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For Immediate Release: Survey Reveals Importance of Real Estate Agents and the Internet in the Home Buying Process(Edison, NJ) Prospective home buyers continue to rely on real estate agents for information during the process of searching for a home even as more people search for homes online, according to a survey of home buyers and sellers in New Jersey. Conducted by the National Association of REALTORS® on behalf of the New Jersey Association of REALTORS®, the survey showed 92 percent of home buyers used a real estate agent during the search process. Seventy-two percent of first time home buyers used the Internet during the search process, as compared to 58 percent of repeat buyers. The majority of Internet searchers were looking for properties for sale. "Buying or selling a home is a large financial transaction for most people. The Internet is one more resource for buyers and sellers," said NJAR® President Bonnie Fitzgerald. "There is a vast amount of information available through the Internet pertaining to the process of selling or purchasing a home. We are seeing better educated consumers who still want a real estate agent to help guide them through the process." Buyers searched for a median of two weeks before contacting a real estate professional. Sixty-one percent of buyers wanted their agent to help them find the right home. Reputation was the most important factor for buyers when selecting an agent (41 percent), followed by an agent's knowledge of the neighborhood (24 percent). When asked where they first learned about the home they purchased, 43 percent responded real estate agent; 23 percent of buyers responded the Internet. In all, 84 percent of buyers purchased their home through a real estate agent, as compared to 77 percent in 2004. The median age of home buyers was 40 years old. Median household income was $87,400. Four out of 10 respondents were first time home buyers. Fifty-seven percent of first time buyers were between 25 and 34 years old with a median household income of $81,000. The data in the 2005 New Jersey Profile of Home Buyers and Sellers is based on the responses of 300 New Jersey consumers drawn from the 2005 NATIONAL ASSOCIATION OF REALTORS® Profile of Home Buyers and Sellers. A copy of the report is available at www.njar.com/2005NJHomeBuyersandSellersProfile.pdf. Eighty-eight percent of those selling a home used the services of a real estate agent. Unrepresented sellers accounted for 10 percent of all home sellers. Forty-two percent of home sellers selected their real estate professionals based on a recommendation from a friend, neighbor or relative. Sixty-two percent of sellers reported they would definitely use the same real estate agent again. Eighty-two percent of sellers used the Internet to market their home. The majority of homes sold were detached single family homes (64 percent). The median weeks on the market was four. . The New Jersey Association of REALTORS® is a non-profit organization serving the professional needs of approximately 55,000 REALTOR® and REALTOR-ASSOCIATE® members in the state. REALTOR® is a registered collective membership mark which may be used only by real estate professionals who subscribe to the REALTOR® organization's strict Code of Ethics and are members of the National, State and Local REALTOR® organizations. # # #
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