| ORLANDO, FL -- A large pool of first-time homebuyers, who account for four out of ten home purchases, provide liquidity to the housing market and make it easier for existing owners to trade up or trade down, according to a new survey of home buyers and sellers released by the National Association of Realtors® during their recent Conference & Expo. The study examined transactions from mid-2003 to mid-2004. The typical first-time buyer is 32 years old, has a household income of $54,500 and makes a downpayment of 3 percent on a home costing $139,000. The typical repeat buyer is 45 years old with a household income of $79,100 and places a downpayment of 22 percent on a home costing $209,000. In all, 94 percent of buyers believe their home purchase is a good financial investment. The median selling price of a home sold directly by an owner was 15.4 percent less than agent-assisted transactions. "It appears that sellers wanting to save money by not using an agent may be losing money in lower sales prices, despite the fact many FSBO homes might be smaller," Lereah said. Married couples continue to dominate the housing market, accounting for 62 percent of transactions through the first half of 2004. Single women purchased 18 percent of homes while single men made up only 8 percent of the market. Unmarried couples were 9 percent, and 2 percent were listed as other. (Totals within categories do not equal 100% due to rounding.) The typical buyer walked through nine homes, searched eight weeks to buy a home and moved 18 miles from their previous residence, while the typical seller placed a home on the market for four weeks, had lived in that home for six years and previously owned three homes, including the one just sold. Existing homes are the lion's share of the market, accounting for 79 percent of transactions, while new homes make up 21 percent of purchases. These ratios differ from analysis of market share using statistics from the U.S. Census Bureau because that data does not include homes built on contract, which are not counted as new-home sales by Census. Source: NATIONAL ASSOCIATION OF REALTORS | 
