NAR 2008 Survey Highlights:
41% of recent home buyers were 1st time buyers
1/3 of home buyers 1st step was to look online for properties
87% of all home buyers used the Internet to search for homes
94% of buyers aged 25 to 44 used the Internet to search for homes
Real estate agents were viewed as a very useful information source by 81% of buyers who used an agent while searching for a home
The typical home buyer searched for 10 weeks and viewed 10 homes
81% of buyers purchased their home through a real estate agent or broker
¼ of 1st time buyers reported that the mortgage process was somewhat more difficult than expected
67% of homebuyers in the Midwest were under 45 years old
The 3 overall factors that most influenced a neighborhood choice were quality of the neighborhood, convenience to job and affordability of homes
The median price paid by recent purchasers in the Midwest was $174,500
81% of buyers found the Internet and agents very useful information source
3% found the house they purchased through the newspapers, 1% through homes magazines
86% of buyers ranked multiple photos as very useful on websites
84% of buyers ranked detailed information as very useful on websites
68% of buyers ranked Virtual Tours as very useful on websites
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