Demographics and Trends of the Digital House Hunter

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Prudential PenFed Realty comments on recent new study: Study reveals 78% of new home shoppers visit three or more sites prior to taking action on a real estate website.*

NAR 2012 Profile of Home Buyers and Sellers: Offline Sources Used During Home Research

Offline Sources Used During Home Research

Yahoo, online searches for [real estate] listings are up 256%, & searches for home values are up 158%, [year over year]. [The market] is moving and so are the consumers

The National Association of REALTORS® recently partnered with Google to conduct a study on the digital house hunter and their demographics and offline trends. Today’s home buyers purchase a home for many different reasons and the typical home buyer takes up to 120 days to purchase a home, but will often engage with real estate professionals much earlier in the process. The number one reason for home purchase is the buyer’s desire to own their own home.1

As with many online purchases people tend to shop around looking for the best deals or companies to work with and nearly one fourth of new home shoppers complete an action on a real estate site the day they start researching. “Yahoo, online searches for [real estate] listings are up 256%, & searches for home values are up 158%, [year over year]. [The market] is moving and so are the consumers,” tweeted Earl Lee, chief executive officer, HSF Affiliates LLC and president, Prudential Real Estate.2

The survey also analyzes the various age groups that register on major real estate brand websites. In 2011, 31% of home shoppers who took action on a real estate site were aged 25-34. This is a change from the previous year that the age group of 35-44 year olds as the largest group.3

Men and women both play important roles in the home buying decision process which means real estate professionals need to be targeting both audiences in their marketing messages. The ratio of men and women registering on major real estate brand sites is fairly equal with men leading at 57% in 2010 and women leading in 2011 with 53%.4

When home buyers are not researching online they are obtaining real estate information through other methods. Real estate professionals bridge the gap between online research and buying a home. During the home viewing and buying process 88% of buyers use an agent and 67% use an agent frequently. Other offline channels such as television, billboards and print channels play a much smaller role in the home research and decision process for home buyers.5

For more information on how Prudential PenFed Realty provides its real estate professionals with technology savvy tools, please visit PenFedRealty.com/Success or call 888.732.8233.

About Prudential Real Estate and HSF Affiliates LLC

Prudential Real Estate is a part of the HSF Affiliates LLC real estate brokerage family, which includes Real Living Real Estate and the new Berkshire Hathaway HomeServices brand available later in 2013. Prudential Real Estate franchises are independently owned and operated. HSF Affiliates LLC, based in Irvine, Calif., is a joint venture of HomeServices of America and Brookfield Asset Management.

Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities and are used under license with no other affiliation with Prudential.

About Prudential PenFed Realty

Prudential PenFed Realty, wholly owned by PenFed (Pentagon Federal Credit Union), is a full-service real estate company with an annual sales volume over $1.7 billion; serving PenFed members as well as the general public. Recognized as a leading real estate company in its service area, it is ranked among the top Prudential affiliates nationwide. Over 1,700 top-notch sales professionals work out of Prudential PenFed Realty’s 49 offices to provide complete real estate services in Delaware, Florida, Kansas, Kentucky, Maryland, North Carolina, Northern Virginia, Pennsylvania, Washington, D.C. and West Virginia.

Prudential PenFed Realty is an affiliate of the Brookfield/Home Service Franchise (Formerly Prudential Real Estate) Residential Property Services network. Its franchises are independently owned and operated. The network provides franchises with numerous benefits, including access to Prudential Real Estate’s Online Seller Advantage® program designed to provide real-time information to sellers in an easy to use system; and Online Buyer Advantage®, enabling consumers to easily search for property in all 50 states and the District of Columbia. Prudential Real Estate is one of the largest real estate brokerage franchise networks in North America, with more than 1,500 franchise offices and 50,000 sales professionals in the franchise Network as of December 31, 2011.

©2013 BRER Affiliates LLC: An independently owned and operated broker member of BRER Affiliates LLC. Prudential PenFed Realty is an independently owned and operated member of BRER Affiliates LLC. PenFed Membership is not required to conduct business with Prudential PenFed Realty.

Learn more about Prudential PenFed Realty by visiting PenRedRealty.com, call our Career line at 888.732.8233, or email us at: careerline(at)PenFedRealty(dot)com.

References:
*Google & Compete New Home Shopper Mobile Survey, 2012

12012 Profile of Home Buyers and Sellers

2Tweet from Earl Lee on Twitter dated April 12, 2013 from http://twitter.com/reallyearllee/status/322740037382987777

3Google & Compete Home Shopper Study, 2011 Buy/Sell Registrations of Q2

4Google & Compete Home Shopper Study 2011

52012 Profile of Home Buyers and Sellers

Sources:
Lautz, J. and Prunell, J. (January 16, 2013). The Digital House Hunt: Consumer and Market Trends in Real Estate. A Joint Study from the National Association of REALTORS® and Google. NAR Research: http://www.realtor.org/reports/digital-house-hunt

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Miranda Opiela
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