An interesting report from the research firm The Kelsey Group basically reiterates what I’ve been saying on this blog for a while, that buyers (especially the younger generation) are increasingly turning to the Internet first. Interestingly however, it seems home sellers haven’t caught up yet.
Sellers turn first to newspapers (24%), followed by signs (19%) to advertise real estate for sale, while buyers turn equally to newspapers (30%) and online (30%). And the younger generation, which is the most active real estate-buying age group (18- to 34-year-olds), turns to online sources first.
Kelsey Group frames this as a boon for online advertising mediums, as advertising dollars transition from offline to online media.
Online listings, paid search, Internet newspaper and other online sources will drive the Internet ad share to 44.3 percent
Clearly, this is not good news for local newspapers who are already suffering from massive circulation plunges. [NY Times link]
It’s pretty clear to me that the smart Realtors and brokers are advertising online already. And the rest, won’t be far behind.