5 Myths About Online Home Buyers

Posted by Rearview on March 2nd, 2007

Myth 1: Online home buyers use email as their first form of contact. Fact: Only 2% of online buyers surveyed used email as the 1st form of contact with a community. 59% of online homebuyers made their 1st contact by going to the sales center!
Myth 2: Most online buyers are relocating from another city. Fact: the reason that online buyers are visiting sales centers is because 51% of them live within 5 miles of your community! Another 20% live within 6 - 75 miles of your community.

Myth 3: Most online buyers do not use a Buyer’s Agent. Fact: 87% of online buyers use a Realtor. That over 30% higher than the national average for all home buyers.

Myth 4: Online buyers purchase a home within 3 months: Fact: Buyers surveyed spend an average of 84 days researching before they make first contact. Its another 80 days before they sign a contract. thats 6 months!

Myth 5: Online home buyers find out about your website almost exclusively through URL placement in traditional media. Fact: When surveyed buyers were asked how they would start their next search, 49% referenced online resources including internet listing sites.
What does this mean to you? Take time to question your website and your online marketing plan. Is it effectively targeting the right consumers? Are you allocating an adequate budget to the most cost effective sales tool you have? Are you giving your co-op realtors the incentives they need to bring in online leads? Are you effectively marrying your online presence with onsite sales? 2007 is the year for you to make your online sales a priority.
These numbers are based on the IRM 2005 Research Project conducted by Harris Interactive. To read the complete study, visit www.NAHB.org