Have a question about real estate lingo or mortgage rules? Chances are that you typed it into a search engine before asking a real-life person, according to a new joint study by the National Association of Realtors and Google.
An overwhelming majority, 90 percent, of homebuyers searched online during their homebuying process, according to “The Digital House Hunt: Consumer and Market Trends in Real Estate,” published January 2013. In fact, real estate-related searches on Google.com have grown 253 percent over the past four years. The report states that homebuyers are far more connected and informed than in years past.
The growing importance of the internet as an information source is matched by the necessity for local search results. The study shows that “69 percent of home shoppers who take action on a real estate brand website begin their research with a local term, i.e. ‘ Houston homes for sale’ on a search engine.”
Plus, homebuyers who use the internet for information were more likely to consume more information in general. Internet searchers were more likely than non-internet searchers to acquire information from real estate agents, yard signs, open houses, print newspaper ads and home books or magazines.
The study finds that mobile applications play a huge role for new home shoppers, 89 percent of which use a mobile search engine at the onset and throughout their research. Sixty percent of new home shoppers use smartphones to access general news websites at the beginning and throughout their home research.
As in all other areas of media usage, multitasking plays an important role for homebuyers. Thirty-six percent of new home shoppers use mobile and TV at the same time, according to the study. They use their mobile devices to research real estate at home (77 percent), at work (31 percent) and while waiting in line (28 percent).
The study also finds that home shoppers are willing to watch videos to learn more about potential homes — 86 percent will watch videos to find out more about specific communities, and 70 percent use videos to tour the inside of a home.
— Bettina Chang
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