Data Shows That Home Buying Habits Continue to Move Towards Online Sources and Away from Agents

2008-08-13 02:00:00

NEW YORK (EMWNews) August 13, 2008 —

More homebuyers are using the Internet to find the homes they ultimately

purchased, according to industry data compiled by ForSaleByOwner.com (http://www.forsalebyowner.com).

From 1997-2007, the real estate marketplace has seen a 15-fold increase

in buyers who found the home they purchased on the Internet. During the

same period, there has been a 32 percent drop in buyers who found the

home they purchased because a real estate agent told them about the

property.

With millions of online real estate searches done monthly, it’s no surprise that the Internet is so effective at helping people find their ideal home, condo or vacation property

With millions of online real estate searches

done monthly, its no surprise that the

Internet is so effective at helping people find their ideal home, condo

or vacation property, said Greg Healy, VP of

Operations. This data, which comes from the

National Association of Realtors, provides more evidence that real

estate consumers are very successful in finding homes on their own.

Where Buyers First Found the Home They Purchased, 1997-2007*

 

 

 

 

 

 

 

 

1997

 

1999

 

2001

 

2003

 

2004

 

2005

 

2006

 

2007

 

Real Estate Agent

50%

49%

48%

41%

38%

36%

36%

34%

Internet

2

4

8

11

15

24

24

29

Yard Sign

17

15

15

16

16

15

15

14

Home Builder

3

4

3

7

7

7

8

8

Friend or relative

9

8

8

7

7

7

8

8

Newspaper Ad

8

8

7

7

5

5

5

3

Directly from Sellers

4

3

4

4

5

3

3

3

Book or Magazine

3

3

2

1

2

1

1

1

Other

1

4

3

6

4

 

* Source: National Association of Realtors

About ForSaleByOwner.com

ForSaleByOwner.com is the nations leading for

sale by owner website. Since 1999, ForSaleByOwner.com has saved home

sellers more than one billion dollars by providing premium Internet

marketing services, property pricing reports, real estate guidance and

information, downloadable legal forms, as well as live customer support,

to help customers independently sell their own homes. The company

charges a modest fee for its wide range of advertising and real estate

resources, priced from $89 to $899. In contrast, a person selling a

$300,000 home through a real estate agent would be charged a 6%

commission fee and pay approximately $18,000. Prospective homebuyers can

browse property database, available at http://www.forsalebyowner.com,

at no charge.

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