What Is The Difference Between An Internet Buyer and a Traditional Buyer?
There is no question that online shopping has skyrocketed over the past decade. People aren’t just buying groceries and gifts online, they’re also buying homes! A study has shown that Internet homebuyers have increased from 28% to 70% since the early 2000s and the number are rising every day. Even over the past 4 years, real estate searches on Google have grown 253%. This just goes to show that the Internet is connecting homebuyers and sellers better than ever before, though are there downsides to this?
Some Important Statistics To Note
In 2016, only 14% of homebuyers decided to contact real estate agents right off the bat. 51% of all homebuyers found the home that they ultimately ended up purchasing online compared to
only 8% back in 2001.
Buyers that searched online for homes ended up visiting 10 homes on average over the course of 10 weeks prior to purchasing. For traditional homebuyers, the numbers were much smaller. On average, they visited four homes over the course of four weeks before making their final purchase.
This goes to show that traditional shoppers are much more rooted in their decisions and likely know what type of house or location they have in mind before ever hitting the market.
why Is This Trend Growing?
It’s no surprise that finding the right property isn’t easy, especially when it comes to first-time buyers. A large percentage of new homebuyers feel that the process and paperwork is the hardest thing to figure out. Online property buying sites help to expedite this process and walk you through the correct steps to make sure you are thorough throughout the process.
With that said, the majority of homebuyers eventually find an agent to help close the deal on a home, nine in ten buyers in fact.
Do Agents Have a Place In the Digital Age?
Absolutely! There’s nothing like having the proper hands-on attention when you’re looking for your home. Full-service agents have a better understanding of what homebuyers are looking for and can help them to find the perfect home that matches their preferences.
Agents also don’t get paid for every house that you look at, meaning they’re more willing to help you find the house that you love and will get creative to do so.
The Major Difference
Buyers who still buy homes traditionally are likely to have a better idea of the homebuying process and are quicker when it comes to making their ultimate purchases. Essentially, it’s usually not their first rodeo.
The majority of Internet homebuyers are a newer breed of buyers who are still a bit less confident when it comes to the purchasing process. Because of the larger variety of options online, they typically take longer in the home buying process.
Would you consider yourself more of a traditional homebuyer or an Internet homebuyer? Do you have experience buying a home either way?
Let us know about your experience in the comments!