A study recently released by the National Association of Realtors has discovered that in the past seven years, the popularity of using the internet to find a new home has soared. These results have surprised even some long time leaders in the real estate industry, particularly the pace at which they have grown in less than a decade.
In 2001, home buyers were relying on their real estate agent in a bricks and mortar setting to find their home. This involved heading to offices and viewing available homes being offered which, while traditional is much more time consuming than other methods available. Some 48% of all sales were made this way.
In a striking contrast, in 2008 this number dropped to just 34%. While in itself it isn’t as large as some changes, it’s a dramatic decrease – and suggests that those Realtors who have not made the progression into other arenas have lost just under a third of their business, without even taking market downturns into account.
The surprising element of the research is the jump in internet popularity. For example in 2001, just 8% of home buyers found their house online. This has jumped significantly, to 32% in 2008 a massive 300% increase, or a third of all home buyers are heading online and successfully finding their new home.
This number could be higher again in 2009 as people want to increase their chances of finding a good deal. The internet is a quick and easy way for buyers to assess the market and see what is being sold, where it is and competing prices. When you look at these figures alone you can see that it is imperative that Realtors get an online presence and showcase their homes online.
It’s important to note that the only increase other than internet was a small 3% rise in the amount of buyers who sourced direct through a builder.
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