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,” 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* |
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1997 |
|
1999 |
|
2001 |
|
2003 |
|
2004 |
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2005 |
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2006 |
|
2007 |
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Real Estate Agent |
50% |
49% |
48% |
41% |
38% |
36% |
36% |
34% |
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Internet |
2 |
4 |
8 |
11 |
15 |
24 |
24 |
29 |
||||||||
Yard Sign |
17 |
15 |
15 |
16 |
16 |
15 |
15 |
14 |
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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 |
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Other |
1 |
4 |
3 |
6 |
4 |
– |
– |
– |
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* Source: National Association of Realtors |
About ForSaleByOwner.com
ForSaleByOwner.com is the nation’s 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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