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First Time HomeBuyers - some interesting stats

Information Sources For First Time Homebuyers house

87% used the Internet to gather information

49% Used Newspaper Ads

44% Open Houses

30% used Home book or magazine

29% found they home they purchased on the Internet;

56% did a virtual tour online

 9% TV

How First-Time Buyers Found Agents to Work With

54% relied on family, friends to help them find a real estate agent

32% interviewed 2 to 3 agents before choosing one to work with.

 9% found their real estate agent on the Internet

 1% Thru Newspaper and Home Magazine Ads

The name of the game here is networking and developing a referral-based business.  For repeat buyers, only 68% of people would DEFINITELY use their agent again, meaning that 32% are asking others for referrals all over again. 

Financing the Home Purchase

73% used own savings as down payment:

22% received gift funds

98% used a mortgage to finance the purchase

81% chose a Fixed-Rate Mortgage

Single males accumulated more of their down payment from savings than single females.  Single females relied on gifts of money.  The third source of down payment funds was from the sale of stocks and bonds.  It’s important to consider this information when creating the content for first time homebuyer seminars, your website and print ads.

Published Tuesday, September 09, 2008 9:50 AM by Wanda Westover

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