The National Association of Realtors Study

The National Association of Realtors does a study every year on people who bought or sold real estate and below are some of stats generated from that study.


Characteristics of home buyers
41% of recent home buyers were first time buyers
The typical first time home buyer was 30 years old, while the typical repeat buyer was 47.
The 2007 median household income of buyers was $74,900. The median income was $60,600 among first time buyers and $88,200 among repeat buyers.
About ¼ of first time buyers identified their race as white.
20% of recent home buyers were single females, and 10% were single males.
For 2/3 of home buyers, the primary reason for the recent home purchase was the desire to own a home.

Characteristics of homes purchased
New home purchases were 21% of all recent home purchases, down from 23% a year ago
The typical home purchased was 1825 square feet.
78% of home buyers purchased a detached single family home
When considering the purchase of a home, commuting costs were considered very or somewhat important by 80% of buyers.

The home search process
For 1/3 home buyers, the first step was looking online for properties.
87% of all home buyers and 94% of buyers aged 25 to 44 years used the internet to search for homes.
Real estate agents were viewed as a very useful information source by 81% of buyers who used an agent in the home search process.
The typical home buyer searched for 10 weeks and viewed 10 homes.
6% of buyers purchased a home in foreclosure.

Home buying and real estate professionals
81% of buyers purchased their home through a real estate agent or broker. Among those who purchased a new home, this percentage increased to 54% from 50% last year.
43% of buyers found their agent through a referral from a friend or family member.
70% of buyers would definitely use their real estate agent again or recommend the same agent to others.

Financing the home purchase
93% of home buyers financed their recent home purchase
The percentage of first time home buyers who financed 100% of the purchase price with a mortgage dropped to 34% from 45% last year.
46% of home buyers reported they have made some sacrifices such as reducing spending on luxury items, entertainment, or clothing in order to qualify for a mortgage
25% of first time buyers reported that the mortgage application and approval process was somewhat more difficult than they expected, and 10% reported it was much more difficult than expected.

Home sellers and their selling experience
Slightly over half of home sellers traded up to a larger and higher priced home and slightly more than one fifth traded down to a smaller and less expensive home.
84% of sellers were assisted by a real estate agent when selling their home
Recent sellers typically sold their homes for 96% of the listing price, and 60% reported they reduced the asking price at least once.
42% of sellers offered incentives to attract buyers, most often assistance with closing costs and home warranty policies.

Home selling and real estate professionals
38% of sellers who used a real estate agent found their agents through a referral from friends or family, and 26% used the agents they worked with previously to buy or sell a home.
90% of sellers reported that their home was listed or advertised on the internet.
Among recent sellers who used an agent, 85% reported they would definitely (65%) or probably (20%) use that real estate agent again or recommend the agent to others.