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National Association of Realtor's 2002 Profile of Home Buyers and Sellers
Nearly two-thirds (62%) of home buyers with Internet access and 41 percent of all home buyers use the Web to shop for their next home, according to NAR's 2002 Profile of Home Buyers and Sellers survey. The study also indicated that 77 percent of all Internet home shoppers buy a home through a real estate agent or broker, compared with 64 percent of traditional buyers. Sixty-seven percent of these buyers said they would use the same agent in a future transaction.
The
percentage of for-sale-by-owners (FSBOs) declined from 16 percent in 1999 to 13 percent in 2001. The study also revealed that homes sold by a real estate agent captured a higher price than those sold by an owner. The median selling price of a home sold directly by an owner was $137,400, while the median selling price of a home sold by an agent was $175,000.
Other interesting statistics revealed by the survey;
- The typical buyer searched for seven
weeks to find a home.
- The average length of time from contract
to closing was five weeks
- First-time buyers accounted for 42
percent of sales in 2001
- Married couples accounted for 68 percent
of transactions
- The typical home was on the market for four weeks.
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