Friday, July 02, 2004

The internet plays a strong role in home buying!

The California Association of Realtors® (CAR) has released a study titled "2004 Internet Versus Traditional Buyer Study". In that study, the CAR reports that the number of home buyers using the internet in 2004 is 56%, up from 28% in 2000 (the first year this study was performed).

Other statistics from the study are:

Time spent considering a home purchase before contacting a realtor:
Internet buyer: 5.9 weeks
Traditional buyer: 2.1 weeks

Time spent researching homes before contacting a realtor:
Internet Buyer: 4.8 weeks
Traditional Buyer: 1.6 weeks

Time spent looking for a home with realtor:
Internet Buyer: 1.9 weeks
Traditional Buyer: 7.1 weeks

These statistics make sense. Our internet buyers are more informed about the market, and have done more "homework" than "traditional" buyers. Therefore, it takes them a shorter period of time to make a decision on buying a home.

To read the press release with even more statistics, go here.

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