70% of All Home Buyers Use the Internet
According to the California Association of Realtors' 2006 “Internet Versus Traditional Buyer Survey”, home buyers using the Internet are younger, wealthier, better educated and more likely to be married than traditional buyers. Internet buyers also reported greater satisfaction with the home-buying process compared with traditional buyers. However, these two types of buyers have started to converge over the last few years.
The Internet buyer has become the "typical" home buyer, C.A.R. said, though important distinctions between Internet and traditional buyers remain. Since 2001, the share of home buyers using the Internet as an integral part of the home-buying process has nearly doubled to 70 percent.
"The Internet is changing the dynamics between buyers and their agents, as well as the way business is conducted throughout the real estate industry. However, while the Internet has become an important research tool for home buyers, it has only enhanced the Realtor's role in the transaction," C.A.R. President Vince Malta said. "Buyers continue to rely on their Realtor for help with interpreting the information gathered from the Internet and to guide them through the home-buying process."
According to the survey, more than nine out of 10 Internet buyers indicated that the Internet helped them better understand the process of buying a home. Additionally, Internet buyers are accustomed to receiving more frequent communication and faster response times from their Realtors.
Other key findings from C.A.R.'s survey include:
• Internet buyers had an annual income of $184,900, compared with $148,910 for traditional buyers.
• Internet buyers spent an average of 5.8 weeks considering buying a home before contacting a Realtor, nearly three times more than traditional buyers, who spent 2 weeks in this stage of the home-buying process.
• Internet buyers spent 2.2 weeks looking for the home they ultimately purchased, compared with 7.1 weeks for traditional buyers.
• Fifty-four percent of Internet buyers said the information that they gathered from the Internet was less useful than that provided by their Realtors; none considered the information gathered from the Internet to be more useful than that obtained from their Realtors.
• All first-time buyers typically spent 5.3 weeks considering buying a home and 4.3 weeks investigating homes for sale before contacting a Realtor. They then spent 3.2 weeks previewing eight homes with their Realtor.
• All repeat buyers spent 3.3 weeks considering buying a home and nearly three weeks investigating homes for sale on their own. They spent 5.4 weeks previewing 13 homes with their Realtor.
For more information on this article or assistance with your San Diego real estate needs contact Noel Wheeler of Prudential California Realty at (619) 718-4266 or visit http://www.noelwheeler.com/
The Internet buyer has become the "typical" home buyer, C.A.R. said, though important distinctions between Internet and traditional buyers remain. Since 2001, the share of home buyers using the Internet as an integral part of the home-buying process has nearly doubled to 70 percent.
"The Internet is changing the dynamics between buyers and their agents, as well as the way business is conducted throughout the real estate industry. However, while the Internet has become an important research tool for home buyers, it has only enhanced the Realtor's role in the transaction," C.A.R. President Vince Malta said. "Buyers continue to rely on their Realtor for help with interpreting the information gathered from the Internet and to guide them through the home-buying process."
According to the survey, more than nine out of 10 Internet buyers indicated that the Internet helped them better understand the process of buying a home. Additionally, Internet buyers are accustomed to receiving more frequent communication and faster response times from their Realtors.
Other key findings from C.A.R.'s survey include:
• Internet buyers had an annual income of $184,900, compared with $148,910 for traditional buyers.
• Internet buyers spent an average of 5.8 weeks considering buying a home before contacting a Realtor, nearly three times more than traditional buyers, who spent 2 weeks in this stage of the home-buying process.
• Internet buyers spent 2.2 weeks looking for the home they ultimately purchased, compared with 7.1 weeks for traditional buyers.
• Fifty-four percent of Internet buyers said the information that they gathered from the Internet was less useful than that provided by their Realtors; none considered the information gathered from the Internet to be more useful than that obtained from their Realtors.
• All first-time buyers typically spent 5.3 weeks considering buying a home and 4.3 weeks investigating homes for sale before contacting a Realtor. They then spent 3.2 weeks previewing eight homes with their Realtor.
• All repeat buyers spent 3.3 weeks considering buying a home and nearly three weeks investigating homes for sale on their own. They spent 5.4 weeks previewing 13 homes with their Realtor.
For more information on this article or assistance with your San Diego real estate needs contact Noel Wheeler of Prudential California Realty at (619) 718-4266 or visit http://www.noelwheeler.com/
posted by Noel Wheeler San Diego Realtor | 10:39 AM
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