The 2006 NATIONAL ASSOCIATION OF REALTORS® Profile of Home Buyers and Sellers describes the characteristics and motivations of recent home buyers and sellers and in so doing helps real estate professionals track the changing demands of consumers in a dynamic market.  We thought you might be interested in some of the snippits from this important research.  

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 search 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 viewed online.
  • Typical buyers searched for eight weeks before finding the home they
  • purchased.

HOME BUYING AND REAL ESTATE PROFESSIONALS

  • Over three-quarters of buyers used a real estate agent to purchase their home.

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