When you read reports like the NAR hombuyer study do you just say “interesting” and move on with your day or do you evaluate the reported trends and ask how can this information improve my business.  Do you have a plan to work with first time homebuyers (47% of homebuyers last year)? Single females accounted for 21% of home purchases while single men accounted for 10%.  One third of homebuyers used the internet first when looking for a home and 94% used the internet to search for homes.

Do you have a plan for next year? If so are you using the best data available to help you make good business decisions?

NAR 2009 Homebuyer Study

The NATIONAL ASSOCIATION OF REALTORS® surveys homebuyers and sellers annually to gather detailed information about the home buying and selling process. These surveys provide information on demographics, housing characteristics and the experience of consumers in the housing market. Buyers and sellers also share information on the role that real estate professionals play in home sales transactions.

Excerpts from the report:

Characteristics of Homebuyers
• Forty-seven percent of recent homebuyers were first-time buyers.
• The typical first-time homebuyer was 30 years old, while the typical repeat buyer was 48 years old.
• The 2008 median household income of buyers was $73,100. The median income was $61,600 among first-time buyers and $88,100 among repeat buyers.
• Twenty-one percent of recent homebuyers were single females, and 10 percent were single males.

Characteristics of Homes Purchased
• New home purchases were at the lowest level in eight years—down to 18 percent of all recent home purchases.
• The typical home purchased was 1,800 square feet in size and was built in 1991.
• Seventy-eight percent of homebuyers purchased a detached single family home.

The Home Search Process
• For more than one-third of home buyers, the first step in the home-buying process was looking online for properties.
• Nine in ten homebuyers and 94 percent used the Internet to search for homes.
• Real estate agents were viewed as a very useful information source by 81 percent of buyers who used an agent while searching for a home.
• Seventy-seven percent of buyers purchased their home through a real estate agent or broker.

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