According to the Third Quarter 1999 California Housing Finance Survey (HFS) released by the California Association of REALTORS® (C.A.R.,) the Internet played a bigger role in the real estate transaction. Gains were posted in every question regarding Internet communication with Realtors and finding a mortgage online.
The survey, which measures such things as homes sales to the number of out-of-state buyers, to the importance of schools in home selection, revealed that the incidence of buyers and sellers utilizing the Internet rose steadily throughout the year, with buyers using the Internet more than sellers.
The results are as follows:
Buyers:
The proportion of buyers using the Internet to find listings jumped
from 26.3 percent at the beginning of 1999 to 34.8 percent in the third
quarter 1999.
Buyers accessing the Internet to find neighborhood information rose
from 12.2 percent during the first quarter 1999 to 19.9 percent in the third
quarter 1999.
The proportion of homebuyers looking for a mortgage almost doubled
from 6.7 percent to 12.2 percent, according to Realtors participating in
the survey.
12.3 percent of homebuyers used the Internet to prequalify for a
mortgage, up from 7.2 percent in the first quarter last year.
24.5 percent of homebuyers used the Internet to communicate with
Realtors, up from 20.5 percent in the first quarter last year.
Sellers:
24.6 percent of sellers used the Internet to communicate with
Realtors, up from 21.2 percent during the first quarter 1999.
14.3 percent used the Internet to look for listings, up from 10.0
percent earlier in 1999.
4.1 percent of sellers used the Internet to find a mortgage, up from
2.9 percent at the beginning of the year.
3.3 percent used the Internet to prequalify for a mortgage.
REALTORS®
27.0 percent of Realtors said the Internet made the transaction
easier, compared to 23.0 percent during the first quarter of 1999, while 5.4
percent thought the Internet complicated the transaction.
23.0 percent of Realtors believed the Internet made the transaction
faster, while 1.6 percent thought it slowed down the transaction.
The third quarter results are based on a survey sent out to 5,000 California Realtors, with more than 500 valid responses for transactions that took place in July, August and September 1999.
Also See:
Understanding the Internet Consumer
Is it Possible to Become a Virtual Agent?
The Generation X Home Buyer
Are Older Real Estate Pros Losing Out as X'ers Buy From X'ers
Published: January 13, 2000
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