South Bay Real Estate Blog

Thursday, March 30, 2006

Remodeling Spending at an All Time High - says NAHB

The National Association of Home Builders reports that remodeling spending was over $200 billion in 2005, and even more is expected in 2006.

This trend is not surprising here in the South Bay where home prices are increasing and the number of homes available is still low.

At, you can read the full article.

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Wednesday, March 01, 2006

Internet Buyers vs. Traditional Buyers

The chief economist for the California Association of Realtors provided statistics comparing buyers who shop for their home using the Internet and buyers who shop for homes using traditional methods, such as going to open houses.

Internet buyers spend more time researching before they start looking at homes in person. They spend 4.7 weeks compared to 1.6 weeks for traditional buyers. Because they did this research, they typcially visit 6 homes in person before buying one, compared to 14 homes for traditional buyers.

Internet buyers spend an average of 2 weeks seeing homes with an agent vs. 7 weeks for traditional buyers.

Internet buyers interviewed an average of 1.4 agents before selecting one, and traditional buyers interviewed an average of 3.3 agents.

85% of Internet buyers prefer to communicate via email, whereas 100% of traditional buyers prefer to communicate over the phone.

Internet buyers report being overall more satisfied with the purchasing process than traditional buyers, perhaps because the process takes a shorter amount of time and because Internet agents respond more quickly to buyers. 21% of Internet buyers expected an instant response to an inquiry, with another 23% who expected a response within 30 minutes. 38% of traditional buyers expected a phone response the same day, and another 28% expected a reponse within one day.

Internet buyers report that they liked the quick response and they felt their Internet agent worked hard on their behalf.

Whether we're working with an Internet buyer or a traditional buyer, these same habits are some of the contributors to building our real estate business.