Fast Real Estate Facts

Conjecture abounds in real estate conversations. The best source for up-to-date facts about buying and selling a home is The National Association of Realtors(R). NAR offers real estate journalists a reliable source to report just the facts. Here are some fast facts based on their extensive research.

Home buyers:

-The typical first-home buyer is 32, and has a median income of $57,200. (Source: 2005 National Association of REALTORS® Profile of Home Buyers and Sellers.)

-According to the 2005 National Association of REALTORS® Profile of Home Buyers and Sellers, 79% of all homebuyers used the Internet as an information source. (Source: 2005 National Association of REALTORS® Profile of Home Buyers and Sellers.)

-The typical homebuyer searched for a home for 8 weeks before making a purchase. (Source: 2005 National Association of REALTORS® Profile of Home Buyers and Sellers.)

-The most popular reason for buying a home is the desire to own a home of their own, a need for more space/larger home, new job/relocation for a job, desire to be closer to a job, school, relatives or transit, need for less space, retirement, and desire for a vacation home/investment property. (Source: 2005 National Association of REALTORS® Profile of Home Buyers and Sellers.)

Home sellers.

-The typical homeseller owned their previous home for 6 years. (Source: 2005 National Association of REALTORS® Profile of Home Buyers and Sellers.)

-In the fourth quarter of 2005, the homeownership rate was 69%. (Source: U.S. Housing Market Conditions, Nov. 2005, HUD.)

-The typical home stayed on the market for 4 weeks before selling. (Source: 2005 National Association of REALTORS® Profile of Home Buyers and Sellers.)

-In 2005, when home buyers were asked where they first learned about the house they bought, 36% said real estate agents; 24% responded the Internet, 15% indicated yard signs; 5% said newspaper advertisement, 7% said friend/neighbor/relatives, 7% said the builder, 1% said home book/magazine, 3% knew the seller. (Source: 2005 National Association of REALTORS® Profile of Home Buyers and Sellers.)

-Recent home sellers lived in their previous home on average 6 years.(Source: The 2005 National Association of REALTORS® Profile of Home Buyers and Sellers.)

Fast Real Estate Facts