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WASHINGTON – The findings from the 2004 National Association of RealtorsT Profile of Home Buyers and Sellers show that when it comes to buying and selling a home, consumers are collecting information from many sources but continue to rely on real estate professionals to assist with the transaction. The following are some of the survey highlights: Homebuyers * 40% of homebuyers were purchasing for the first time * their median age was 39 years and median income was $67,100 * more than half of buyers had no children residing at home * 24% of first-time homebuyers identified themselves as African-American, Hispanic/Latino, Asian/Pacific Islander or other Homes * 21% of buyers bought a new home * the median price of homes was $175,000 * the majority of buyers rated neighborhood quality as the most important factor in their selection Searching for a Home * before making their purchase decision, first-time buyers searched for nine weeks and saw nine homes, while the typical repeat buyer searched for seven weeks and saw 10 homes * 90% of buyers used a real estate agent during their search * 53% of buyers used the Internet frequently as part of their home search * 38% of homebuyers first found out about the home they ultimately bought through an agent Homebuyer and Real Estate Professionals * 44% of buyers found their real estate agent through a referral from a friend, neighbor or relative Home Sellers * the typical home seller owned their home for six years * 55% of the sellers bought a home that was larger than the one they sold * 83% sold their home with a real estate agent’s assistance Home Sellers and Real Estate Professional * 73% of sellers contacted only one agent before listing their home * 38% found their listing agent through a referral from a friend, neighbor or family member * when choosing an agent, 54% said an agent’s reputation was the most important factor * 63% of sellers said they’d definitely use the same agent again or recommend them to a friend * 4% of agents were compensated by the seller and paid a flat fee. -

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