Home Buyers And Sellers Are Going Online
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Home Buyers and Sellers Embrace the Digital Age
Transforming Real Estate: The Online Revolution
Technology has opened new avenues for Americans buying and selling homes, reshaping interactions with real estate agents and brokers, and dramatically altering the landscape.
The Rise of Digital House Hunting
A significant study by the National Association of Realtors reveals that while nine out of ten home buyers still engage real estate agents, the Internet's role has grown immensely?"from a mere 2% of buyers in 1995 to a staggering 77% in 2005. Yard signs remain another crucial information source, utilized by 71% of buyers.
Insights from the National Survey
The 2005 National Association of Realtors (NAR) Profile of Home Buyers and Sellers, drawing on over 7,800 survey responses, offers in-depth insights into buyer and seller behaviors.
NAR President Thomas M. Stevens highlights the intricate nature of buying a home: "Those using the Internet to search are more likely to enlist an agent's help for context, negotiation, and paperwork," he notes.
Real Estate Agents: A Valuable Asset
The data suggests that sellers benefit significantly from agent assistance, achieving a median home price 16% higher than those sold directly by owners.
Realtor.com leads as the top online resource, accessed by 54% of buyers, followed by multiple listing service (MLS) sites, real estate company sites, and agent websites.
Buyer and Seller Trends
Typically, buyers explore nine properties over eight weeks, moving an average of 12 miles. Sellers often market their homes for four weeks, having lived there for six years, moving about 15 miles, having owned three homes previously.
Choosing the Right Agent
Agent reputation is paramount, cited by 41% of buyers as the top consideration, with neighborhood knowledge following at 24%. Reputation also tops the list for sellers, at 57%.
About the National Association of Realtors
The NAR, America's largest trade association, represents over 1.2 million members across residential and commercial real estate sectors.
Embracing digital transformation, home buyers and sellers are navigating a new era of real estate with the Internet at their fingertips.
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