According to the California Association of Realtors (one of the country's largest realty trade organizations) in a recently released report, "Nearly 80% of all first-time homebuyers used the Internet as a significant part of the home buying process..."
This report hammers home the importance of using the Internet to secure a buyer for your home. The report goes on to say that Internet buyers conducted more research when they began their home buying process. Further, it provided some interesting statistics:
The median age of buyers on the Internet was 39 years old and more than 90 percent were married. Also, they apparently were quicker. Internet buyers, according to the report, spent two weeks looking for the home they would ultimately purchase. That compared with seven weeks for the traditional buyer.
A significant portion of the CAR report emphasizes the role of a RealtorŪ in the home buying process, "All first-time buyers typically spent four weeks considering buying a home and four weeks investigating homes for sale before contacting a Realtor. They then spent three weeks previewing eight homes with their Realtor."
If you're selling your home "by owner," this report ought to give you encouragement. It suggests that one of your primary means of promoting your property, the Internet, may be an excellent source of finding buyers.
While the traditional means of locating buyers - a sign in front, ads, flyers, and so on - remain important, listing your home on the Internet may be even more important. Today there are a host of Internet websites (such as Owners.com) that specialize in providing you with easy Internet space at a reasonable cost.
When you list in cyberspace, you offer buyers:
- The ability to quickly learn all the important facts about your property from its size, to the number of bedrooms and bathrooms to even any fruit trees you might have growing in back.
- The opportunity to visualize your home, either through simply looking at pictures that you've put on your listing site, or through virtual tours.
- The chance to check out the comps (sales of recent similar homes) so buyers can verify that you are asking a reasonable price.
- The option of looking into scholastic scores from local schools, neighborhood crime statistics and demographics, the proximity of your property to shopping, transportation, freeways and much more.
The best part is that potential buyers can do all of this from the comfort of their own home. They don't have to undergo the stress of touring house to house in the traditional manner of looking for homes. They simply use their computer and mouse to find out what's out there. Then they can pick and choose which homes they want to see by calling you direct.
This means that when you get a call from an Internet buyer, chances are that buyer is already educated about your house. In fact, most of the informational part of selling has been done for you. Now the buyer wants to see your home to confirm that it's a place he or she wants to purchase.
If you're thinking about putting your home up for sale "by owner," don't forget to use your strongest suit, the Internet.
