First-Time Buyers Favor Use of Internet For Home Searches

Nearly two-thirds of all first-time homebuyers used the Internet as a significant part of the homebuying process, while less than half of repeat homebuyers used the net.

That was one of the findings in a study of Internet usage that found that Internet buyers were younger, wealthier, better educated and more likely to be married than traditional buyers. However, Internet buyers and traditional buyers should not be viewed as two separate populations but as segments in the spectrum of the home buying population, each utilizing technology in varying degrees.

Other key findings from California Association of Realtor's 2005 Internet Versus Traditional Buyers Survey include:
  • The median age of Internet buyers was 39 years compared with a median of 46 years for traditional buyers.
  • More than nine out of 10 Internet buyers were married, while eight of 10 traditional buyers were married.
  • Eighty-five percent of Internet buyers had at least a four-year college degree and 11 percent completed post-graduate work. By comparison, 78 percent of traditional buyers held a college degree and 4 percent completed post-graduate work.

  • Internet buyers had an annual income of $185,088, compared with $151,190 for traditional buyers.
  • Internet buyers spent an average of 5.8 weeks considering buying a home before contacting a Realtor, nearly three times more than traditional buyers, who spent 2.1 weeks in this stage of the homebuying process.
  • Internet buyers spent two weeks looking for the home they ultimately purchased, compared with seven weeks for traditional buyers.
  • Close to six of 10 Internet buyers said the information that they gathered from the Internet was less useful than that provided by their Realtor; none considered the information gathered from the Internet to be more useful than that obtained from their Realtors.
  • All first-time buyers typically spent four weeks considering buying a home and four weeks investigating homes for sale before contacting a Realtor. They then spent three weeks previewing eight homes with their Realtor

  • All repeat buyers spent three weeks considering buying a home and only two weeks investigating homes for sale on their own. They spent five weeks previewing 10 homes with their Realtor.


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