The document analyzes data from a survey of over 8,000 recent home buyers and sellers in the United States. It provides details on the demographics of buyers and sellers, including the typical age and household characteristics. Additionally, it outlines the key reasons for purchasing or selling a home, details on the home search and sales process, and levels of satisfaction with using real estate agents.

3. Home Buyers

5. Share of First-Time Buyers

7. Why do buyers want to own today? All Buyers First-time Buyers Repeat Buyers Desire to own a home of my own 31% 53% 10% Desire for larger home 9 2 15 Change in family situation 8 7 10 Home buyer tax credit 8 13 3 Job-related relocation or move 7 2 12 Affordability of homes 6 8 4 Desire to be closer to family/friends/relatives 5 1 10 Desire for a home in a better area 5 2 7

10. Expected Tenure in Home

11. Importance of Commute Costs

12. Importance of Energy Efficiency

13. Senior-related housing Share who purchased a home in senior related housing (among buyers over 50) 11% Type of Home Purchased: Detached single-family home 51% Townhouse/row house 9 Apartment/condo in building with 5 or more units 13 Duplex/apartment/condo in 2 to 4 unit building 9 Other 17

14. The Search Process

15. First Step in Buying Process All Buyers AGE OF HOME BUYER 18-24 25-44 45-64 65 or older Looked online for properties for sale 36% 34% 40% 36% 21% Contacted a real estate agent 19 16 16 21 35 Looked online for information about the home buying process 11 16 13 8 4 Contacted a bank or mortgage lender 8 11 9 7 4 Drove-by homes/neighborhoods 7 4 5 10 12 Talked with a friend or relative about home buying process 7 13 8 4 6 Visited open houses 4 2 2 5 9

16. Frequency of Use of Different Information Sources

17. Usefulness of Information Sources

18. Length of the Search Process Number of Weeks Searched

19. Where Buyer Found Their Home

20. Satisfaction With Buying Process

21. Method of Home Purchase

22. What do buyers want from real estate professionals?

23. Benefits Buyers Had When Using an Agent All Buyers First-time Buyers Repeat Buyers Helped buyer understand the process 66% 80% 53% Pointed out unnoticed features/faults with property 53 55 50 Negotiated better sales contract terms 42 43 40 Improved buyer's knowledge of search areas 42 41 43 Provided a better list of service providers 41 41 42 Negotiated a better price 34 34 34

25. Financing the Home Purchase

28. Home Buyer Tax Credit All Buyers First-time Buyers Repeat Buyers Used tax credit 71% 93% 48% Did not qualify for tax credit 27 6 49 Was not aware of tax credit 2 1 3

29. Housing a Good or Bad Financial Investment? All Buyers Good financial investment 85% Better than stocks 47 About as good as stocks 30 Not as good as stocks 9 Not a good financial investment 4 Don't know 11

30. Home Sellers

32. Home Selling Situation

36. Equity Earned in Home TENURE IN HOME All Sellers Dollar value Percent 1 year or less $37,626 17% 2 to 3 years $0 0% 4 to 5 years $6,000 3% 6 to 7 years $17,000 11% 8 to 10 years $35,000 26% 11 to 15 years $49,000 40% 16 to 20 years $79,100 78% 21 years or more $108,300 152% Median $33,000 24%

37. Satisfaction With Selling Process

38. Method Used to Sell Home

40. Method to Market Home All Homes Listing on the Internet 91% Yard sign 79 Open house 56 Print newspaper advertisement 28 Real estate magazine 25 Other Web sites with real estate listings 25 Direct mail (flyers, postcards, etc.) 16 Video 12 Social networking Web sites 5 Television 2 Video hosting Web sites (e.g., YouTube, etc.) 2 Other 5

41. Buyer Side: Use of Information Sources

43. FSBO Sellers

45. FSBO Selling Market All Sellers All FSBO Seller Knew Buyer Seller did not Know Buyer All Agent-assisted Agent-assisted only First FSBO, then Agent-assisted Median selling price $190,000 $140,000 $139,600 $155,700 $199,300 $200,000 $168,000 Median (sales price as a percent of asking price) 96% 100% 100% 97% 96% 96% 93% Percent who reduced asking price 57% 42% 23% 62% 59% 59% 62%

46. Where to Find Your Copy Via the “Right Tools, Right Now” webpage: http://www.realtor.org/prodser.nsf/RightTools/ResearchTools?OpenDocument