PHOTO: Social media users were horrified by the low prices in 1995. Photo credit: Reddit. A 1995 newspaper advertisement
Every year the National Association of Realtors (NAR) mails out a survey to a sample group of more than 100,000 recent home buyers.
FROM NAR REPORT
In 1981, 22 percent of home buyers read newspaper ads to find a home and eight percent used
friends as an information source. In 2018, 44 percent looked for properties online first.
The world we live in today is a digital one and searching for a home is no different. Buyers now
have apps that let them search by location and neighborhoods. Online listings have virtual tours so
viewers can look at many potential homes while narrowing down their search to a select few in the
effort to save time. Online searching maximizes the ability to compare and contrast homes on the
market by selected features. Most of this is done before a potential home buyer connects with a real
estate agent.
Also in 1981, the top way to find an agent was through friends, relatives or neighbors. In 2018,
buyers worked with an agent 87 percent of the time to find their home, so trust in a REALTOR® is
still king. While the initial process may start online, home buyers turn to the advice from a trusted
real estate agent. The difference is that home buyers are entering the process more educated about
the market before they speak to a home seller or an agent.
In addition to the home buying process, REALTORS® also utilize technology in their everyday
business practices. Staying up to date with new technology is important, but is also cited as one of
the biggest challenges for firms in the next two years.
Over 90 percent of real estate firms have websites, and the most common feature on their websites
were property listings. Along with web use, REALTORS® are also using their mobile devices for a
multitude of different activities, with the primary being to communicate with their clients. In the
Real Estate in a Digital Age report, we examine the process home buyers go through in the initial
online search and how REALTORS® are connecting with customers in the digital space.
READ THE FULL REPORT HERE
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