I'm not surprised. I've been sharing this information with my peers since the data came out last week from the National Association of Realtors (NAR). Most of the Realtors I shared this with weren't surprised either. Here is the example that NAR revealed about that statistic.
I'd like to point out that "real estate agent" came in second with 1/3 of those purchases. That is a solid number but only for the idea that an internet search for a home resulted in contacting an agent to view the house. Once the house discovered on the internet didn't result in a purchase, a consultation yielded more information and the agent was able to refine the search. Now, each other category should be examined. For instance, Friend, relative, neighbor as well as home builder will always be a source because these are not impacted by technology. However, yard sign and print advertisement will go by the wayside in the coming years.
Technology allows people to find out about anything they can possibly think about; but you first have to think it important enough to try and find it. Here is the growth of technology in real estate since 2001.
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From 2011 until 2015 growth of internet searches that resulted in a house purchase increased by only 4%. Now, in the 1 year between 2015 and 2016, it grew at a 7% rate; outpacing the previous 5 years combined. The obvious conclusion is that "today, you don't need an agent to find". (click on the link and see what I mean). I've been saying this for over 5 years and it remains a critical part of my understanding of what consumers need. If you'd like to work with that type of Realtor, give me a call. That's what I do.
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