For Buyers

The 2008 NAR Profile of Home Buyers and Sellers provides research results on the experiences home buyers and sellers had when purchasing or selling their home. The majority of the respondents used a REALTOR® (a member of the NATIONAL ASSOCIATION OF REALTORS®). Here's what they had to say:

pspaar_familyCharacteristics of Home Buyers

• Forty-one percent of recent home buyers were first-time buyers. The typical first-time home buyer was 30 years old, while the typical repeat Buyer was 47 years old.
• The 2007 median household income of buyers was $74,900. The median income was $60,600 among first-time buyers and $88,200 among repeat Buyers.
• About one-quarter of first-time buyers identified their race or ethnicity as non-white.
• Twenty percent of recent home buyers were single females, and 10 percent were single males.
• For two-thirds of recent home buyers, the primary reason for the recent home purchase was a desire to own a home.
• For one-third of home buyers, the first step in the home-buying process was looking online for properties.
• Eighty-seven percent of all home buyers and 94 percent of buyers aged 25 to 44 years used the Internet to search for homes.
• Real estate agents were viewed as a very useful information source by 81 percent of buyers who used an agent while searching for a home.
• The typical home buyer searched for 10 weeks and viewed 10 homes.
• Six percent of buyers purchased a home in foreclosure.

Home Buying and Real Estate Professionals

• Eighty-one percent of buyers purchased their home through a real estate agent or broker. Among those who purchased a new home, this percentage
increased to 54 percent from 50 percent last year.
• Forty-three percent of buyers found their agent through a referral from a friend or family member.
• Seventy percent of buyers would definitely use their real estate agent again or recommend the same agent to others.

REALTORS® provide critical assistance with the home buying process.

A REALTOR®:

• Has many resources to assist you in your home search.
• Can provide objective information about each property.
• Can help you negotiate.
• Can help you determine your buying power.
• Provides guidance during the evaluation of the property.
• Can guide you through the closing process and make sure everything flows together smoothly.
Courtesy of NATIONAL ASSOCIATION OF REALTORS®

Home-Buyer’s Basics
10 Steps to Home Ownership
·  Step 1: Are You Ready?
·  Step 2: Get a REALTOR
·  Step 3: Get Loan Pre-approval
·  Step 4: Look at Homes
·  Step 5: Choose a Home
·  Step 6: Get Funding
·  Step 7: Make an Offer
·  Step 8: Get Insurance
·  Step 9: Closing
·  Step 10: What's Next?
Buyer's Basics
·  A Short Guide to Real Estate Lingo and Acronyms
·  Calculate Your Income vs. Debt
·  Costs Associated with a Home Loan
·  Don't Forget Your Pre-Approval Letter
·  Goodbye Inspection, Hello Trouble
·  Hiring a Home Inspector
·  Home Buying for Young People: Plan Ahead
·  Home Sweet Home: Shelter from Taxes
·  House-Hunting Tips
·  How a REALTOR Can Help
·  How Much Do I Have to Save to Buy a Home?
·  How to Choose a Home
·  How to Choose a Neighborhood
·  How to Choose a REALTOR
·  How to Get a Mortgage
·  How to Win the Bidding Wars
·  Making the Transition from Renting to Buying
·  Mortgage Basics
·  Negotiating to Yes
·  Take Charge When Buying a Home
·  Tax Benefits of Home Ownership Are Almost Too Good to Be True
·  Terms and Conditions
·  The Basics of Making an Offer
·  The Bottom Line on Contract Negotiation
·  Understand Your Credit
·  Wait! Are You Buying the Right House?
·  What a REALTOR Can Do for You
·  What Are My Mortgage Options?
·  What Is Escrow?
·  Why Use a REALTOR?
Courtesy of NATIONAL ASSOCIATION OF REALTORS®
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