More home buyers turning to social media in home-buying process, REALTOR® survey finds

By CAR -

June 30, 2014

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LOS ANGELES – June 30, 2014 – (RealEstateRama) — Reflecting the proliferating use of social media in today’s society, more home buyers are turning to social media in the home-buying process than ever, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2014 Survey of California Home Buyers.”<span id="more-2975"></span></p> <p>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), neighborhood information (44 percent), and to view their agents’ Facebook pages (42 percent).</p> <p>Mobile technology and the Internet continued to be important tools in the home-buying process, with 91 percent saying 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). Conversely, 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.</p> <p>In another sign of recent market competitiveness, more than nine in 10 buyers (91 percent) made one or more other offer, with an average of 3.6 offers in 2014, up from three offers in 2013. Additionally, buyers viewed a median of 20 homes in 2014, up from 10 last year. Given the limited supply of homes available for sale, fewer buyers were satisfied with their home purchase than last year. Only about half of the buyers were satisfied with their purchase in 2014, down from two-thirds (66 percent) in 2013. Nearly half (46 percent) of buyers felt they “settled” on their home purchase in 2014, up from 34 percent.</p> <p>Additional findings from C.A.R.’s “2014 Survey of California Home Buyers” include:</p> <p>• Buyers cited price decreases (54 percent), receiving a promotion or raise (34 percent), low interest rates (29 percent), and favorable prices/financing (17 percent) as the top reasons for purchasing a home.</p> <p>• Echoing a recovering housing market over recent years, buyer optimism of home prices also continued to improve, with the vast majority of buyers (81 percent) believing that home prices will rise in five years and 60 percent believing that prices will rise in one year. This is an improvement since 2009, when only 35 percent of buyers believed that prices would rise in five years, and only 8 percent who believed prices would rise in one year.</p> <p>• Higher down payments are still the norm in this market, with buyers putting an average of 28 percent down on their purchases. The average down payment has been higher than the traditional 20 percent since 2009.</p> <p>• More than nine in 10 buyers (92 percent) obtained a fixed-rate loan, a 23 percent increase from 2009, when only 69 percent obtained a fixed-rate loan, reflecting low rates and the desire for certainty as the market gets back to basics.</p> <p>• Nearly all surveyed buyers (88 percent) used a real estate agent in 2014, down slightly from 91 percent in 2013. Reflecting a growing use of the Internet, nearly two-thirds (65 percent) of those who used an agent found their agent online, compared to only 38 percent who found their agent online in 2003.</p> <p>Survey of California Home Buyers Slides (click links to open):</p> <p>• <a title="2014 Buyer1" href="http://www.car.org/media/ppt/2014_Buyer1.pptx">Buyers’ use of social media</a><br /> • <a title="2014 Buyer2" href="http://www.car.org/media/ppt/2014_Buyer2.pptx">Increase in number of offers made</a><br /> • <a title="2014 Buyer4" href="http://www.car.org/media/ppt/2014_Buyer4.pptx">Higher down payments</a><br /> • <a title="2014 Buyer5" href="http://www.car.org/media/ppt/2014_Buyer5.pptx">Fixed-rate loans still popular</a><br /> • <a title="2014 Buyer6" href="http://www.car.org/media/ppt/2014_Buyer6.pptx">How buyers found their agent</a></p> <p>The 2014 Survey of California Home Buyers was conducted by telephone to 1,400 people statewide to measure their perceptions of the home-buying process. All eligible respondents closed escrow on their homes within the six months prior to February 2014. Access the full report on the survey findings here: <a title="2Home Buyer" href="http://www.car.org/marketdata/surveys/buyer/">http://www.car.org/marketdata/surveys/buyer/</a> and view the webinar presentation here: http://www.car.org/marketdata/videos.</p> <p>Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 165,000 members dedicated to the advancement of professionalism in real estate. 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block_td_uid_6_675c2b647b50c.block_type = "td_block_2"; block_td_uid_6_675c2b647b50c.post_count = "4"; block_td_uid_6_675c2b647b50c.found_posts = "4100"; block_td_uid_6_675c2b647b50c.header_color = "#"; block_td_uid_6_675c2b647b50c.ajax_pagination_infinite_stop = ""; block_td_uid_6_675c2b647b50c.max_num_pages = "1025"; tdBlocksArray.push(block_td_uid_6_675c2b647b50c); </script><div class="td_block_wrap td_block_2 td_block_widget td_block_id_3368476966 td_uid_6_675c2b647b50c_rand td_with_ajax_pagination td-pb-border-top"><h4 class="block-title"><span>Recent Government & Nonprofit Press Releases</span></h4><div id=td_uid_6_675c2b647b50c class="td_block_inner"> <div class="td-block-span12"> <div class="td_module_4 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="td-module-image"> </div> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/napolitanos-statement-on-trump-administrations-attack-on-clean-water-ID09898.html" rel="bookmark" title="Napolitano’s Statement on Trump Administration’s Attack on Clean Water">Napolitano’s Statement on Trump Administration’s Attack on Clean Water</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/california">California RealEstateRama</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-07-05T00:04:12+00:00" >July 5, 2019</time></div> </div> <div class="td-excerpt"> Rep. Grace F. Napolitano (D-El Monte), issued the following statement after the Trump administration announced a new proposal—claiming it to be pro-industry—which would weaken federal clean water rules, putting at risk the health and safety of millions of Americans </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/flood-protection-and-water-storage-ID09937.html" rel="bookmark" title="Flood Protection and Water Storage">Flood Protection and Water Storage</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/realestaterama-2">RealEstateRama</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-07-04T03:31:39+00:00" >July 4, 2019</time></div> </div> </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/senators-include-legal-protections-for-military-families-in-privatized-housing-in-defense-bill-ID09930.html" rel="bookmark" title="Senators: Include Legal Protections for Military Families in Privatized Housing in Defense Bill">Senators: Include Legal Protections for Military Families in Privatized Housing in...</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/realestaterama-2">RealEstateRama</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-04-01T10:24:14+00:00" >April 1, 2019</time></div> </div> </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/mccarthy-introduces-legislation-to-repurpose-high-speed-rail-funding-to-water-infrastructure-projects-ID09929.html" rel="bookmark" title="McCarthy Introduces Legislation to Repurpose High-Speed Rail Funding to Water Infrastructure Projects">McCarthy Introduces Legislation to Repurpose High-Speed Rail Funding to Water Infrastructure...</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/congressman-kevin-mccarthy">Congressman Kevin McCarthy</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-04-01T10:20:36+00:00" >April 1, 2019</time></div> </div> </div> </div> </div> </div></div> <aside class="widget widget_archive"><div class="block-title"><span>Government & Nonprofit Press Release Archive</span></div> 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