Here are Some Surprising Statistics When It Comes To Searching For A Home Online!
There’s no question how technology has changed the real estate market – we recently posted a blog about using drones to help sell your house! However, tech is making its presence known in real estate in more subtle ways, and we’re seeing huge shifts in how people find their home due to technology.
If you’re a selling agent, or even if you’re looking to sell your home soon, let’s look at how buyers use technology when searching for a home. You can use these statistics to create more effective strategies for marketing a property, finding your ideal sellers, and selling the property faster!
A Look Back: Searching for a Property 40 Years Ago
In the early 1980s, prospective buyers found homes through newspaper ads, word of mouth, and open houses. Nearly a quarter of homes in 1981 were found via classified ads in the local paper, and most people found their real estate agents through referrals from friends.
While there’s nothing wrong with any of these methods, it’s safe to say that aside from getting a referral for a real estate agent from a trusted source, none of these methods are especially efficient. If you’re marketing your house to sell, open houses, ads, and word of mouth are most likely not going to bring in a qualified offer.
Most Buyers Start Searching Online
With over 95 percent of buyers searching online, having a strong online marketing strategy is key to attracting a buyer. What do buyers look for in a listing? Mainly they want to see pictures of the house – well-lit photos that show the sense of scale and size of the room, and video is also a powerful selling tool. Pictures more than description or nearby amenities are what will entice a potential buyer to want to take a tour, with 89 percent of buyers naming pictures as the most valuable tool when searching online.
One thing that many people overlook regarding technology is the amount of mobile use that goes into finding a home. Generation X (people born between 1966-1981) and Millennials (1981-1996) use their mobile devices for home searches, with 72 percent of searches taking place on a phone or tablet. In order to attract buyers to a property, making sure the listing is optimized for mobile use will help.
Knowledgeable Home Buyers
Not only are home buyers using mobile and online searches to find their home, but they’re also using technology to prepare for the process of home buying. From reading blogs and articles about the process itself to knowing how much they can afford using a mortgage calculator, to understand exactly what to look for when they’re physically touring, today’s buyer is doing their research.
This is wonderful news because this cuts down on the surprises that often come up during a home search like needing to pre-qualify for a mortgage, having a better idea of a budget, and understanding the escrow process.
Real Estate Agents are Still Necessary
With 88 percent of people relying on real estate agents to help buy and sell a home, it’s proof that they are vital to the process of home buying and selling. Even though buyers can often find a home they like on their own and can research the process, they need a qualified, experienced person to help them look for specific qualities in a home, plus guide them through the process of purchasing makes a stressful time much easier!