2009 PROFILE OF HOME BUYERS AND SELLERS

The NAR recently published its annual report on home buyer and seller statistics. Below is a brief summary of some of the relevant findings:
• Forty-seven percent of recent home buyers were first time buyers. The typical first time buyer was 30 years old and the repeat buyer was 48 years old.
• Over 90 percent of home buyers used the internet to search for homes.
• Seventy-seven percent of homes buyers purchased their home through a real estate agent/broker.
• Forty-four percent of buyers found their agent through a referral from a friend or relative.
• Ninety-two percent of home buyers financed their purchase.
• First time buyers who financed 100 percent of their purchase dropped to 15 percent from 23 percent.
• Eighty-five percent of home sellers used a real estate agent when selling their home.
• Recent sellers typically sold their homes for 95 percent of the listing price and 60 percent of them had at least one price reduction.
• Among recent sellers, 81 percent reported that they would use that real estate agent again or recommend to others.
• Of the approximate 10 percent of sellers who sold their home without the assistance of a Realtor, half knew the buyer prior to home purchase.
• Internet usage in buying and selling a home increased among all age ranges.
• Nearly 90 percent of all home buyers and sellers consulted a real estate agent during the process.
• Of the four most common methods of marketing homes for sale, print advertising is the least used at 37 percent. The Internet is used 90 percent of the time, yard signs 82 percent of the time and open houses are used 59 percent.