HOMEBUYERS IN 2001:

Forty-two percent of homebuyers purchased a home for the first time in 2001.

The typical homebuyer household consisted of a married couple aged 36 years old with a household income of $71,300.

The most important reason for purchasing a home was the "desire to own a home."

The typical home purchased was an existing single-family detached house located in the suburbs.

The typical search took seven weeks during which the buyer visited ten homes.

Nearly four out of five homebuyers used a real estate agent as an important information source and to assist in the transaction.

Buyers were most likely to learn about the home that they ultimately purchased through a real estate agent.

More than half of homebuyers first learned about their real estate agent from either prior experience or referrals.

More than half of repeat homebuyers began their home search before they placed their previous home on the market.

More than eight out of ten homebuyers received recommendations from their real estate agent about sources for other real estate related services and/or products.

Nearly 90 percent of homebuyers who received at least one such recommendation purchased at least one product and/or service based on the real estate agent’s advice.

Two thirds of buyers said that they would definitely use the same agent again in a future transaction.

USE OF THE INTERNET:

Forty-one percent of homebuyers used the Internet as an information source.

Homebuyers who searched on the Internet were actually more likely to use a real estate agent to complete the home search and close the transaction.

Internet users tended to be younger and purchased more expensive homes than other homebuyers.

Virtually all homebuyers who used the Web found using the Internet in their home search to be at least "somewhat valuable."

Sixty-three percent of buyers said the Internet shortened the search time for their new home.

Source: THE 2002 NATIONAL ASSOCIATION OF REALTORS® PROFILE OF HOME BUYERS AND SELLERS