Mobile technology and the Internet have transformed the home buying process and the way Realtors and their clients do business. Social media, in particular, has emerged as an easy way to share or exchange information and ideas about a person’s home search.
Findings from the California Association of Realtors’ “2014 Survey of California Home Buyers” show mobile technology and online resources have become increasingly important tools in assisting consumers in their search for a home. The survey was conducted by telephone to 1,400 people statewide who closed escrow on their homes within the six months prior to February 2014.
Ninety-one percent of those surveyed said they used a mobile device to access the Internet during the course of their home purchase. Buyers used their mobile devices to look for comparable home prices (78 percent), search for homes (45 percent) and take photos of neighborhoods, homes and amenities (43 percent).
David Tonna, president of the Silicon Valley Association of Realtors, says due to advances in mobile technology, most buyers and sellers expect instant response from their agent, preferring to communicate by email and even text messaging.
“No other form of communication puts us in constant contact with each other,” says Tonna.
According to the National Association of Realtors, 94 percent of Realtors nationwide now use mobile devices to communicate with clients. Realtors spend a median 44 percent of their time corresponding with, or doing work for their clients via their mobile devices.
“Mobile technology has become part of our daily lives; in many cases, we can’t leave home without our mobile phone. Emails can now be opened on mobile devices,” says Tonna. “Mobile devices allow us to conduct business quickly, conveniently, while on the go.”
Additionally, more than three-fourths of home buyers used social media in their home search, up from 52 percent who used it in 2011. Buyers said they primarily used social media to obtain buying tips and suggestions from friends (44 percent), get neighborhood information (44 percent) and to view their agents’ Facebook pages (42 percent). The survey indicates with the increased use of social media, fewer buyers “Googled” their agent (50 percent in 2014, down from 68 percent in 2013), turning to agents’ Facebook pages instead.
Tonna says Realtors see the importance of maintaining an Internet presence and using the new technologies to meet their clients’ needs, but also place focus on forging a personal relationship with their clients. “While using mobile technology to respond to clients, it should never take the place of being personally accessible to your client. A strong, personal relationship is still at the heart of every business,” adds Tonna.
Other findings of the survey revealed a sense of frustration among buyers due to the limited supply of homes available for sale. More than nine in 10 buyers (91 percent) made one or more other offers, with an average of 3.6 offers in 2014, up from three offers in 2013. Buyers viewed a median of 20 homes in 2014, up from 10 last year.
Also, fewer buyers were satisfied with their home purchase compared to last year. Only about half of the buyers were satisfied with their purchase in 2014, down from 66 percent in 2013. Nearly half (46 percent) of buyers felt they “settled” on their home purchase in 2014, up from 34 percent.
Buyers’ top reasons for purchasing a home were price decreases (54 percent), receiving a promotion or raise (34 percent), low interest rates (29 percent) and favorable prices/financing (17 percent).
Information is presented by the Silicon Valley Association of Realtors at silvar.org. Contact rmeily@silvar.org.
