There is a lot of good information in the 2008 National Association of Realtors Profile of Home Buyers and Sellers. What REALLY caught my attention were the statistics for just how rapidly the use of the internet is increasing.
In 2006, the number of buyers who began their home search online hit a whopping 80%. In 2007 it reached 84%. In 2008, that number topped out at 87%! Almost all buyers are beginning their search online before they ever contact a Realtor!
What does that mean? It means buyers are ELIMINATING homes online, and zeroing in on ones they would like to see. Usually they will contact the listing agent for more information. If you are a seller, it is critical that your home has a wonderful online presentation, or it will most likely be passed over! Most of the time, the buyer ends up purchasing a different home, which the listing agent is only all too happy to find for them if the listed property isn't a fit.
Another eye opening fact from the Profile is the number of home purchasers who end up buying a home they first learned of through their Internet search. In 1997 that percentage was a tiny 2%. What a difference a decade makes, in 2008 it was 32%. A third of all homes purchased were found by the buyers online, before they ever called a Realtor! Conversely, the number of purchasers who found the home they bought through a Realtor has been declining, from 50% in 1997 to 34% in 2008.
If you're a seller, hold your agent accountable for high-level internet marketing. Take a look at how your home is being presented to the online marketplace. It needs to pass the muster there if you want the best possible chance for a successful sale.
Janna Rankin Scharf, AB, GRI, CSP, CNS, CLHMS, provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.comto search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.
Janna Rankin Scharf, 208.651.9700 NorthIdahoJanna@gmail.com
Janna Rankin Scharf provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.
No matter how grand or modest your real estate dreams may be, you can turn to me in confidence. Give me a call today and let me know what I can do to be of service to you!
Janna Rankin Scharf AB, GRI, CSP, CNS, CLHMS 208.651.9700
Hi Janna, This makes the listing photos so much more important for the property to be presented in the very best light! Very interesting statistics.
Hi Janna! What truth there is in numbers! I can't believe that sellers don't ALWAYS check their agent's online status. We are the experts in marketing online and we are the ones that they NEED to be using to get their homes SOLD! I fully expect these numbers to even increase as the years go by...
Janna, you're so right about buyers eliminating listings via online viewing. If I email a list of possible homes to see, often the clients will tell me they've already eliminated several of them based upon the info they found online. All sellers must understand this!
Hi Janna~ Some sellers just don't realize it yet and most agents don't want the sellers to know this. The days of putting a sign in the yard and using the MLS are over! High level internet marketing is a must!
Being online these days is key....it is a must have have....
Thanks this justifies all this time I've been spending on my web site
You are Soooo RIGHT !!!
Sellers will need to pay more attention to REALTORS(R) who utilize the online strategy!
Thanks so much for the great post and statistics!
Tom Davis
Hi Janna,
Great info from the research, and I am glad most of us here on AR are getting ahead of the curve. You should set this to reblog. I would use it and I'm sure others would too, then it adds to your internet presence.
List and Sell (see you at Family Reunion)
Gary @ RentonHomeFinder.com
Thanks for the great advise for listing agents in making sure the house is well represented and promoted on the net. I don't doubt the home buyers are greatly benefiting from the tremendous boom in online real estate. As is, practically everything I do as a realtor involves the internet.
Great advice. What internet sites do you think work best to convert those lookers into real shoppers
Janice - The best answer to your question is EVERYWHERE you can possibly be. I have at least 50 search sites, probably many more, that my listings show up on. That's the key, the buyers are EVERYWHERE, and your listings need to be everywhere, too!
This is great news for stagers. It reinforces our claim on the importance of having good MLS photos and making a great impression online.
Great info here, Janna! I flagged it for a feature! Maryellen
What of those people that look online because they are far away and want to see the houses, prices, neighborhoods, scenery? I look at CDA because I lived there in 1974 and Hauser Lake and Spokane later. I miss it- I always have. I'm so far away now. I watch the prices to see what I could buy. You never know when I will bite like the trout in those crystal clear lakes and streams! Keep baiting the hook.
Maureen Lake
Yes! It is crucial to do your online marketing right (especially pictures)
We can't sit on the riverbank hoping a fish will swim buy and we can reach down and scoop him in our net. We need to check the river reports, find out where the fish are biting, put on our hip waders and get out in the river and go get our fish! Now my elusive fish has a name- Maureen!
Great stats Janna - and yes a sellers online presentation of their home is more critical than ever.
I take many different photos from many angles, as I feel the photos are so under-prioritized by many agents.
Anyway, thanks for a great reminder !
...see you in the comments :o)
A trend that will only increase.....and that is why Active Rain is so important to get our name out there
I've had buyers find my home inspection company online, too, most recently a couple in Houston, Texas, needing a home here for their son who will be going to the University of San Diego. My statistics from 2008 show that 17 of my Clients found me online rather than using their Realtor's preferred inspector.
Hi Janna,
Thanks for the great info. I'm a huge user of stats, and at this point I'm going to "borrow" one of yours to add to my seller's book. It's something I just updated earlier today, but it's always a work in progress.
BTW, I found this post as a result of your good friend's post tonight.
The stats say it all. Agents who keep building and promoting their online marketing and presence will continue to do well in any type of market. Thanks for sharing this, Janna!