What Do Prospective Buyers Do First?

19 April, 2016 |

What Do Prospective Buyers Do First?

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When a prospective buyer decides they want to purchase a home, what is the first step they take? The following link reveals the 2016 National Association of Realtors® Home Buyer and Seller Generational Trends. This data shows what actually happens during the process of someone buying a house vs. what is often portrayed on Reality TV.

Buyers don’t automatically end up at a private showing with a REALTOR. The study shows that 42{0a8a364de4bdc182cd885a6012ac9d29a32bc2558b82915042b80d80d2f2dae4} of all buyers and 38{0a8a364de4bdc182cd885a6012ac9d29a32bc2558b82915042b80d80d2f2dae4} of millennials say their first step in the home-buying process is looking for properties online.

For 13{0a8a364de4bdc182cd885a6012ac9d29a32bc2558b82915042b80d80d2f2dae4} of all prospective buyers and 18{0a8a364de4bdc182cd885a6012ac9d29a32bc2558b82915042b80d80d2f2dae4} of millennials the first step is seeking out relevant information on the home-buying process on-line. It is after this step that they contact a real estate agent.

Buyers reported taking on average two weeks for the search process before contacting an agent. For millennials, the average was three weeks. This is why open houses are still important; they make it easier for buyers to access the property on their time. They do not want to align with an agent until they feel more acclimated with the process.

Additionally, websites are used throughout the process by 89{0a8a364de4bdc182cd885a6012ac9d29a32bc2558b82915042b80d80d2f2dae4} of buyers and 93{0a8a364de4bdc182cd885a6012ac9d29a32bc2558b82915042b80d80d2f2dae4} of millennials. It is important to note that 71{0a8a364de4bdc182cd885a6012ac9d29a32bc2558b82915042b80d80d2f2dae4} of millennials are specifically using phones or tablets to access data during the process



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