Technology has influenced how Americans buy and sell homes in surprising ways, including how they work with real estate agents and brokers. Palmetto buyers and sellers are going online.
Buyers and Sellers Are Going Online
According the National Association of Realtors®, nine out of 10 home-buyers use a real estate agent in the search process. However, use of the Internet to search for a home has increased over time. It’s moved from only 2 percent of buyers in 1995 to 77 percent in 2005. The next largest source of information for buyers? 71 percent of buyers mentioned a yard sign.
The 2005 National Association of Realtors® Profile evaluated characteristics of home-buyers and sellers – based on more than 7,800 responses to a questionnaire.
NAR President Thomas M. Stevens from Vienna, Va., said the results highlight the complexity of the home-buying process. Stevens said, “Buyers who use the Internet in searching for a home are more likely to use a real estate agent than non-Internet users, and consumers rely on professionals to provide context, negotiate the transaction and help with the paperwork.”
Benefits of Working with a Real Estate Agent
The study also shows the benefits of working with a real estate agent. Homes sold using a real estate agent resulted in a 16 percent increase compared to those sold by the owners.
Realtor.com was the most popular Internet resource, with 54 percent of buyers using this website. This was followed the local MLS (multiple listing service) website, real estate company sites, and real estate agent web sites.
Other statistics include: Typical buyers toured nine properties, searched eight weeks to buy a home, and moved 12 miles from their previous residence. Typical sellers listed their home for four weeks, lived in it for six years, and moved 15 miles to their new residence.
When choosing an agent, reputation influenced their choices, according to 41 percent of home-buyers. Next, 24 percent considered an agent’s knowledge of the neighborhood. Fifty-seven percent of sellers found reputation to be the most important factor.
The National Association of Realtors® is America’s largest trade association. It represents more than 1.2 million members.
If you want to buy or sell a home in Palmetto, get in touch with me. I’d be happy to help you. You can even inquire about virtual tours.