Internet continues to transform real estate
Nine out of 10 home buyers still use a real estate agent to purchase a home, but use of the Internet to search for a home has risen dramatically over the past several years, transforming the way the real estate industry does business.
According to new figures from the National Association of Realtors (NAR), use of the Internet to search for a home increased from only 2% of buyers in 1995 to 77% in 2005 — it now ranks as the number one most-used aid.
The next most-mentioned source of information for home seekers was the yard sign, mentioned by 71% of buyers.
When asked where they first learned about the home they purchased, 36% said from a real estate agent — 24% of buyers identified the Internet, up from 15% in 2004 and only 2% in 1997.
Realtor.com was the most popular Internet resource, used by 54% of buyers, followed by multiple listing service (MLS) Web sites at 50% and real estate company sites at 38% and real estate agent Web sites at 31%.
(Source: eMarketer Inc.)