is located outside the United States)? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® # OF TRANSACTIONS CLOSED DECLINED Median 3.3 3.5 2.9 # of Transactions 3 2.5 2 1.5 1 0.5 0 2013 2014 Q: How many of those closed transactions involved an international client (one whose permanent residence is located outside the United States)? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® LAST TRANSACTION MAJORITY ARE BUYERS Buyer 100% 80% Seller Both 12% 8% 30% 22% 57% 70% 60% 40% 20% 0% 2013 2014 Q: Which side did you represent? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® MAJORITY BOUGHT IN SOUTHERN CALIFORNIA 2013 2014 65% 70% 60% 54% 50% 40% 29% 23% 30% 18% 12% 20% 10% 0% Southern CA Northern CA Q: Where was the property in your closed transaction with an international client located? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® Other CA TOP COUNTIES FOR INTERNATIONAL BUYERS County Percentage of Clients Los Angeles 20% San Diego 9.3% Riverside 9.0% Orange 8.7% Alameda 7.9% Santa Clara 5.4% Sacramento 5.1% Contra Costa 4.5% San Mateo 3.7% San Francisco / San Bernardino 2.8% Q: Where was the property in your closed transaction with an international client located? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® MOST SALES NOT DISTRESSED 2013 2014 89% 90% 79% 80% 70% 60% 50% 40% 30% 20% 8% 10% 4% 7% 3% 5% 0% Equity Sale REO Sale Q: What type of purchase did your last international client(s) make? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® Short Sale Other 4% MEDIAN LISTING PRICE UNCHANGED $500,000 $500,000 2013 2014 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Q: What was the initial listing price of the property in your last closed transaction with an international clients? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® MEDIAN FINAL SALE PRICE: $490,000 6% $2M+ 16% $1M to $1.9M 4% 4% $900,000 to $999,999 $800,000 to $899,999 5% $700,000 to $799,999 7% 6% $600,000 to $699,999 $500,000 to $599,999 14% 13% 12% 13% $400,000 to $499,999 $300,000 to $399,000 $200,000 to $299,999 Less than $200,000 0% 2% 4% 6% 8% 10% 12% Q: What was the final sale price of the property in your last closed transaction with an international client? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 14% 16% 18% MEDIAN FINAL SALE PRICE DROPPED 1.5% Median $500,000 $450,000 $497,500 $490,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2013 2014 Q: What was the final sale price of the property in your last closed transaction with an international client? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® SALE PRICE 2% LOWER THAN LIST PRICE Median $500,000 $450,000 $500,000 $490,000 List Sale $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Q: What was the final sale price of the property in your last closed transaction with an international client? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® MAJORITY INTEND TO USE THE PROPERTY AS A PRIMARY RESIDENCE OR INVESTMENT 43% Primary Residence 36% 33% Investment/Rental Property 29% 2014 20% Vacation/Second Home Other 2013 29% 4% 0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Q: What was the intended use of the property in your last closed transaction with an international client? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® MORE BUYERS PURCHASING PROPERTIES BELOW $500K FOR INVESTMENT 120% 100% 2% 80% 40% 3% 17% 4% 4% 34% 33% Other 25% Investment 60% 19% 21% 20% 40% Primary residence 56% 20% Vacation/2nd home 37% 43% 43% 0% below $500k $500k-$1M Above $1M SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® All buyers MORE BOUGHT CONDOS/TOWNHOMES 67% Residential detached SFH 59% 23% 28% Residential condo/townhome 4% 5% Residential MFH 2014 4% 6% Other Comercial retail space 1% 2% Commercial office space 1% 1% 0% 10% 2013 20% 30% Q: What type of property did your last international client purchase/sell? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 40% 50% 60% 70% 80% NEARLY HALF BOUGHT IN THE SUBURBS 48% Suburban 42% 33% Central city/urban 38% 10% 9% Small town/rural area 2014 2013 9% 9% Resort area 1% 2% Other 0% 10% 20% 30% 40% Q: Please select the category that best describes the location of the property in your last closed transaction with an international client? