Results from a 2007 Survey

• The Median Age of Home Buyers was 41 years old.
• For First-Time Buyers, the Median Age was 30.
• The Median Household Income of Home Buyers was $76,900 compared to $74,000 among
  all Home Buyers nationally.
• Sixty-Five Percent of Home Buyers reported that there were no children under age 18
  residing in the home.
• Fifty-Two Percent of Home Buyers were Married Couples, 18 Percent Single Females, 17
  Percent Single Males, and 11 Percent were Unmarried Couples.
• Seventeen Percent of Home Buyers were born outside the United States, compared to 9 Percent nationally.
• First-Time Home Buyers accounted for 36 Percent of Homes purchased in 2007.
• Fifty-One Percent of First-Time Home Buyers were between 25 and 34 years old.
• The Median Income of First-Time Home Buyers was $64,000 compared to $58,600 among
  all First-Time Buyers nationally.
• Seventy-Five Percent of Home Buyers between 18 and 24 purchased a Home because of
  their Desire to Own a Home of their Own and Establish a Household.
• Thirty-Three Percent of Home Buyers reported using Social Networking Web Sites, such as,
  MySpace, Facebook, LinkedIn, and Friendster.  Among Home Buyers aged 18 to 24, 70
  Percent reported using Social Networking Sites.

• Forty-Eight Percent of recent Home Buyers purchased Newly-Built Homes.
• Eighty Percent of Homes purchased were Detached Single Family Homes.
• The Typical Home Buyer purchased a Home 15 Miles from their Previous Residence.
• The Median Price of Homes purchased was $300,000 compared to $215,000 in the U.S.
• The Home Buyers purchased a Home that was an Average of 1780 Square Feet in size.
• Recent Home Buyers plan to live in their Home a Median of 6 Years.

• Twenty-Four Percent of recent Buyers reported that their First Step in the Home-Buying
  Process was looking Online for Properties for Sale.
• Twenty-One Percent of First-Time Buyers and 26 Percent of Repeat Buyers reported their First Step
  was to contact a Real Estate Agent.
• Seventy-Three Percent of Home Buyers used the Internet to Search for Homes.
• The Typical Home Buyer searched for a Home for a Median 6 Weeks and saw a Median
  12 Homes.
• Eighty-One Percent of Home Buyers used a Real Estate Professional during their Home
  Search.
• Among Home Buyers, the typical Internet Searcher was 39 years old and visited a Median 15 Homes.
• The typical Home Buyer that did not use the Internet to Search for Homes was
  49 years old and saw a Median 10 Homes.
• Forty-Seven Percent of Home Buyers first learned about the Home they purchased from a Real
  Estate Professional.
• Seventeen Percent first learned about the home they purchased through the Internet.
• Sixty-Seven Percent of Buyers viewed the Internet as a very useful Tool in their Home Search.
• Real Estate Agents were viewed as a very useful information source by 71 Percent of Buyers.

• Sixty-Nine Percent of Home Buyers purchased their Home through a Real Estate Agent or Broker.
• Buyers searched for a Median of 2 Weeks on their own before contacting an Agent.
• Sixty-Six Percent of First-Time Buyers were referred to their Agent by a Friend, Family Member, Neighbor or Relative.
• Ninety-Eight Percent of Buyers ranked Honesty and Integrity as a “Very Important” factor
  when choosing a Real Estate Professional to assist with a Home Purchase.
• When asked about their Agent’s performance on those qualities considered important,
  90 Percent reported they were “Very Satisfied” with the Honesty and Integrity of their Agent.
• Seventy-Five Percent of recent Buyers will definitely use their Agent again.

• Ninety-Six Percent of Home Buyers financed their Home Purchase.  100 Percent of First-Time
  Home Buyers financed the Purchase of their Home compared to 93 Percent of Repeat Buyers.
• Savings were the Main Source of the Downpayment for 71 Percent of First-Time Home Buyers.
• Fifty-One Percent of Repeat Buyers used proceeds from the Sale of their Primary Residence
  toward the Downpayment.  42 Percent relied on Savings for a portion of the Downpayment.
• Forty Percent of all Buyers believe that their Home Purchase was a better Financial
  Investment than Stocks.

• The Median Age of Home Sellers was 52 years.
• Home Sellers had a Median Income of $86,500.
• Fifty-Nine Percent of Home Sellers were Married and 69 Percent had no Children under 18 years old living at Home.
• Forty-Four Percent of Home Sellers traded up to a larger Home when purchasing their next Home.
• The typical Home Seller owned their Home for 5 years.
• Thirty-Nine Percent of recent Home Sellers reported that they undertook Home Improvement
  or Remodeling Projects within three months prior to putting their Home on the Market.
• The typical Home was on the Market for 8 Weeks.
• 40 Percent of Home Sellers did Not reduce their Asking Price before their Home sold.
• Recent Sellers typically sold their Homes for 97 Percent of the Listing Price.
• Ninety-Two Percent of Sellers used a Real Estate Agent to sell their Home.
• Fifty-Six Percent of all Sellers were Very Satisfied with the Selling Process.

• Sixty-One Percent of Sellers contacted only one Agent before selecting one to help assist
  in the Sale of their Home.
• When selecting a Real estate Professional, 29 Percent of Sellers received a recommendation
  from a Friend, Neighbor or Relative.
• The Reputation of the Agent was the Most Important factor when choosing a Real Estate
  Professional for 32 Percent of recent Sellers.
• Forty-One Percent of Sellers used the same Agent for their Home Purchase.
• For 20 Percent of Sellers, their Most Important expectation is that the Real Estate Agent will
  help Sell the Home within a Specific Timeframe.
• Eighty-One Percent of Sellers reported that their Home was Listed or Advertised on the Internet.
• Eighty-Four Percent of Sellers used an Agent that provided a broad range of Services and
  Managed most aspects of the Sales Transaction.
• Fifty-One Percent of Sellers reported they would definitely use the same Real Estate Agent again.

• Four Percent of Sellers Sold their Home without the assistance of an Agent
  compared with 12 Percent of Sellers nationally.
• Thirty-Three Percent of FSBO Sellers Sold a Detached Single-Family Home.
• For 33 Percent of FSBO Sellers, the Most Difficult task in Selling their Home was
  Understanding and Performing the Necessary Paperwork to complete the Transaction.
• 33 Percent of FSBO Sellers said the Second Most Difficult task was getting the Price right.