Following up on my previous post, here are additional statistics form the National Association of REALTORS Profile of Home Buyers and Sellers 2009:
Forty-seven percent of recent home buyers were first-time buyers.
The typical first-time buyer was 30 years old, while repeat buyers averaged 48 years old.
Twenty-one percent of recent home buyers were single females; 10% were single males.
Median household income was $61,600 among first-time buyers and $88,100 among repeat buyers.
The median price of a home purchased was $210,000 in the Northeast, $158,000 in the Midwest, $175,000 in the South, and $240,000 in the West.
The typical home purchased was 1,800 sq. ft. in size and built in 1991.
New home purchases were 18% of all recent home purchases, the lowest level in 8 years.
Ten percent of buyers purchased a home in foreclosure, up from 3% in 2008.
Ninety percent of home buyers used the internet to search for homes, and this was the first step oin the process for one in three buyers.
Seventy-eight percent of buyers purchased their home through a real estate agent.
Forty-four percent of buyers found their agent through a referral from a friend or family member.
Eighty-five percent of sellers sold their home through a real estate agent.
Forty percent of represented sellers found their agent through a referral from a friend or family member.
Among represented sellers, 81% reported that they would definitely (59%) or probably (21%) use their agent again or recommend to others.
Eleven percent of sellers were unrepresented, ie., sold their home without the assistance of a real estate agent.
Forty-five percent of these successful unrepresented sellers knew the buyer prior to the purchase.
Recent sellers typically sold their homes for 95% of the asking price, and 60% reduced the asking price at least once.
Statistics are all fine and good, but their value is in what one does with them. Can't eat them, can't wear them, so we will have to find some other use to justify the time, effort, and money spent to compile them. I have some thoughts on that; might be a topic for next time.