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Real Estate and the Internet

Posted on Tuesday, June 16, 2009 by DakotaQ Internet Services

The Internet has dramatically transformed the Real Estate industry.  As the Internet has matured, more and more people are using the Internet to search for Real Estate property and services.  In 2006, a study completed by the National Association of Realtors found that buyers used the following sources of information when searching for their homes.

Information Sources Used in Home Search in 2006

Real estate agents - 90%
Internet - 77%
Yard signs - 71%

In 2007, the results were dramatically different. 

Information Sources Used in Home Search in 2007

Real estate agent - 84%
Internet -84%
Yard sign - 59%
Open house - 48%
Home book/magazine - 31%
Builders - 24%
Television - 9%
Billboard - 7%
Relocation company - 5%

Internet usage grew dramatically in just over a year's time.  With the proliferation of high speed bandwidth, potential home buyers are able to obtain much more information about property listings than they have in the past.  Increase bandwidth has allowed buyers to view more and larger pictures, see 3-D virtual tours, and even video of their potential home purchases.  

Far from being resistant to these changes, real estate agents and brokers are embracing these changes.  Prior to the Internet, potential buyers normally began their search for a home in the realtor's office.  The buyer would communicate their specifications ... price range, number of bedrooms, square footage, etc.  ... to their buyer agent.  The agent would then compile a list of homes that meet those specifications and setup showings for the potential buyers.  Today, many realtors are reporting that buyers are coming to them with a list of homes that they wish to see.  They have already done a search using the Internet, and have narrowed down their selection to a few choice homes.  The power and convenience of new home shopping on the Internet is easy to see.