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 50% 60% MEDIAN SQUARE FEET: 1,900 5,000+ ft 8.2% 4,000 - 4,999 ft 2.9% 3,000 - 3,999 ft 9.6% 2,000 - 2,999 ft 28% 1,000 - 1,999 ft 45% < 1,000 ft 6.6% 0% 5% 10% 15% Q: How many square feet did the property have? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 20% 25% 30% 35% 40% 45% 50% MEDIAN SQUARE FEET 5% LOWER IN 2014 Median S q u a r e F e e t 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 2,000 2013 Q: How many square feet did the property have? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 1,900 2014 WHY BUY NOW? 2014 2013 23% To rent out property 14% 15% Changed jobs/relocated 12% 10% Change in family status 4% To flip for profit 0% 5% Q: What was your clients’ main reason for buying now? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 10% 15% 20% 25% MAJORITY ONLY CONSIDERED THE U.S. Only US 100% 90% Other countries 22% 25% 78% 75% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2013 Q: In which cities outside the U.S. did your buyer consider purchasing real estate? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 2014 WHY THE UNITED STATES? 2014 2013 30% To be closer to friends and family 21% 22% Other 20% Investment/tax advantages 8% 13% Child attending college 13% Business 6% Acquire legal status 0% 5% 10% Q: Why did your last international buyer choose to purchase in the U.S.? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 15% 20% 25% 30% 35% MORE BUYERS PURCHASING PROPERTIES ABOVE $1M FOR INVESTMENT & BUSINESS To be closer to family/friends Investment/tax advantages $1M+ Business $500k-$1M below $500k All buyers Child attending college Acquire legal status/immigration 0% SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 10% 20% 30% 40% 50% FEWER FIRST TIME BUYERS 60% 59% 50% 54% 40% 30% 20% 10% 0% 2013 2014 Q: In your last closed transaction with an international client, was that the buyer’s first home purchased in the U.S.? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 96% OF INTERNATIONAL BUYERS OWN OTHER PROPERTIES 30% 26% 27% 25% 19% 20% 15% 11% 10% 6.8% 5% 2.7% 0% 1 2 3 Q: How many other properties does your last international buyer own? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 4 5 6+ AVERAGE NUMBER OF OTHER PROPERTIES OWNED DECLINED 3.2 3.5 2.8 3.0 2.5 2.0 1.5 1.0 0.5 2013 Q: How many other properties does your last international buyer own? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 2014 MORE CLIENTS HIRED PROFESSIONALS TO HELP FACILITATE TRANSACTION IN 2014 25% 23% 20% 15% 13% 15% Attorney Accountant 10% 7% 5% 0% 2013 2014 Q: Did your client hire any of the following professionals to help facilitate the transaction? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® FEWER PROPERTIES FOUND OFF THE MLS MLS My listing Other Client found property 2014 Off-MLS Listing 2013 Open house Builder Advertisement From seller directly 0% 10% 20% Q: How did you find the property for your international buyer? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 30% 40% 50% 60% 70% BUYERS INTEND TO KEEP THE PROPERTY LONGER Median 7 7 # 6 o f 5 5 4 Y 3 e a 2 r s 1 0 2013 Q: How many years does your last international buyer intend to keep the property? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 2014 MORE PROPERTIES MANAGED BY PROPERTY MANAGERS IN 2014 Owner 100% Property Manager Other 11% 13% 36% 38% 53% 49% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2013 2014 Q: Who will manage the property in your last closed transaction with an international client? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® FINANCING FEWER INTERNATIONAL BUYERS PAID CASH All cash Cash from financing in home country Obtained financing in US 100% 90% 31% 35% 80% 3% 70% 60% 50% 40% 69% 63% 30% 20% 10% 0% 2013 Q: How did your last international buyer pay for the property? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 2014 MORE BUYERS PURCHASING PROPERTIES BELOW $500K PAID CASH 100% 90% 80% 70% 31% 40% 39% 2.8% 1.5% 3.2% 60% 35% 3.0% 50% Cash from financing in home country 40% 30% Obtained US financing 66% 57% 60% 63% 20% 10% 0% below $500k $500k-$1M Above $1M All buyers SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® All Cash DOWN PAYMENT DECLINED 30% 30% 25% 23% 20% 15% 10% 5% 0% 2013 2014 Q: How much was the down payment for the home purchased (as a percentage of the sale price)? