| First time home buyers had the highest market share | | | | - 8% are unmarried couples and 1% are "other" |
| on record (since 1981) according to a survey by the | | | | - 15% are non-white and 9% were born outside of the |
| National Association of Realtors® (NAR). The NAR | | | | U.S. |
| surveys home buyers and sellers across the nation | | | | - The repeat buyer was typically 48 years old with a |
| each year, and the results of their survey were | | | | median income of $88,100 purchasing a home costing |
| released in November 2009 and cover the period from | | | | $224,500 |
| June 2008 through July of 2009. | | | | - 87% see their home as a good investment and more |
| The first time home buyer made up 47% of all buyers, | | | | than half see it as a better investment than stocks |
| up from an average of 40 to 41% over the previous | | | | What did they buy and how did they buy it? |
| 10 years. The previous high was 44% in 1991, also at | | | | - 78% bought a detached single family home |
| the peak of the previous significant downturn in real | | | | - 54% of the homes were in a suburb or subdivision; |
| estate. | | | | 18% were in an urban area |
| The fact that first time home buyers made up a | | | | - The typical home size was 1800 square feet |
| significant portion of home buyers this time around isn't | | | | - The median distance from their prior home was 12 |
| surprising given these two factors: | | | | miles |
| - Homes became more affordable as prices dropped | | | | - The median downpayment was 8% |
| across the nation | | | | - 8% paid all cash for their home The survey also |
| - The first time home buyer tax credit of up to $8,000 | | | | covered the typical home seller: |
| became available So what is the profile of this first | | | | - Their median age was 46 and their income was |
| time home buyer? According to the NAR survey: | | | | $91,100 |
| - Their median age was 30 | | | | - They had been in their home for 7 years |
| - Their median income was $61,600 | | | | - They moved a median distance of 19 miles |
| - The homes they purchased cost $156,000 | | | | - Their home was on the market for 10 weeks |
| - 55% financed their home with an FHA loan | | | | - Nearly half traded up, 30% bought a comparable |
| - 96% chose a fixed rate mortgage | | | | home, and 22% traded down |
| - 61% used their savings for the downpayment; 22% | | | | - 85% used a real estate professional |
| received a gift from a friend or a relative Also, | | | | - 42% used incentives to attract buyers, such as |
| according to this survey, are some interesting statistics | | | | paying for closing costs or providing a home warranty |
| of the typical buyer and buying process, whether first | | | | - The home sold for 95% of list price |
| time or repeat: | | | | - The home sold for a median increase of $36,000 |
| The Buying Process: | | | | over the seller's original purchase price There were |
| - Buyers started their home search process online and | | | | also some interesting stats on For Sale By Owner |
| then contacted a real estate agent | | | | (FSBO) properties: |
| - 90% of buyers used the Internet; 87% said they | | | | - These were a record low of 6% of homes sold and |
| relied on real estate agents | | | | has been trending downward since 1997 |
| - Buyers searched a median of 12 weeks before they | | | | - The median home price for sellers who used an |
| found their dream home | | | | agent was $215,000 vs. $172,000 for a home sold |
| - They viewed 12 homes before purchasing the one | | | | directly by the seller, however this difference can be |
| they wanted The Typical Buyer: | | | | explained by the fact that the FSBO sales were more |
| - 66% are married couples | | | | likely to be in a rural area and more likely to be a |
| - 21% are single woman; 10% are single men | | | | mobile or manufactured home. |