By Kay Wilson-Bolton
President, Ventura County Coastal Assn of REALTORS®
January 23, 2000
REALTORS® have found themselves keenly aware of how our business is being impacted by the presence and growth of the Internet.
In May of 1999 the California Association of REALTORS® commissioned an independent survey firm to study the difference between how an Internet buyer goes through the home buying process compared to the traditional homebuyer.
Internet buyers were found to spend 2.5 months in the process as opposed to five months. Internet buyers physically previewed four homes, compared to eight with the traditional buyer. Internet buyers were more likely to understand what they could afford, the type of house they wanted and their chosen neighborhood. Only 16% of Internet buyers use newspaper adverting compared to 76% of traditional buyers.
Of those who use websites to locate information, 89% used the Internet to locate real estate firms and 87% to find a specific REALTOR®. Internet buyers use an average of six webs sites to find a REALTOR® and eight sites to get listing information. They reported that 100% of the agents they used had an email account.
Other interesting demographics are that 31% of the Internet buyers are single compared to 22% of traditional. Nearly 75% of those who are single are male. Seventy percent of the Internet home buyers are between the ages of 25 to 39.
Of particular interest to Ventura County residents and REALTORS® is that the statewide median home price for a home purchased by the Internet buyers is $450,000 and $300,000 for the traditional buyer.
The Ventura County Coastal Association of REALTORS® is very aware of how these changes are impacting our industry and we are stepping up our training opportunities to assure a competitive position for our REALTOR® members.
When buying or selling your next home, choose a REALTOR® . There is a difference and you can benefit. For more information, contact Bob Seitz, CEO, Ventura County Coastal Assn of REALTORS® at 981.2100. Our website is http://www.vc-realtors.com