Did You Know?

January 13, 2010

By Sophia Stuart, Research Economist


Did You Know: Sources of Downpayment

* Fifty-four percent of buyers who made a downpayment relied on their savings, slightly less than the previous survey.
* Almost one in four of those who made a downpayment used proceeds from the sale of their primary residence; however, that is down from 34 percent in 2008 and 60 percent in 2007.
* A greater share of first-time buyers used their savings as a source of downpayment, while 42 percent of repeat buyers used proceeds from the sale of their primary residence.
* Single males more often used savings as a source of downpayment, while one in five unmarried couples used a gift from friends or relatives as a source of downpayment.

January 13, 2010



January 12, 2010

By Sophia Stuart, Research Economist

Did You Know: Mortgage Application Process

* Just over two-thirds of those who financed their homes said that the mortgage application process was no more difficult than expected.
* The share of those who said that the process was much more difficult increased from seven percent in last year's survey to 11 percent in the current survey.
* Repeat buyers generally had less difficulty than expected compared to first-time buyers. Single males and unmarried couples believe the process was slightly more difficult than they expected compared with married couples and single females.
* When seeking financing for their homes, 93 percent of recent buyers who successfully completed a purchase transaction were not rejected by any mortgage lenders, and 2 percent being rejected by two or more lenders.




January 11, 2010

By Sophia Stuart, Research Economist

Did You Know: Neighborhood Choice

* Many factors influence where a person chooses to purchase a home such as convenience to work, proximity to relatives or friends, and the quality of the school system.
* A majority of all home buyers (64 percent) across different locations listed quality of neighborhood as the most important factor influencing neighborhood choice.
* Convenience to work was the second most important factor with half of respondents citing its importance in choosing their neighborhood.
* Affordability of homes was also very important with 43 percent citing it as a factor in their neighborhood choice.





January 8, 2010

By T.J. Doyle, Research Marketing and Communications Manager

Did You Know: Most Important Factors When Choosing A Real Estate Agent

-> Home buyers rate honesty and trustworthiness among the most important factors when choosing a real estate agent. Nearly one-quarter said that the reputation of an agent was also an important factor. These two factors were considered most important by half of home buyers.

-> The honesty and integrity of a real estate agent was considered very important by the greatest number of buyers - 98 percent.

-> Knowledge of the purchase process, responsiveness, and knowledge of the real estate market were other qualities considered very important by more than 90 percent of home buyers. This pattern has been consistent over time as well.

-> The qualities and skills valued by buyers are nearly the same for first-time and repeat buyers and for buyers of
new and previously occupied homes and among different types of households. Honesty and integrity and knowledge of the purchase process top the list of skills and qualities considered very important by households of all types.

-> For a complete 2009 NAR Profile of Home Buyers and Sellers - available free only for REALTOR® members - For NAR members only.