CHICAGO - JULY 25: A real estate sign sits in...

Earlier this month, the National Association of REALTORS (NAR) released the results of their annual consumer survey: the 2008 NAR Profile of Home Buyers and Sellers!

Among the findings:

  • Satisfaction with real estate agents is very high among buyers. (that’s good news.) Nearly nine out of ten buyers would definitely or probably either use their agent again or recommend that agent to others.
  • Sixty-one percent of home buyers are married couples. Single women account for the next largest share of buyers – 20 percent.
  • First-time home buyers accounted for a larger market share of home purchases compared to the past FIVE surveys. The share of first-time buyers rose to 41 percent from 39 percent of transactions in last year’s survey and 36 percent in 2006.
  • The “typical” first-time home buyer was 30 years old – slightly younger than the typical age reported in 2007. The median income of first-time buyers was $60,600.
  • While married couple households account for 49 percent of all first-time buyers, single females represent a quarter of first-time purchasers.
  • The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years, up from seven years in 2007.
  • The typical repeat buyer was 47 years old, earned $88,200, purchased a home costing $236,000 and plans to stay in that home for 10 years.
  • 87 percent of buyers used the Internet in their home search, while 85 percent used a real estate agent. Home searchers also relied on yard signs (62 percent), open houses (48 percent) and print or newspaper ads (47 percent).
  • Slightly more than one third of buyers cited their real estate agent as the source of information on the home they ultimately purchased. Thirty-two percent cited the Internet. Indeed, buyers most commonly start their search process online and then contact a real estate agent!
  • More than 80 percent of home buyers purchased their property through a real estate professional. One in ten buyers purchased their homes directly through a builder or builder’s agent.
  • Because agents often are chosen based on a referral, or were used in a previous transaction, two-thirds of buyers contacted only one real estate agent in the search process. Nearly three out of ten buyers cited honesty and trustworthiness as the most important factor in choosing an agent. More than two out of ten said that the reputation of an agent was an important factor. One or the other of these two factors was considered most important for half of home buyers.

Married couples still remain the largest buying demographic with single females remaining firmly in second place.
More information here.

www.KnoxvilleHomeCenter.com is a great place to look for (and sell) a home in the greater Knoxville, Tennessee area.

Please call or email with any questions or comments.

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