• 47% of all buyers were first time buyers.
• 62% of first time buyers reported that the primary reason for buying a home was the desire to be a homeowner, 35% of all buyers reported that as the number 1 reason.
• The median age of all buyers was 39, same as last year.
• The 2008 median income of buyers was $73,100. The median income of $61,600 among first-time buyers and $88,100 among repeat buyers.
• 83% of all first time buyers are under the age of 44.
• 62% of ALL buyers are under the age of 44.
• 63% of all buyers had not children under the age of 18 residing at home.
• 90% of all buyers used the Internet to search.
• 84% of buyers reported the photos to be the most useful information.
• The number one action taken after viewing a home online was to drive by or visit the home.
• 66% of buyers reported that they used a print ad to search, but between 84% to 90% (depending on the print medium) reported that those sources were “not useful”.
• 36% of buyers found the home they purchased through an agent, 36% found the home they purchased online, less than 3% found the home they purchased in a print ad.
• 78% of buyers purchase their home with an agent.
• 85% of sellers sold their home with an agent.
• 44% of buyers found their agent through a referral from a friend or family member.
• 40% of sellers found their agent through a referral from a friend or family member.
• 10% of buyers purchased a foreclosed property up from 3% in 2008.
• 39% of the mortgages were FHA loans.
• 87% of buyers viewed real estate as a good investment.
• 78% of home buyers purchased a detached single-family home.
• The median sales price of a home was $240,000 in the west.
• 78% of buyers considered commuting costs to be very or somewhat important in their decision.
• The typical home buyer searched for 12 weeks and saw 12 houses.

If you would like a copy of the entire report just let me know and I’d be happy to send you a link!  It’s a great reinforcement for what we have experienced locally in the Portland, Oregon real estate market!!  The internet and a dynamic web presence rules in real estate marketing.  Having as much information as quickly as possible is a definitely plus as more and more younger buyers enter the marketplace and older buyers realize the convenience of internet shopping.  As “smart-phones” continue to be more affordable and accessible, you will most likely see more utilization of instant web flyers sent to phones rather than paper flyers (makes good ecological sense as well).  It’s an exciting time in the world of real estate……stay tuned!!!