BrokerageIndustry News

Web snares more real estate buyers

Survey reveals growing use of Internet in home purchases

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The share of home buyers who said the Web was integral to their purchase process continues to grow, according to an annual survey of home buyers by the California Association of Realtors trade group. Meanwhile, the home-search process lengthened compared to the 2007 survey. The association's "Survey of California Home Buyers" reveals that 78 percent of buyers used the Internet "as an important part of (their) home buying and selection process," compared to 72 percent in 2007. Buyers who stated that the Internet was an important part of the buying process spent an average 8.3 weeks searching for a home with their agent, up from 5.2 weeks in 2007 and 2.2 weeks in 2006 -- reflecting the slowing sales environment of the past two years. "Traditional" buyers who said the Internet was not an important part of the buying and selection process took even longer -- 10.3 weeks searching for a home with their agent compared to eight weeks in 2007. Also, the ...