Home Buyer Profile

Thinking about selling your home? Following is information gathered in a study that focuses on home buyers, thier habits practices and comfort levels.

The 2003 Profile of Home Buyers and Sellers indicates that home buyers and sellers continue to rely on real estate professionals to assist them in all aspects of real estate transactions. Despite the growing number of resources that allow buyers and sellers to obtain real estate information on their own, real estate professionals remain the primary source of information for those searching for, or selling, a home. The vast majority of real estate transactions continue to involve one or more real estate professionals, with most buyers and sellers reporting that they are very satisfied with the performance of their agents.

HOME BUYERS:
Forty percent of home buyers were first-time purchasers.

The median age of buyers was 40 years.

Most buyers were married with no children residing in the home.

The median income for all buyer-households was $66,300; among first-time buyers, the median income was $54,800.

Twenty-eight percent of buyers purchased a new home.
The median price of homes purchased was $164,500.

Roughly one in ten recently purchased second homes was in a resort or recreation area.

The typical buyer walked through 10 homes and searched for eight weeks before finding the home they ultimately purchased.

Eighty-six percent of buyers used a real estate agent during their search.

Three quarters of buyers bought their home with the assistance of an agent.

Forty-one percent of home buyers first found out about the home they purchased through an agent.

Forty-two percent of buyers used the Internet frequently as part of their home search.

Buyers typically searched for homes on their own for two weeks before contacting an agent.

Forty-four percent of buyers found their real estate agent through a referral from a friend, neighbor or relative.

Eighty-nine percent of home buyers who used a real estate professional would definitely use, or consider using, their agent again.

Ninety-three percent of buyers obtained a mortgage to finance the purchase of their home.
NATIONAL ASSOCIATION OF REALTORS®