Internet home shoppers on the rise
|June 30, 2004|
More consumers spend more time online, less time with agent
More than half of all consumers now use the Internet when buying a home, according to a survey released today by the California Association of Realtors.
The "2004 Internet Versus Traditional Buyer Study" also revealed that, compared with traditional buyers, Internet buyers spent more than twice as much time gathering information prior to contacting a Realtor. However, they moved much more quickly once they began to work with an agent, and spent less time previewing homes than traditional buyers.
"The Internet has complemented rather than diminished Realtors' role in the home buying transaction," said C.A.R. President Ann Pettijohn. "While Internet buyers considered online information to be valuable, they ultimately turned to Realtors both for their interpretation of that information, and for their expertise and judgment throughout the home buying process."
The share of buyers using the Internet reached 56 percent in 2004, and has risen steadily from 28 percent in 2000, the first year of the survey. By comparison, traditional buyers have made up a declining share of all buyers, down from 72 percent in 2000 to 44 percent in 2004.
The average number of homes previewed by Internet homebuyers has decreased steadily in the past four years, while that of traditional buyers has changed very little over the same period. The upfront research conducted by Internet buyers has given them a better sense of market conditions compared to traditional buyers, enabling them to act more quickly to find, bid on, and close escrow on the home of their choice.
Highlights of the "2004 Internet Versus Traditional Buyer Study" include:
Copyright: Inman News Features