The National Association of REALTORS® mailed an 8 page questionnaire in August 2007 to a national sample of 150,000 home buyers and sellers who purchased their home between July 2006 and June 2007. Almost 10,00 usable response were returned. Here are some excerpts from that survey.

Most people look for a real estate agent they can trust, and is knowledgeable about the local market conditions. They feel that the knowledge and experience help a REALTOR® add value to the real estate transaction.

79% of home buyers used a real estate professional

The typical house, nationally, cost $215,000

The most important role a buyer expects from a real estate agent is to help find the right house and to negotiate terms and price.

The typical home buyer is 39 years old and earned $74,000. Buyers searched eight weeks and visited ten homes before buying.

Buyers used a variety of methods to find their home – 84% used the Internet, 84% used a REALTOR®, 59% yard signs, 50% newspaper ads and 48 % of buyers attended open houses.

34% of buyers first learned of their new home from a real estate agent, 29% from the Internet and 14% from a yard sign

62% of buyers are married couples, 20% single women, 9% single men.

Most sellers, 81%, used a full-service brokerage, while 9% chose a limited service brokerage, and 9% chose  a minimal service brokerage. The limited and minimal services are for sellers  wishing to take an active role in the selling process, such as hosting their own open houses, contacting the buyers, negotiating price and terms and preparing the contract.

39% of FSBO properties were openly for sale, but were between parties who already knew each other, mostly family or acquaintances. The actual number of FSBO’s transactions were 7% of the market.

Total For Sale by Owner transactions were 12% of the market, down from a peak of 18% in 1997. 

The median price for a home sold by a real estate agent was 33% higher than a home sold without a real estate agent.

Unrepresented sellers reported that the most difficult tasks are understanding and performing the paperwork, preparing the home for sale and getting the right price. First time buyers comprised 39% of the transactions, and had a median age of 31 with a median income of $58,000. The typical home cost $165,000 and 45% of first time buyers purchased with no money down.

Non-first time buyers were typically 46 years old, earn $85,000 and purchased a home costing $250,000

Nearly 75% of all buyers purchased a single family home, 11% a condo, 9% a townhouse. 77% of the people who responded purchased an existing home, 23% new construction.

The median age of a seller is 45, with an income of $89,000. 75% are married couples, had been in their home for 6 years and moved a median distance of 18 miles.  Their home was on the market for 7 weeks.

The typical seller sold their home for 97% of the listing price.