Chevy Chase Real Estate - No one is ever going to buy a house online!

10 years ago, a man of great influence within the Real Estate community (who will remain nameless) said in his infinite wisdom, "No one is ever going to buy a house online."

To quote another man of influence, "Of course the world is flat - if it wasn't we would all fall off."

To dispute these beliefs, my boss, the great Jedi himself - Master Paul, sent an article to me yesterday. Check out some of these stats:

-92% of Internet buyers found their agent on a web site; 63% found them through an Internet search engine; 0% of Internet buyers found their agent through brochures, flyers, yard signs or mailers to their home.

-In 2000, 28% of people said that they used the Internet as an important part of their home-buying and selection process. In 2006, 70% said they did.

-86% of home buyers started using the Internet as part of their process BEFORE they started looking for a specific home - the other 14% did after they started looking, but BEFORE they contacted a real estate agent; that means that 100% of buyers surveyed started looking at homes first, agents second. When you combine that finding with the already existing one that fully 81% of Internet buyers stay with the first real estate agent they choose to contact.

-Internet buyers spent an average of 4.8 weeks doing research before contacting an agent; traditional buyers only 1.7 weeks. That means an Internet buyer is better prepared and twice+ as less likely to ready and willing to buy.

-Internet buyers bought a home on average after spending 2.2 weeks looking for a home with an agent; traditional buyers spent an average of 7.1 weeks.

-Internet buyers previewed an average of 6.7 homes with their agent (they had already eliminated ones they did not wish to see), traditional buyers previewed 15.4 homes.

- Only 3% of all Internet connections available at the primary computer used for the home-buying process were dial-up: Internet home buyers and searchers are not sticking with dial-up, just as they are not sticking with traditional methods.

- 69% of Internet buyers said response time was extremely important.83% of those buyers chose email as their favored communication method with their agent. 0% chose "in person". The Internet is the new "office visit.

So much for those respected Real Estate moguls who say that people will never buy houses from the internet!

***these stats were taken from the article, "The Real Estate World is Changing even Faster than You Think!"
by Michael E. Parker***