The typical first-time home buyer was 30 years old, while the typical repeat buyer was 47. Most home buyers (93%) financed their purchase, with nearly half cutting back on expenses to qualify. The mortgage approval process was more difficult than expected for one quarter of first-time buyers. Internet use for home searching increased dramatically from 1995 to 2008.

1. 2008 National Association of Realtors Profile of Home Buyers and Sellers 2008 National Association of Realtors Profile of Home Buyers and Sellers

2. The Typical First-time Buyer Was 30 Yrs Old While The Typical Repeat Buyer Was 47 Yrs Old

3. 80% Said The Commute Was Very Important When Considering A Home 2008 National Association of Realtors Profile of Home Buyers and Sellers

4. 48% Find the right house Other 3% Help Financing 3% Determining how much to afford 3% Help Buyer Negotiate Terms Of Sale 13% Help With Paperwork 9% Determining What Comps Are Selling For 7% Help With The Price Negotiations 14%

5. 93% Of Home Buyers Financed Their Home Purchase 2008 National Association of Realtors Profile of Home Buyers and Sellers

6. Nearly Half Of Home Buyers Reported They Have Cut Back On Luxury Items, Entertainment And Clothing To Qualify For A Mortgage 2008 National Association of Realtors Profile of Home Buyers and Sellers

7. One Quarter Of First-time Home Buyers Reported That The Mortgage Approval Process Was More Difficult Than Expected 2008 National Association of Realtors Profile of Home Buyers and Sellers

8. One Fifth Of Home Sellers Traded Down To A Smaller And Less Expensive Home 2008 National Association of Realtors Profile of Home Buyers and Sellers

9. Over Half Of Home Sellers Traded Up To A Larger And Higher Priced Home 2008 National Association of Realtors Profile of Home Buyers and Sellers

10. More Than 92% Of Home Buyers Under 44 Used The Internet To Search For A Home In 2008 2008 National Association of Realtors Profile of Home Buyers and Sellers

11. 8 Out Of 10 Buyers 45-64 Years Old Used The Internet To Search For Homes 2008 National Association of Realtors Profile of Home Buyers and Sellers

12. In 1995, 2% Of All Home Buyers Used The Internet To Search For A Home 2008 National Association of Realtors Profile of Home Buyers and Sellers

13. By 2008, 87% Of All Home Buyers Used The Internet To Search For A Home 2008 National Association of Realtors Profile of Home Buyers and Sellers

14. 3 Out Of 4 Home Buyers Drove By Or Viewed A Home They Saw Online 2008 National Association of Realtors Profile of Home Buyers and Sellers

15. 81% Of Buyers Said The Internet Was A Very Useful Tool To Search For A Home 2008 National Association of Realtors Profile of Home Buyers and Sellers

16. Buyers Cited The Internet & Real Estate Agents Equally As The Most Useful Tools When Looking For A Home 2008 National Association of Realtors Profile of Home Buyers and Sellers

17. Three Times As Many Buyers Found Their Home Online In 2008 Than They Did In 2003 2008 National Association of Realtors Profile of Home Buyers and Sellers

18. In Fact, More Buyers Find Their New Home Through The Internet 2008 National Association of Realtors Profile of Home Buyers and Sellers

19. Than 2008 National Association of Realtors Profile of Home Buyers and Sellers Newspapers, Home Books, Direct Connection With Seller And Yard Signs Combined