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® DOWN PAYMENT CAME MOSTLY FROM PERSONAL SAVINGS 2014 2013 85% 82% Personal savings 11% 15% Proceeds from a sale of previous property 7% 5% Gift 5% 2% Sale of personal assets (other than real property) 3% 2% Other 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Q: What was the source of the down payment in your last closed transaction with an international buyer? N=87 SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® MORE ACQUIRED FIXED RATE LOANS IN 2014 2013 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 80% 2014 84% 16% 14% 5% Fixed rate Adjustable rate Q: What type of loan did your last international buyer acquire? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® Other 2% MORE ACQUIRED 30-YEAR LOAN TERMS 2013 2014 78% 80% 71% 70% 60% 50% 40% 30% 20% 10% 10% 15% 8% 8% 5% 6% 0% 30 years 10 years Other Q: What is the duration of the loan in your last closed transaction with an international buyer? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 15 years OBTAINING FINANCING IS LESS DIFFICULT 6.0 5.0 4.6 5.0 4.0 3.0 2.0 1.0 0.0 2013 2014 Q: Please rate how easy or difficult it was for your last international buyer to obtain financing. (1=Very easy, 10=Very difficult) SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® MAJORITY DIDN’T HAVE PROBLEMS WITH TRANSACTION 16% Finding a property 15% Bringing funds into the US 3% Immigration 2% Finding insurance 1% Figuring out property taxes 0% 2% 4% 6% 8% 10% Q: What, if any, other problems did your last international buyer encounter with the transaction? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 12% 14% 16% CLIENT / AGENT RELATIONSHIP REFERRALS ARE BEST WAY TO FIND INTERNATIONAL BUYERS Referral from a friend 22% Referral from a previous buyer 21% Client found me online 15% Client is a friend 7% Open house 7% Referral from another agent 6% Client responded to my ad 5% "For Sale" sign 4% Prior dealings with my brokerage 2% 0% Q: How did you find your last international client? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 5% 10% 15% 20% 25% INTERNATIONAL WEBSITES ARE GOOD WAY TO REACH FOREIGN BUYERS 38% International websites 2% International magazines 2% International social media 0% 5% 10% Q: How did you market yourself to international clients? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 15% 20% 25% 30% 35% 40% EMAIL IS MOST POPULAR FORM OF COMMUNICATION 60% 55% 50% 40% 30% 30% 20% 8% 10% 6% 1% 0% Email Telephone Text Message Q: How did you primarily communicate with your last international client? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® Other Video Calls MOST AGENTS & CLIENTS COMMUNICATE IN ENGLISH 80% English 11% Chinese 6% Spanish 4% Other 0% 10% 20% 30% 40% 50% Q: In which language did you primarily communicate with your last international client? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 60% 70% 80% MAJORITY AGENTS & CLIENTS COMMUNICATE VIA SMARTPHONE 2014 2013 54% Smartphone 45% 31% 31% Laptop 5% 7% Mobile phone 4% 6% Other 3% 4% Desktop Tablet 2% Landline 1% 2% 4% 0% 10% 20% 30% 40% Q: Which technological device did you utilize the most in communicating with your last international client? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 50% 60% HALF FOUND PROPERTY IN 1 MONTH OR LESS 50% 50% 45% 40% 35% 30% 25% 18% 20% 14% 15% 8% 7% 10% 5% 2% 2% 17-20 21-24 0% 0-4 5-8 9-12 12-16 # of Weeks Q: How many weeks did you spend looking for a property with your last international buyer? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 24-52 FEWER WEEKS SPENT LOOKING FOR PROPERTY Average 12 10 11.1 8 8.4 # of Weeks 6 4 2 0 2013 2014 Q: How many weeks did you spend looking for a property with your last international buyer? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® MAJORITY VIEWED < 9 PROPERTIES 30% 24% 25% 20% 15% 13% 10% 5.1% 5% 6.6% 8.1% 9.6% 8.5% 5.5% 6.6% 6.6% 20-30 30-50 3.7% 2.6% 0% 1 2 3 4 5 6 7 # of Properties 8 9-15 16-20 Q: How many different properties did you view with your last international buyer prior to the client making a purchase? