Data Shows That Home Buying Habits Continue to Move Towards Online Sources and Away From Agents

Posted by ForSaleByOwner

 

NEW YORK, August 13, 2008 – More homebuyers are using the Internet to find the homes they ultimately purchased, according to industry data compiled by ForSaleByOwner.com (http://www.forsalebyowner.com). From 1997-2007, the real estate marketplace has seen a 15-fold increase in buyers who found the home they purchased on the Internet. During the same period, there has been a 32 percent drop in buyers who found the home they purchased because a real estate agent told them about the property.

“With millions of online real estate searches done monthly, it’s no surprise that the Internet is so effective at helping people find their ideal home, condo or vacation property,” said Greg Healy, VP of Operations. “This data, which comes from the National Association of Realtors, provides more evidence that real estate consumers are very successful in finding homes on their own.”

Where Buyers First Found the Home They Purchased, 1997-2007*

 1997 1999 2001 2003 2004 2005 2006 2007 Real Estate Agent
50%49%
48%
41%
38%
36%
36%
34%
Internet 2 4
8
11
15
24
24
29
Yard Sign
1715
15
16
16
15
15
14
Home Builder
3 4
3
7
7
7
8
8
Friend or Relative
9 8
8
7
7
7
8
8
Newspaper Ad
8 8
7
7
5
5
5
3
Directly from Sellers
4 3
4
4
5
3
3
3
Book or Magazine 3 3
2
1
2
1
1
1
Other 1 4
3
6
4



*Source: National Association of Realtors        

 

About ForSaleByOwner.com
ForSaleByOwner.com is the nation’s leading for sale by owner website. Since 1999, ForSaleByOwner.com has saved home sellers more than one billion dollars by providing premium Internet marketing services, property pricing reports, real estate guidance and information, downloadable legal forms, as well as live customer support, to help customers independently sell their own homes. The company offers a wide range of listing packages at varying prices that provide advertising, information, tools and resources to empower people to sell their homes themselves. In contrast, a person selling a $300,000 home through a real estate agent would be charged a 6% commission fee and pay approximately $18,000. Prospective home buyers can browse property database, available at http://www.forsalebyowner.com, at no charge.