The 2007 Massachusetts Profile of Home Buyers & Sellers, compiled by the National Association of Realtors® highlights that the Internet continues to be one of the most important tools in the home buying process with 90% of buyers and 94% of sellers, reporting that they either searched or listed their homes on the Internet. Additionally, the study found that 34% of home buyers surveyed, and half of which were aged 18-24, reported using social networking sites such as MySpace, Facebook, LinkedIn, and Friendster. Although the advent of new technology continues to weigh in on the home buying and selling process, the study found that 87% of home buyers bought their home using a real estate agent or broker, up 7% from figures found in the 2006 profile. Annually, NAR conducts a survey of home buyers and sellers in an effort to gather detailed information on the finer points of the home buying and selling processes. The following is a snapshot of the Massachusetts profile within the study. For complete state survey results, visit the “Housing & Research Data” section of marealtor.com.
Characteristics of Home Buyers
• The median age of home buyers was 39 years old.
• 63% of home buyers reported no children under age 18 residing in the home.
• 13% of home buyers were born outside the U.S. compared to 9% nationally.
• 49% of first-time home buyers were between 25 and 34 years old.
• 52% of all buyers believe that their home purchase was a better financial investment than stocks, 27% feel their home purchase was at least as good an investment as stocks.
Home Seller’s Experience
• 57% of home sellers traded up to a larger home.
• 13% of sellers sold their homes without the assistance of an agent compared to 18% in 2006.
• 64% of Massachusetts sellers would use a real estate agent again or recommend one to others.
Would Seller Recommend or Use Agent Again?
(Percent of all Massachusetts Home Buyers)
Probably Not 11%
Definitely Not 7%