The Real Deal

The time online can help the home

By Jean Newton

It used to be that when someone wanted to buy a home they rode around in the back seat of a real estate agent's car until they either found a property they liked, or both parties became exhausted and postponed the buying decision. But times have changed, according to Richard A. Mendenhall, president of the National Association of Realtors.

According to recent research by the association, six buyers out of 10 begin their search by checking available properties listed on the Internet before they even talk to a real estate agent or physically view any properties at all.

"A growing number of consumers are finding there are many benefits to taking the online route in their initial home search," Mendenhall said.

"Through the Internet, a potential homebuyer can see many properties and their specifications quickly," he said.

Listings on the Internet usually include at least one picture of the home. Increasingly, however, more Internet property listings now have three-dimensional, panoramic 360-degree views of the property, which give prospective buyers an even better idea of what the interior and exterior of the home is like.

"In addition to viewing the physical appearance of a potential home through the Internet, buyers can also check out various neighborhoods including their proximity to important features, such as schools, churches, shopping and other amenities," Mendenhall explained. "Other useful information that can be found on the Internet include an area's traffic patterns, tax rates, crime statistics, even the location of underground hazards and other problems that might be in the vicinity but not easily visible or readily disclosed," he said.

According to Mendenhall, potential homebuyers who use the Internet for their initial search often are able to eliminate a large number of properties and neighborhoods that might be less suited to their needs and tastes and concentrate on the few that are probable prospective choices. The Internet does not eliminate the need for a real estate agent or to visit potential properties, however; it just makes the process more efficient, organized and oftentimes less frustrating, he explained. "Typically, the Internet-savvy consumer sees fewer properties than in the old days, spends less time on the search process, makes a more informed decision and ends up more satisfied than was possible before this new technology became available, "Mendenhall added.

Another vital area where the Internet is increasingly serving today's potential homebuyers is in the financial arena. According to Mendenhall, properties listed on the Internet will have price information--not a trivial matter since the price is typically the first factor used by buyers to determine a property's suitability. After evaluating price trends in an area, consumers who shop the Internet first in their home search oftentimes are in a better position to spot bargains, he noted.

"While there are a number of good sites available on the Internet to choose from, the most comprehensive is Realtor.com, the proprietary site of the National Association of Realtors and the premier source of home buying, selling and virtually all housing and shelter issues," Mendenhall said.

"Realtor.com contains the lion's share of the nation's listings, with more than 90 percent of the available listings posted at one time. It is constantly being updated, and covers the entire country and Canada. The information is free, timely, and besides property listings, the site contains a wealth of background information for the consumer interested in homes. It should be the cornerstone of any search," Mendenhall added.

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Richard Mendenhall serves as the 2001 President of the National Association of Realtors. Information provided in this column is presented by the Realtor members of the Silicon Valley Association of Realtors at www.siliconvalley-realtors.org. Send questions on any topic to jnewton@jnpr.com.

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