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® FEWER PROPERTIES VIEWED IN 2014 Median 9.0 8.0 9.0 8.0 # of Properties 7.0 6.0 5.0 4.0 3.0 2.0 1.0 2013 2014 Q: How many different properties did you view with your last international buyer prior to the client making a purchase? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 70% MADE MULTIPLE OFFERS 25% 20% 20% 18% 15% 11% 10% 6% 5% 5% 7% 3% 0% 1 2 3 4 5 Number of Other Offers 6-10 11+ Q: How many offers did your last international buyer make on other properties (in addition to the one purchased)? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® FEWER OFFERS MADE IN 2014 Average 4.1 O t N h u e m r b e O r f f o e f r s 5 4 4 2.5 3 3 2 2 1 1 0 2013 2014 Q: How many offers did your last international buyer make on other properties (in addition to the one purchased)? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® WHO ARE INTERNATIONAL BUYERS? Demographics TYPICAL INTERNATIONAL BUYER 81% Married 81% College Educated 74% Male 43 Years Old 47% Asian $200K Median Income MANY INTERNATIONAL CLIENTS FROM CHINA 2014 2013 36% 35% China 11% Canada 14% 9.1% 8.3% Mexico UK 4.7% 3.5% India 4.7% 3.8% 0% 5% 10% 15% 20% 25% 30% Q: Please tell us about your last closed transaction with an international client. What is your client’s country of permanent residence? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 35% 40% CHINESE REMAINS TOP LANGUAGE AMONG INTERNATIONAL BUYERS Chinese 38% English 29% Spanish 10% Japanese 2.9% German 2.9% French 2.6% Russian 2.2% 0% 5% 10% 15% Q: What is your last international client’s primary language? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 20% 25% 30% 35% 40% MAJORITY ARE INDIVIDUALS LLC 6% Other Corporation 4% 5% Individual 84% Q: Was your last international client a(n): SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® MAJORITY OF INDIVIDUAL BUYERS ARE MALE 74% 80% 70% 60% 50% 40% 30% 20% 10% 0% Q: What is your (last international) clients’ gender? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 26% INTERNATIONAL BUYERS ARE GETTING YOUNGER Median 45 45 43 40 35 30 A 25 g 20 e 15 10 5 0 2013 Q: What was your (last international) client’s age at the time the transaction closed? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 2014 MOST INTERNATIONAL BUYERS ARE MARRIED Other 1% Single 18% Married 81% Q: What was your (last international) client’s marital status at the time the transaction closed? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® > 8/10 INTERNATIONAL BUYERS ARE COLLEGE EDUCATED 46% 50% 45% 40% 35% 35% 30% 25% 20% 11% 15% 10% 5% 5% 1% 2% 0% Grade school or less Some high school High school Some college 4-year college Graduate school Q: What is the highest level of education your (last international) client had completed at the time the transaction closed? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® OCCUPATION OF INTERNATIONAL BUYERS 15% Business/owner 12% Engineer 11% IT Finance 5.0% Doctor 5.0% Attorney 5.0% Teacher 4.0% Manufacturing 4.0% 3.0% Banker Investor 2.0% Developer 2.0% 0% 2% 4% Q: What does your last international client do for a living? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 6% 8% 10% 12% 14% 16% NEARLY 1/2 INTERNATIONAL BUYERS ARE ASIAN E t h n i c i t y 47% Asian 27% White 14% Other Hispanic 11% Black 1% 0% 10% 20% 30% Q: How would you describe your (last international) client’s ethnic background? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 40% 50% ANNUAL INCOME/REVENUE $200,000 $200,000 2013 2014 $200,000 $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 Q: What is your (last international) client’s annual income/revenue? SERIES: 2014 International Home Buyer Survey SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® STAY CONNECTED WITH RESEARCH CARResearchGroup CARResearchInfo On.car.org/CARResearch Housingmatters.car.org JOIN US FOR OUR NEXT WEBINAR… • Understanding California Home Sellers • Thursday, February 26, 2014 • 2:00 PM - 3:00 PM • To register: WWW.CAR.ORG/MARKETDATA/VIDEOS QUESTIONS? 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