Data Shows That Home Buying Habits Continue to Move Towards Online Sources and Away from Agents

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More homebuyers are using the Internet to find the homes they ultimately purchased, according to industry data compiled by ForSaleByOwner.com (http://www.forsalebyowner.com). From 1997-2007, the real estate marketplace has seen a 15-fold increase in buyers who found the home they purchased on the Internet. During the same period, there has been a 32 percent drop in buyers who found the home they purchased because a real estate agent told them about the property.

This data, which comes from the National Association of Realtors, provides more evidence that real estate consumers are very successful in finding homes on their own.

"With millions of online real estate searches done monthly, it's no surprise that the Internet is so effective at helping people find their ideal home, condo or vacation property," said Greg Healy, VP of Operations. "This data, which comes from the National Association of Realtors, provides more evidence that real estate consumers are very successful in finding homes on their own."

Where Buyers First Found the Home They Purchased, 1997-2007*

                1997   1999   2001   2003   2004   2005   2006   2007   Real Estate Agent 50% 49% 48% 41% 38% 36% 36% 34% Internet 2 4 8 11 15 24 24 29 Yard Sign 17 15 15 16 16 15 15 14 Home Builder 3 4 3 7 7 7 8 8 Friend or relative 9 8 8 7 7 7 8 8 Newspaper Ad 8 8 7 7 5 5 5 3 Directly from Sellers 4 3 4 4 5 3 3 3 Book or Magazine 3 3 2 1 2 1 1 1 Other 1 4 3 6 4 - - -   * Source: National Association of Realtors

About ForSaleByOwner.com

ForSaleByOwner.com is the nation's leading for sale by owner website. Since 1999, ForSaleByOwner.com has saved home sellers more than one billion dollars by providing premium Internet marketing services, property pricing reports, real estate guidance and information, downloadable legal forms, as well as live customer support, to help customers independently sell their own homes. The company charges a modest fee for its wide range of advertising and real estate resources, priced from $89 to $899. In contrast, a person selling a $300,000 home through a real estate agent would be charged a 6% commission fee and pay approximately $18,000. Prospective homebuyers can browse property database, available at http://www.forsalebyowner.com, at no charge.

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Eric Mangan
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