Every year, the National Association of REALTORS® (NAR) conducts a survey to find out who today’s home buyers and sellers are. This year’s survey asked: Did home buyers use the tax credit? Are they trading up or going with a more modest home? How did buyers search for their home?
NAR surveyed people who participated in a real estate transaction between July 2009 and June 2010. The questions ranged from simple demographics, such as age and marital status, to more in depth questions like discovering the primary reason for purchasing a home and how long buyers expected to be in the home they just purchased.
Interesting Facts from the Report:
- In 2010, it took buyers an average of 12 weeks to find a home, which remained the same as in 2009.
- 57% of people used an agent that was either referred to them or one they had previously worked with.
- 87% of people would refer their agent or work with them again.
- In terms of the tax credit, 93% of first-time buyers and 48% of repeat buyers took advantage of it.
- Typically, sellers received 96% of their asking price. Of those that sold, more than half bought a house more expensive than their previous home.
- 43% of sellers did not reduce their asking price.
- 36% of all buyers polled looked online for properties for sale.
- 45% of all buyers walked through a home which they had previously viewed online.