Jan. 30, 2009 - Survey shows a jump in first-time buyers

Annual profile of NJ home buyers and sellers

It's that time again when the New Jersey Association of REALTORS^® releases findings from the previous year's profiles of buyers and sellers.  The data is gathered from a survey of recent home buyers and sellers conducted on NJAR^®'s behalf.

• The number of first-time buyers rose from 36% in 2007 to 49% in 2008.
• The majority of home buyers believed the purchase to be a better investment than stocks.
• Of recent buyers, 32% reported that their first step in the home-buying process was looking online for properties for sale.  The median age of home buyers was 36 years.
• 50% of home buyers used social media sites such as Facebook, MySpace and Linked.In 
• In 2008, 84% of home buyers used a real estate agent or broker to purchase their home, as compared to 76 percent in 2007.
• Sellers typically sold their homes for 96% of the listing price, while 33% of people did not reduce their asking price before their home was sold. 
• The typical home was on the market for 12 weeks.
• The median age of home sellers was 48 years.
• 42% of sellers traded up to a larger home when purchasing their next home.
• 88% of sellers used the services of a real estate professional to sell their home.
• Of all For sale by Owner sellers, 40% reported difficulties in selling their home.

To read the entire executive summary of the 2008 report click here