A family portrait serves as a permanent reminder of what the kinfolk looked like at a certain snapshot in time. Sometimes funny, oftentimes scary, but always edifying in hindsight. The same can be said about market portraits. If we take a snapshot and look at who’s in the real estate marketplace at any given time, we can often learn something useful about ourselves as REALTORS^®, our buyers and our sellers.

This is exactly what NAR does every year with its annual survey of members, buyers and sellers. NAR’s recently released snapshot reveals plenty about the 2011 marketplace, and if past is prologue, may tell us about what we just experienced in 2012 and what may lie ahead in 2013.

According to NAR, a typical homebuyer in 2011 averaged 42 years old, down from 45 years old in 2010, and had a median household income of $78,600 ($61,800 for first-time buyers and $93,100 for repeat buyers.) 65 percent were married — the highest share since 2001 — and 16 percent were single females — the lowest share since 2001. (Chalk-up at least part of that last stat to tighter credit standards over the past few years.) 39 percent of buyers were buying for the first time and moving into a house that averaged 1,900 square feet with three bedrooms and two bathrooms.

90 percent of all buyers nationwide and 96 percent of buyers under the age of 44 used the Internet in their home-search process, with 41 percent saying it was their first step. The typical buyer looked at 10 homes over 12 weeks.

Regarding financing, 87 percent of buyers financed their purchases, with 23 percent saying the mortgage application and approval process was somewhat more difficult than expected, and 17 percent saying it was much more difficult than expected.

89 percent of buyers bought their homes from a real estate agent or broker — a number that has risen consistently from 69 percent in 2001. Real estate agents were viewed as a useful source of information by 87 percent of buyers. 40 percent of buyers said they found their agent through a referral from a friend or family member, with 10 percent saying they used the same agent they used before. And nine out of 10 buyers said they would use their agent again or recommend them to others.

So much for buyers — what about sellers? The typical home seller nationally in 2011 lived in their home for nine years, which is longer than the past. In 2007, the average stay was only six years. 88 percent of sellers used a real estate agent. 60 percent of sellers said they lowered the price at least once but typically sold their homes for 95 percent of the listing price. 93 percent of sellers said their homes were listed or advertised on the Internet.

Evidently these numbers made for satisfied sellers. 84 percent of those who used an agent said they would use that agent again or recommend them to others; 66 percent definitely and 18 percent probably.

Only 9 percent of all sellers sold FSBO, with 33 percent of them selling to a buyer they knew prior to the transaction. Why did they sell FSBO? 43 percent said to avoid paying a commission; 25 percent said because they sold to a relative, friend or neighbor; and 15 percent said because the buyer contacted them directly.

The market family portrait wouldn’t be complete without looking at ourselves, right? NAR’s member survey found the typical REALTOR^® in 2011 was in the business 11 years with an average of 10 transactions a year, up from eight transactions the year before, with a sales volume of $1.3 million, which is up from $1.1 million in 2010. The typical REALTOR^® had 19 percent of their business from past clients and customers and 20 percent from referrals from past clients and customers.

The median gross income of REALTORS^® nationwide in 2011 was $34,900, up from $34,100 in 2010. Those in the business 16 years or more had median gross incomes of $50,200, and contrasted with those in the business less than two years who earned only $8,700. The median gross income of REALTOR^® households was $94,100, up slightly from the previous year. The single largest business expense for REALTORS^® was vehicle costs.

Eight in 10 REALTORS^® are independent contractors in a firm of about 23 agents and brokers. The typical REALTOR^® spent six years with their current firm. 72 percent of them receive no benefits through the firm.

60 percent of all REALTORS^® are female. Wisconsin’s average age of all REALTORS^® is 54 — 55 for males and 53 for females, with 52 percent male and 48 percent females.

And we practice what we preach. 89 percent of REALTORS^® nationwide own their primary residence!

Our market family portrait has changed a lot over the past five years and along with it, the expectations of ever-evolving customers and clients. But hasn’t change always defined our markets? In that sense, the more things change, the more they remain the same. So smile big, say “cheese” long and loud, and make the 2013 picture one to remember.