Read How Smart the California Association of Realtors® (See Below)
And the National Association of Realtors® (Click Here) Say You Are
for Seeking Homes and Agents Over the Internet
Internet vs. Traditional Buyers Survey - 2007 Highlights
Housing market conditions are rapidly changing and are
affecting the behavior of buyers. Home buyers are more concerned about
the direction of the housing market, are more cautious about their home
buying process, and are spending more time doing research on their own
before making a purchase.
During the transition period of 2006 and early 2007, home buyers adjusted
their behavior to adapt to the new housing market environment. The 8th
Annual California Association of REALTORS® (C.A.R.) Internet Versus
Traditional Buyers Survey describes these changes among consumers in the
real estate market, driven in part by the slowdown in the demand of
housing, as well as by the influence that the Internet has on the real
estate marketplace.
KEY FINDINGS
• The share of Internet buyers has grown from 28 percent in 2000 to 72
percent in 2007, while the share of traditional buyers declined from 72
percent in 2000 to 28 percent in 2007. Growth in the use of the Internet
in the home buying and selection process has been accelerated by the
growth in broadband use. The two percentage point increase from 2006 to
2007, however, was the smallest increase since the inception of this
study.
• Many home buyers preferred the dynamic online experience that the
Internet offers over the static paper experience that print advertisements
offer. Only 12 percent of all home buyers looked at newspaper/magazine ads
to search for a home, while more than seven of ten home buyers used the
Internet as a significant part of the home buying and selection process.
• “Multiple pictures/slide shows” continued to be the online feature with
the highest rating among all online features, followed by
“Map/Directions”.
• Internet buyers were pleased with their experience of using the Internet
during the home buying process, as 98 percent expressed above average
levels of satisfaction. Almost all agreed that using the Internet helped
them better understand the home buying process, more than nine of ten
agreed that the Internet helped them understand home values better, and
nine of ten agreed that using the Internet put them more in control of the
home buying process.
• Home buyers became more patient and more careful about the purchase of
their home, resulting in more time devoted to each part of the home buying
process. They spent more time considering buying and investigating homes
before contacting an agent, and they spent more time previewing homes with
their agent.
• Consistent with past years’ results, nine of ten home buyers hired an
agent to assist them through the home sales transaction.
• With buyers being more concerned about housing market conditions, and
more cautious about their home purchase, they expected quicker and more
frequent communication from their agent. Agent qualifications, on the
other hand, became secondary in the selection process, perhaps because of
the lack of understanding about the value a REALTOR brings to the
transaction.
• When asked why they were satisfied with their agent, Internet buyers
cited “always quick to respond” and “worked hard on their behalf” as the
top two reasons, while traditional buyers said their agent “worked hard”
and “negotiated good deal” on their behalf.
To order the full report (2007 Internet vs. Traditional Buyer Survey)
contact your local Association, contact our customer service department at
213.739.8227, or go to
www.rebsreports.com.
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_____________________________________________________________
Debbie Ferrari, e-PRO | "The
Internet Broker"
© 2007, An
independently owned and operated member of The Prudential Real Estate
Affiliates, Inc. is a service mark of The Prudential Insurance Company
of America.
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