Jd Power measures home buyer/seller satisfaction

Jd Power and Associates recently conducted their 2009 home buyer/seller study. The study measures customer satisfaction of home buyers and sellers. The buyer experience was based on 3 factors, agent, office, and additional services. Seller experience was rated on 4 factors agent, marketing, office, and additional services. 

There is some interesting stats in this study but here a few highlights.

First time home buyers increase to 56% in 09 up from 44% in 08.

"The presence of more first-time buyers is encouraging, as it indicates that the real estate market is returning to more normal activity, with fewer speculators," said Howland. "However, real estate companies and agents must carefully manage first-time buyer expectations. Although these buyers may believe otherwise, they must still overcome the traditional barriers to purchasing a home, such as being able to fund down payments, closing costs and monthly payments. Solid advice and service from agents may assuage these first-time buyers' concerns and build customer loyalty."

Home sellers say on average 3.2 open houses were conducted in 09 for their property down from 4.5 in 08.

I find this stat interesting considering the market has been so tough. You would like agents would be doing more open houses trying to reach as many potential buyers and sellers as possible. Appears many agents don’t think open houses are worth their time?

One more interesting quote from the article.

For both buyers and sellers, the agent is still the most important driver of overall satisfaction. However, the importance of agents has declined substantially from 2008, while the importance of additional services has increased considerably-by 12 percentage points among buyers and 8 percentage points among sellers. In addition, actual usage of many of these services has decreased from 2008, likely due to cutbacks made by real estate companies in response to a depressed market. 

The importance of additional services has increased considerably by 12 percentage points, but the actual usage of these services has decreased?  That just doesn’t add up. Additional services are important but if they are not being used how important can they be? My belief is the perception of “extras” and “full service” experience is what consumers want? 

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