SPOTLIGHT ON: Stats From the 2003 NAR Profile of Home Buyers and Sellers Every other year the National Association of Realtors (in the US) surveys consumers who bought or sold a home that year. Below are some of the findings from the 2003 survey. Home Buyers: • 40% were first-time purchasers • Typical buyer walked through 10 homes and searched 8 weeks before finding the home they purchased • 86% of buyers used a real estate agent during their search • 41% of homebuyers first found out about the home they purchased through an agent • 42% of buyers used the Internet frequently as part of their home search • Buyers typically searched for 2 weeks on their own before contacting an agent Home Sellers • The typical seller owned their home for 6 years • The typical home sold in 5 weeks • 83% of sellers sold their homes with the assistance of an agent • 70% of home sellers reported that they would definitely use the same agent in their next sale or recommend the agent to a friend Information sources used in a home search: Real Estate agent – 86% Yard Sign – 69% Internet – 65% Newspaper ad – 49% Open House – 48% Builder – 37% Home book/magazine – 35% TV – 22% Relocation Company – 14% 41% of buyers report that they first learned of the home they purchased through an agent. This is down from 50% in 1995. 11% reported the first learned of the home they purchased through the Internet – up from 1% in 1995, 2% in 1997, 4% in 1999 and 8% in 2001. Most buyers use multiple sources of information when searching for a home. In 2003 buyers rated real estate agents the most useful source of information (71%); 57% said the Internet 48% said yard signs and 45% said open houses were very useful. More than half of those buyers who used TV ads or a relocation company found them to be “not useful.” Most important factors in choosing a real estate agent: Reputation – 47% Knowledge of neighbourhood – 23% 93% of home buyers who used an agent indicated that they considered and agent’s knowledge of the purchase process to be very important. The majority of these buyers also felt that an agent’s speed of response, knowledge of the market, communication skills, negotiation skills, people skills, knowledge of the area, and technology skills were very important. 71% of buyers used the Internet at some point in their search for homes, compared to only 41% in 2001.Those buyers who used the Internet were generally younger and earned (38 years old, household income $70,700) more than their non-Internet using counterparts (47 years old, $56,300). Internet searchers were more likely to have at least two earners in the household and have children residing in the home. 89% of Internet searchers used a real estate agent, compared with only 79% of non-Internet users. What do homebuyers look for online? Listings – 93% Information about an area – 22% A real estate company – 6% A real estate agent – 4% There are two features that buyers look for in a real estate web site more than any other: photos (97%) and detailed property information (97%). 77% found virtual tours useful and 79% found interactive maps useful. Action taken as a result of Internet search: Drove by/viewed home – 72% Walked through home – 46% Found the agent used to buy home – 18% Information about mortgages – 15% Web sites used: MLS – 39% Real Estate Company web site – 39% Real Estate Agent web site – 29% Methods Real Estate Agent used to market home: Yard sign – 75% Internet – 61% Open house – 51% Newspaper ad – 48% Real Estate magazine – 34% Direct Mail – 17% Other – 11% TV – 6%

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