Transcript
Page 1: Trulia's American Dream Survey - Summer 2012

American Dream SurveySummer 2012

Page 2: Trulia's American Dream Survey - Summer 2012

Optimism Outpaces Reality

• Interest in supersized homes (3,200+ square feet) up to 11%, from 6% in 2011

• 78% of renters plan to buy someday

• 58% think prices will return to peak within 10 years

Page 3: Trulia's American Dream Survey - Summer 2012

Early Signs of Recovery Fuel Optimism

Key optimism drivers* Where the recovery stands now

Lower foreclosures and delinquencies

• Down 24% from worst.• Increasingly localized.

More sales • Up 10% vs. year ago.• Up 23% vs. worst.

Lower vacancy rates • Owner-occupied: down to 2.2%, same as early 2006.

• Rental: down to 8.8%, lowest since early 2002.

* “Key optimism drivers” based on Trulia 2011 Q4 survey

Page 4: Trulia's American Dream Survey - Summer 2012

Prices Have Turned the Corner

• Asking prices stabilized in Sept, rose in Feb

• Quarterly growth in 86 of 100 largest metros

Page 5: Trulia's American Dream Survey - Summer 2012

Supersized Homes Make Comeback

Page 6: Trulia's American Dream Survey - Summer 2012

Inventory Can’t Fulfill Big Dreams

Square footageIdeal Home Size

(survey)Current Inventory Mix

(Trulia listings)

800-1,400 8% 29%

1,401-2,000 29% 29%

2,001-2,600 25% 17%

2,601-3,200 16% 10%

More than 3,200 11% 12%

Page 7: Trulia's American Dream Survey - Summer 2012

First House Won’t be Dream Home

Amenity Renter DreamsFirst-Time Homeowner

Realities

En-suite master bathroom 62% 26%

Walk-in closet 56% 35%

Gourmet kitchen 50% 9%

Outdoor deck 50% 28%

Wood floors 47% 35%

Pre-wired entertainment system

31% 7%

Pool 24% 10%

Hot tub 22% 6%

Page 8: Trulia's American Dream Survey - Summer 2012

When will you buy? 2011 Survey 2012 survey

Within 6 months 4% 3%

7 to 12 months 7% 8%

13 to 24 months 11% 16%

More than 2 years 50% 51%

Never 28% 22%

Most Renters Want to Buy… Later

Page 9: Trulia's American Dream Survey - Summer 2012

Return to Bubble Prices? C’mon!

• 61% expect local prices to rise in next 12 months– Totally reasonable

• 58% expect local prices to return to peak in next 10 years– Healthy markets, sure.– Hardest-hit markets? Don’t bet on it.

Page 10: Trulia's American Dream Survey - Summer 2012

Still Far From Normal

• Each month we compare key metrics to the worst and normal– New Construction Starts– Existing Home Sales– Foreclosures &

delinquencies

• Now 37% back to normal

Page 11: Trulia's American Dream Survey - Summer 2012

Recovery: Slow, With Risk of Bumps

• At this rate, normal comes in early 2016

• Risks from Europe, budget, foreclosures

Page 12: Trulia's American Dream Survey - Summer 2012

Thank You!

More questions? Email [email protected]

Page 13: Trulia's American Dream Survey - Summer 2012

Methodology

The May-June 2012 survey was conducted online within the United States by Harris Interactive via its QuickQuery omnibus product on behalf of Trulia between May 22 -24 among 2,205 U.S. adults, of whom 1,402 were homeowners and 731 were renters and June 4-6, 2012 among 2,230 U.S. adults (aged 18 and over), of whom 1,486 were homeowners and 693 were renters. The August 2011 survey was conducted online within the United States by Harris Interactive via its QuickQuery omnibus product on behalf of Trulia between Aug 30-Sept 1, 2011 among 2,207 adults (aged 18 and over), of whom 1,392 were homeowners and 758 were renters. The January 2012 survey was conducted online within the United States by Harris Interactive via its Quick Query omnibus product on behalf of Trulia between January 30- February 2, 2012 among 2,236 adults (aged 18 and over), of whom 1,486 were homeowners and 693 were renters. Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents’ propensity to be online. These online surveys are not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodologies, including weighting variables, click here.


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