Annually NAR sends a questionnaire to consumers who purchased a home between July of the previous year and June of the current year. This year’s questionnaire yielded 9,138 usable responses. We have posted some of the highlights we though would be helpful to both customers and Realtors alike.

 Characteristics of Home Buyers

 - 47% of recent home buyers were first-time buyers.

 - The typical first-time home buyer was 30 years old, while the typical repeat buyer was 48 years old.

 - The 2008 median household income of buyers was $73,100. The median income was $61,600 among first-time buyers and $88,100 among repeat buyers.

- 21% percent of recent home buyers were single females, and 10% were single males.

- For 1/3 of recent home buyers, the primary reason for the recent home purchase was a desire to own a home.

Characteristics of Homes Purchased

- New home purchases were at the lowest level in eight years—down to 18% of all recent home purchases.

- The typical home purchased was 1,800 square feet in size and was built in 1991.

- Seventy-eight percent of home buyers purchased a detached single family home.

- The median price of home purchased was $210,000 in the Northeast, $158,000 in the Midwest, $175,000 in the South, and $240,000 in the West.

- When considering the purchase of a home, commuting costs were considered very or somewhat important by 78 percent of buyers.

The Home Search Process

- For more than 1/3 of home buyers, the first step in the home-buying process was looking online for properties.

- 9 in 10 home buyers and 94 used the Internet to search for homes.

- Real estate agents were viewed as a very useful information source by 81% of buyers who used an agent  while searching for a home.

- The typical home buyer searched for 12 weeks and viewed 12 homes.

Financing the Home Purchase

- 92% of home buyers financed their recent home purchase.

- The percentage of first-time buyers who financed 100 percent of the purchase price with a mortgage dropped to 15% from 23% last year.

- Nearly half (47%) of home buyers reported they have made some sacrifices such as reducing spending on luxury items, entertainment or clothing.

- 1/5 of first-time buyers reported their mortgage application and approval process was somewhat more difficult than they expected, and one-in-ten reported it was much more difficult than expected.

Home Sellers and Their Selling Experience

- About ½ of home sellers traded up to a larger size and higher priced home and slightly more than 1/5 traded down to a smaller and less expensive home.

- 85% percent of sellers were assisted by a real estate agent when selling their home.

- Recent sellers typically sold their homes for 95% of the listing price, and 60% reported they reduced the asking price at least once.

- 42% of sellers offered incentives to attract buyers, most often assistance with home warranty policies and closing costs.

Home Selling and Real Estate Professionals

- 42% of sellers who used a real estate agent found their agents through a referral by friends or family, and 26% used the agent they worked with previously to buy or sell a home.

- 90% of sellers reported that their home was listed or advertised on the Internet.

- Among recent sellers who used an agent, 80% reported they would definitely (59%) or probably (22%) use that real estate agent again or recommend to others.

For-Sale-by-Owner (FSBO) Sellers

- The share of home sellers who sold their home without the assistance of a real estate agent was 11%. About half of them, 45%, knew the buyer prior to home purchase.

- Nearly 1/3 of FSBO sellers took no action to market their home, and 57% did not offer any incentives to attract buyers.

- 18% of FSBO sellers reported preparing or fixing up the home for sale was their most difficult task, while 15% reported getting the price right and an additional 15% reported understanding and performing paperwork was the hardest part of