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NAR
2004 study of people in the home buying process:
Home buyers
v First-time home buyers account for about 40 percent of the home-buying public, a number that has remained fairly steady since 1993.
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The typical first-time buyer is 32 years old, has a household income of $54,500 and makes a downpayment of 3 percent on a home costing $139,000.
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The typical repeat buyer is 45 years old with a household income of $79,100 and places a downpayment of 22 percent on a home costing $209,000.
For sale by owner
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About 14 percent of home sellers are FSBOs, a number that has remained constant for the past few years. (The FSBO market share has fallen from a cyclical high of 18 percent in 1997.)
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32 percent of sellers who sold without a real estate agent knew the buyer in advance, meaning that about one-third of FSBO transactions are not placed on the open market.
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The median selling price of a home sold FSBO was 15.4 percent less than agent-assisted transactions. (FSBO sellers hoping to save on commissions may be losing it in lower sales prices.)
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FSBO sellers listed their key problem areas as: Getting the right price, prepping the home for sale, and understanding and completing paperwork.
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Half of FSBO sellers said they would go FSBO on their next home, and 34 percent were unsure.
Finding an agent
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44 percent of buyers were referred by a friend, neighbor or relative.
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13 percent used an agent from a previous transaction.
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8 percent saw contact information on a “for sale” sign.
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7 percent found an agent on the Internet.
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6 percent at an open house.
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5 percent each walked into a real estate office or were referred by another agent or broker.
Agents for buyers
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43 percent chose an agent by reputation.
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24 percent by knowledge of neighborhoods.
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Of buyers who used agents, 64 percent used buyer agents.
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84 percent of buyers said they would be likely to use the same agent again.
Agents for sellers
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About 80 percent of sellers used real estate agents.
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38 percent chose agents referred by a friend, neighbor or relative.
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31 percent used an agent they had used previously.
v 54 percent said reputation was the most important factor.
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19 percent said knowledge of neighborhood.
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82 percent said they would likely use the same agent again.
Market characteristics
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79 percent of transactions involved existing homes, and 21 percent new homes.
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62 percent of buyers or sellers were married couples.
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18 percent single women.
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8 percent single men.
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9 percent unmarried couples.
The typical buyer
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Walked through nine homes.
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Searched eight weeks.
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Moved 18 miles from the previous residence.
The typical seller
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Placed the home on the market for four weeks.
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Had lived in the home for six years.
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Had previously owned three homes, including the one being sold.
Resources to find homes
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90 percent used an agent.
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74 percent used yard signs.
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74 percent used the Internet.
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53 percent used newspapers.
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51 percent used open houses.
Internet sources
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52 percent mentioned Realtor.com.
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45 percent mentioned MLS Web sites.
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39 percent used real estate company sites.
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26 percent used agent sites.
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17 percent newspaper sites.
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81 percent of those using the Internet used a real estate professional.
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66 percent of non-Internet users used a professional.
How they found the home purchased
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38 percent of buyers said a real estate agent.
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16 percent said a yard sign.
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15 percent said the Internet.
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7 percent a friend, neighbor or relative.
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7 percent a home builder.
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5 percent newspaper ad.
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5 percent knew the seller.
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2 percent from a home book or magazine.
Second-home data
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The median price of a vacation home was $190,000.
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Median price of a second- home for investment was $148,000.
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The median age of second- home buyers was 50.
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The median income of second-home buyers was $83,700.
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73 percent of second-home buyers were married couples.
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12 percent were single males.
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11 percent were single females.
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4 percent unmarried couples.
