Internet buyers -v- traditional buyers

“The Internet has complemented, not diminished,
the Realtor’s role in the home-buying transaction,” said C.A.R…. “Home buyers
ultimately turned to their Realtor for both interpretation of information
gleaned from the Internet, and for their Realtor’s expertise and judgment
throughout the home-buying
process.”

…I do in my house; heck,
I require a secure wireless connection at my house so that I can check email
from the couch rather than be bothered with having to get up
frequently!

…Eighty-five percent of
Internet buyers had at least a four-year college degree and 11 percent completed
post-graduate work. By comparison, 78 percent of traditional buyers held a
college degree and 4 percent completed post-graduate
work.

…Internet buyers spent an
average of 5.8 weeks considering buying a home before contacting a Realtor,
nearly three times more than traditional buyers, who spent 2.1 weeks in this
stage of the home-buying
process.

Internet buyers spent two
weeks looking for the home they ultimately purchased, compared with seven weeks
for traditional buyers.

Close to six
of 10 Internet buyers said the information that they gathered from the Internet
was less useful than that provided by their Realtors; none considered the
information gathered from the Internet to be more useful than that obtained from
their Realtors.

All first-time buyers
typically spent four weeks considering buying a home and four weeks
investigating homes for sale before contacting a Realtor. They then spent three
weeks previewing eight homes with their
Realtor.

All repeat buyers spent
three weeks considering buying a home and only two weeks investigating homes for
sale on their own.

Inman is on top of it again. I need to get these
stories before they do!

“The
Internet has complemented, not diminished, the Realtor’s role in the home-buying
transaction,” said C.A.R. President Jim Hamilton. “Home buyers ultimately turned
to their Realtor for both interpretation of information gleaned from the
Internet, and for their Realtor’s expertise and judgment throughout the
home-buying process.”

This is why
it is absolutely imperative to understand and adapt to the changing needs of
today’s buyers. Most of my clients require – read –
require
high speed internet access. I do in my house; heck, I require a secure wireless
connection at my house so that I can check email from the couch rather than be
bothered with having to get up frequently!

Other key findings from the
report were:

? The median age of Internet buyers
was 39 years compared with a median of 46 years for traditional buyers.Ê
? More than nine out of 10 Internet
buyers were married, while eight of 10 traditional buyers were married.
? Eighty-five percent of Internet
buyers had at least a four-year college degree and 11 percent completed
post-graduate work. By comparison, 78 percent of traditional buyers held a
college degree and 4 percent completed post-graduate work.Ê
? Internet buyers had an
annual income of $185,088, compared with $151,190 for traditional buyers.
? Internet buyers spent an average of
5.8 weeks considering buying a home before contacting a Realtor, nearly three
times more than traditional buyers, who spent 2.1 weeks in this stage of the
home-buying process.
? Internet buyers spent two weeks
looking for the home they ultimately purchased, compared with seven weeks for
traditional buyers.
?
Close to six of 10 Internet buyers said the information that they gathered from
the Internet was less useful than that provided by their Realtors; none
considered the information gathered from the Internet to be more useful than
that obtained from their Realtors.
?
All first-time buyers typically spent four weeks considering buying a home and
four weeks investigating homes for sale before contacting a Realtor. They then
spent three weeks previewing eight homes with their Realtor.Ê
? All repeat buyers spent three weeks
considering buying a home and only two weeks investigating homes for sale on
their own. They spent five weeks previewing 10 homes with their
Realtor.
These are all facts that will help me as a
Realtor. Thank you to the California Association of Realtors.
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