Where Do Homebuyers come from?

When listing a home for sale, many people still feel that the newspaper ad is the best way to advertise their home. While placing an ad in the newspaper is not without merit, it really isn't the best use of resources. Let me share some statistics of where homebuyers come from. According to the National Association of Realtors, these are the information sources used in a home search:

1. Internet 90%

2. Real Estate Agent 87%

3. Yard sign 59%

4. Open house 46%

5. Newspaper ad 40%

6. Home book or magazine 26% 

Source: 2009 National Association of REALTORS� Profile of Home Buyers and Sellers

As you can see, the newspaper is number five on the list. It shouldn't come as any surprise, since newspapers are going out of business as readership is declining. More and more, people are using the internet to get their information.

Of those that use the internet to begin their search, 77% drove by or viewed the home and 61% walked through a home they viewed. It goes on to say that the median age of the first-time buyer is 30 and the median age of the repeat buyer is 48. First-time buyers make up 47% of the market, while repeat buyers make up 53%.

So, when considering listing your home, it's important to weigh all the options and to make sure your agent knows the best way to market your home. Equally important, if you're looking to purchase a home, there are many sources in which to begin your search.

Next time, I'll talk about sources on the internet that you can use to either sell or buy your next home.