Profile of New York Buyers and Sellers Released

The 2009 NAR Profile of Home Buyers and Sellers New York Report provides insight into the demographics of New York’s homebuyers and sellers. In July 2009, an 8-page survey was mailed to a random sample of 120,038 consumers who purchased a home between July 2008 and June 2009. Returned surveys were compiled and the following provides a brief summary of the findings.

Homebuyer Characteristics:

* 46% of NY homebuyers were first-time buyers (compared to 47% nationwide.)

* The typical first-time buyer was 31 years old; the typical repeat buyer 51.

* Median home price in NY was $146,000 (compared to $185,000 nationwide).

* 72% of buyers used the Internet during their search.

* Typical buyer searched for 12 weeks and viewed 10 homes.

Home Sellers:

* Sellers typically sold their homes for 95% of the listing price; 55% reported they reduced the asking price at least once.

* 87% reported their home was listed or advertised on the Internet.

* 90% of sellers used a real estate agent; 80% reported they would use that same agent again or recommend them to others.

* Only 8% of sellers said they sold their home without the assistance of an agent and more than one third of these sellers knew the buyer prior to the sale.

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