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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

QUIZ: HOW WELL DO YOU KNOW BUYERS AND SELLERS?

 Who are today's buyers and sellers and what do they want when it comes to real estate? Find out just how well you know customers with this interactive quiz, which covers highlights from the 2008 Profile of Home Buyers and Sellers published by the NATIONAL ASSOCIATION OF REALTORS®. The NAR study collected responses from more than 10,000 consumers who recently purchased a home.

1.What is the primary reason buyers give for purchasing a home?
Desire to own a home
Job relocation
Desire for a larger home
Affordability of homes
2.What do buyers look for the most in finding the right neighborhood?
Convenience to job
Affordability of homes
Quality of the school district
Quality of the neighborhood
3.What do home buyers cite most commonly as a benefit that real estate agents offer them during the purchase of a home?
Pointed out unnoticed faults with the property
Negotiated better sales contract terms
Helped understand the process
Shortened the home search
4.What is the most common incentive that sellers report using to try to lure buyers?
Closing cost assistance
Home warranty
Credit toward repairs
None
5.What age range represents the largest segment of home buyers?
18-24
25-34
35-44
45-54
6.What’s the biggest compromise reported when purchasing a home?
Size of home
Price of home
Distance from job
Style of home
7.What’s the first step that buyers most often take in the home-buying process?
Contacting a real estate agent
Visiting homes for sale
Searching for properties online
Getting pre-approved for a mortgage
8.What do buyers particularly value when visiting a real estate Web site?
Virtual tours
Photos
Detailed information about listings
Interactive maps
9.What type of mortgage is most popular among first-time and repeat buyers?
Adjustable rate mortgages
Subprime loans
Fixed-rate mortgages
Didn’t need a mortgage
10.What was the primary reason given for selling a previous home?
House is too small
Can’t afford the mortgage
Neighborhood less desirable
Job relocation