Tips & Trends for the Flagstaff Real Estate Market:
Past Articles [November 2002]
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The Power of the Internet in Home Buying and Selling
Home Buyers are looking more and more on the Internet to find information on available homes, home values, and market conditions. The Internet is a powerful tool for home buyers, home sellers and real estate agents. As we all know the internet is playing a bigger part in our lives every year.
I recently discovered these statistics that are provided by the National Association of Realtors.
1. In 2001, 41 percent of home buyers used the Internet as an information source, primarily searching for listings.
2. Home buyers who searched for residential property on the Internet typically purchased homes that were 19 percent higher than other home buyers.
3. The Internet also helped facilitate action by home buyers. For example, nearly 70 percent of all Internet-using home buyers visited a home with a real estate agent as a result of their use of a real estate Web site. Internet-savvy home buyers are more likely to use a real estate professional to complete transaction.
4. More than three-quarters of Internet-friendly home buyers used a REALTOR® to complete the home search and close the transaction. This compares to 64 percent of other home buyers.
5. The most widely cited real estate Web site used by home buyers in the survey was REALTOR.com® at two-thirds of respondents. The second most popular site was the real estate company’s Web site with 41 percent of Internet home searchers visiting.
The numbers are not in yet for 2002 but it will be interesting to see what they bring. While these figures reflect a national survey there is little doubt that home buyers considering a move to Flagstaff use the internet at least as much and perhaps more than other areas of the country. If you are thinking of buying or selling a home I would suggest that you visit REALTOR.com to get a feel for home searching on the internet.
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