Survey: bigger share of first-time buyers

The latest annual National Association of Realtors Profile of Home Buyers and Sellers, released Friday, found that the share of first-time homebuyers rose to 47 percent of all home sales, compared with 41 percent in the 2008 study -- with 55 percent of first-time buyers using a Federal Housing Administration-insured loan and 8 percent using the Veterans Affairs loan program.

The results are based on 9,138 responses from a national sample of homebuyers who completed an eight-page survey in July 2009.

The median age of first-time buyers was 30 and the median income was $61,600, NAR reported. That compares to a median age of 48 for repeat buyers, who had a median income of $88,100.

Buyers participating in the study searched for a median 12 weeks and viewed 12 homes, the survey revealed. The median downpayment for all buyers was 8 percent, with 15 percent purchasing with no money down (compared with 23 percent in the 2008 survey) and 8 percent of buyers paying all cash.

About 36 percent of buyers said they first learned about the home they ultimately purchased via their agent -- which is equal to the amount that found their home on the Internet.

Twelve percent reported that they first learned about the home they purchased from a yard sign; 6 percent from a friend, neighbor or relative; 5 percent from a builder; 2 percent a print or newspaper ad; 2 percent directly from the seller; and less than 1 percent from a real estate book or magazine. ...CONTINUED

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