•· 90% of all buyers used the internet to search.
•· 84% of buyers reported the photos to be the most useful information.
•· The number one action taken after viewing a home online was to drive by or visit the home.
•· 66% of buyers reported that they used a print ad to search, but between 84% to 90% (depending on the print medium) reported that those sources were "not useful".
•· 36% of buyers found the home they purchased through an agent, 36% found the home they purchased online, less than 3%found the home they purchased in a print ad.
•· 77% of buyers purchased their home with an agent.
•· 85% of sellers sold their home with an agent.
•· 87% of buyers viewed real estate as a good investment.
2007 NAR STATISTICS
This steady increase in the significant majority of home buyers that are using the internet as a real estate resource also means that the internet is overshadowing other forms of marketing. In fact 2007 NAR statistics show that only 31% used home books and magazines as a resource and a very slim 9% used the television.
Another interesting fact is that most home buyers start their home search on the internet then contact a realtor, and the vast majority, 80%, only use 1 realtor in their home search, typically the first they contact. That can only point to the conclusion that those home buyers are most likely finding their realtors online, and those among the first they see have the best chance of gaining their business.
Additionally, the fact that the percentage of people using the internet as a real estate resource is exactly the same as the percentage of people using a realtor as an information resource, 84% in 2007, can't be overelooked.
FINANCIAL GURU DAVE RAMSEY SAYS NOW IS THE TIME TO BUY!
Wow! This week has really been one for crazy financial news and many ups and downs in the stock and bond markets. Everyone is nervous and buyers are feeling more confused than ever.
Financial Guru Dave Ramsey said on his radio show today: "There is plenty of money for QUALIFIED buyers.... This is a GREAT time to buy a house..... In 15 years I've never said this. You'll look like a genius if you go out and buy one in the next two weeks.... This weekend may be the absolute best time to buy."
Ramsey's point is that for buyers with good credit, a down payment and conservative financial picture mortgage rates are in the 5's - less than 5.5% for a 15-year fixed. It's also a buyers market. If you make a prudent investment with a decent downpayment and a conservative fixed rate mortgage, in five years you'll be glad you made the buy decision now.
Home Buyer and Seller Statistics 2008
74% of those home buyers who accessed an agent web site got there with the help of a search engine.*
12 hours was the average length of time spent a consumer spent researching an agent.*
75% of consumers researching an agent online selected an agent within one week of starting their search.*
2 agents was the average number home buyers and sellers considered using before making a final decision.*
45% of consumers used the internet to learn about an agent they didn't know during the home buying or selling process.*
70% of home buyers who used the Internet during the buying process selected an agent who had his or her own individual web site.**
18% of home buyers who used the Internet during the buying process selected an agent who used electronic or online forms during the transaction.**
81% of home buyers who used the Internet during the buying process selected emails as their primarly means of communication with their real estate agent.**
Information Sources Used in Home Search
Real Estate Agent - 84%
Internet - 84%
Yard Sign - 59%
Open House - 48%
Home book/magazine - 31%
Builders - 24%
Television - 9%
Billboard - 7%
Relocation Company - 5%
National Association of Realtors 2008
The Majority of Homes are sold by
· Multiple Listing Service (34%)
· Real Estate Agents Websites (32%)
· Yard Sign (15%)
NAR 2008 Profile of Home Buyers & Sellers