The use of the Internet in home buying process has seen a significant rise in recent years. Millennials and younger buyers are increasingly using online resources in searching their dream abodes. Here are some key facts showing how digital media is influencing home buyers and how real estate players are using the same to connect with buyers.
- At 35%, Millennials (buyers aged 18-35) are the largest share of home buyers (NAR 2016 Home Buying Trends: Millennials)
- The young generation accounts for 68% of all first time home buyers.
Digital Media Is One of the Biggest Influencer: Global Stats
- 90% of home buyers take to the web during their home search
- 91% of Realtors use social media in some way. (NAR 2013-2014 Realtor Technology Survey)
- 12% of home buyers used online recommendations when searching for an agent. (NAR Profile of Home Buyers and Sellers 2013)
- More than half of Gen Y and Gen X buyers used mobile devices during their home search. Among those who did, 31 percent of Gen Y and 26 percent of Gen X found the home they ultimately purchased via mobile devices. (NAR Home Buyer and Seller Generational Trends Report 2015)
- 83% of all home buyers want to see pictures of the property online. This includes virtual tours and drone shots.
- 70% of customers prefer to get to know a company through online content
- Organic search leads have an average 14.6% close rate, while outbound marketing leads rate at 1.7%.
- 54% more leads are generated by inbound than outbound marketing.
- 51% of home shoppers rated YouTube as their top video research site. Brokerage web sites with 41% and video from the organic Google results with 37% were the next most popular options.