The 2010 National Association of Realtors (N.A.R.) annual survey of homebuyers and sellers is now available. The survey included an eight-page questionnaire which was mailed to over 100,000 consumers who purchased a home between July 2009 and June 2010.
The survey showed that first-time homebuyers made up 50 percent of the market largely in part by low home prices, low interest rates and the two government tax incentives.
It was further discovered that 4 percent of buyers bought a home that had been foreclosed upon or participated in a short sale transaction. Also nearly 40 percent of those surveyed did not consider buying a foreclosed home. Close to 20 percent did not want to try and buy a foreclosed home because they felt that the process was too difficult and took much too long while others decided against it because the properties needed too much repair work.
The survey also pointed out how homeowners searched for homes when they were initially looking to buy and nearly 75 percent of buyers indicated they used the internet for their search process. Twenty percent worked with a real estate agent right from the start. There was also a fraction that drove through neighborhoods to start their home search.
For buyers who used the internet in their search process MLS websites were their main source of information while others used Realtor.com, real estate company websites, Zillow, Homegain, and Yahoo.
Despite the heavy use of the internet by potential homebuyers, real estate agents were much more responsible for assisting buyers find a home that was ultimately purchased.
With technology playing a larger roll in helping homebuyers find a home there are still some things that remain the same when it comes to finding a home. For instance, a yard sign was the third most likely source of information leading to a home purchase this year just as it was in 2001.
No matter what buyers used to find their home this past year this newly released survey remains a valuable resource for both agents and sellers alike.