Home Buyer’s Use of Internet
Differences between first-time and repeat homebuyers’ use of the Internet highlight California Association of REALTORS®’ “2005 Internet Versus Traditional Buyers Survey”
LOS ANGELES (March 29) – Nearly two-thirds of all first-time homebuyers used the Internet as a significant part of the homebuying process, while less than half of repeat homebuyers did so, according to the California Association of REALTORS®’ “2005 Internet Versus Traditional Buyers Survey,” released today. Other important distinctions emerged between Internet buyers and their traditional counterparts. According to the California Association of REALTORS® (C.A.R.) report, Internet buyers were younger, wealthier, better educated and more likely to be married than traditional buyers. However, Internet buyers and traditional buyers should not be viewed as two separate populations but as segments in the spectrum of the homebuying population, each utilizing technology in varying degrees.
“The Internet has complemented, not diminished, the REALTOR®’s role in the homebuying transaction,” said C.A.R. President Jim Hamilton. “Homebuyers ultimately turned to their REALTOR® for both interpretation of information gleaned from the Internet, and for their REALTOR®’s expertise and judgment throughout the homebuying process. Homebuyers clearly view the Internet as a tool to enhance their ability to research the real estate market, rather than a replacement for a REALTOR®’s expertise in the field.”
According to the survey, homebuyers who used the Internet as an integral part of the homebuying process increased to 62 percent in 2005 compared with 56 percent the previous year. Homebuyers using the Internet surpassed the 50 percent mark for the first time in the six-year history of C.A.R.’s survey in 2004.
“As more consumers gain access to high-speed connections and spend more time online, they have clearly experienced a growing comfort level with using the Internet in all facets of their day-to-day lives,” said Hamilton. “This has translated into greater use of the Internet when buying a home. Given the competitive nature of the current real estate market, consumers increasingly look to the Internet for information. As a result, homebuyers are better informed and maintain a greater sense of control over the homebuying process.”
Internet buyers and traditional buyers expressed significant differences in how they conducted their homebuying research. Internet buyers conducted more research at the onset of the homebuying process, while traditional buyers relied more on their agent as their source of information.