More than half of all consumers now use the Internet when buying a home, according to a survey released last week by C.A.R. The "2004 Internet Versus Traditional Buyer Study" also revealed that, compared to traditional buyers, Internet buyers spent more than twice as much time gathering information prior to contacting a REALTORŪ. However, they moved much more quickly once they began to work with a REALTORŪ, spending significantly less time with them and previewing far fewer homes compared to traditional buyers.
"The Internet has complemented rather than diminished REALTORSŪ' role in the homebuying transaction," said C.A.R. President Ann Pettijohn. "While Internet buyers considered online information to be valuable, they ultimately turned to REALTORSŪ both for their interpretation of that information, and for their expertise and judgment throughout the homebuying process. The expertise and professional advice provided by REALTORSŪ creates value over and above the market and property information itself, even when the buyers obtain that information on their own."
For the first time since C.A.R. has been conducting the "Internet Versus Traditional Buyer Study," more than half of the respondents were classified as Internet buyers. 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.
Posted by gandlwoods at July 8, 2004 07:29 AM