Characteristics of Home Buyers…

According to the National Association of Realtors in a 2006 study:

Characteristics of Home Buyers:
-The typical home buyer was 41 years old. Among first-time buyers, the median age was 32.
-More than one-quarter of buyers reported a 2005 household income of at least $100,000.
-Sixty-one percent of recent home buyers were married.
-For repeat buyers, the most important reason for their purchase was a desire for a larger home.

Characteristics of Homes Purchased:
-One in five homes purchased by recent buyers was newly built.
-Three-quarters of homes purchased were detached single-family homes.
-Neighborhood quality was the most important factor for buyers in selecting a location.
-The typical buyer purchased a home that was slightly more than 1,800 square feet in size.

The Home Search Process:
-Eighty-five percent of home buyers used a real estate agent during their durch for a home.
-Nearly three-quarters of buyers viewed the internet as a very useful tool in their home search.
-A majority of buyers reported that they drove by a home they viewed online.
-Typical buyers searched for eight weeks before finding the home they purchased.

Home Buying & Real Estate Professionals:
-Over three-quarters of buyers used a real estate agent to purchase their home.