California home buyers are turning to mobile technology and tools like social media to assist them in the home buying process more than ever, according to a REALTOR® survey of 1,400 buyers statewide who closed escrow on their homes within the six months prior to February 2014.
According to the California Association of REALTORS®' "2014 Survey of California Home Buyers," 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). The survey indicates 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.
Mobile technology and the Internet has changed the home buying process and the way REALTORS® and their clients do business. Ninety-one percent of those surveyed said 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).
David Tonna, president of the Silicon Valley Association of REALTORS®, said due to advances in mobile technology, most buyers and sellers expect instant response from their agent, preferring to communicate by email and even text messaging.
"Mobile technology has become part of our daily lives; in many cases, we can't leave home without our mobile phone. Emails can now be opened on mobile devices," said Tonna. "Mobile devices allow us to conduct business quickly, conveniently, while on the go. No other form of communication puts us in constant contact with each other."
According to the National Association of REALTORS®, 94 percent of REALTORS® nationwide now use mobile devices to communicate with clients. REALTORS® spend a median 44 percent of their time corresponding with, or doing work for their clients via their mobile devices.
Tonna said REALTORS® place importance in maintaining an Internet presence and using new technologies to meet their clients' needs, but also focus on forging a personal relationship with them. "While using mobile technology to respond to clients, it should never take the place of being personally accessible to your client. A strong, personal relationship is still at the heart of every business," adds Tonna.
In the survey, 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.
The survey also found a sense of frustration among buyers due to the limited supply of homes available for sale. More than nine in 10 buyers (91 percent) made one or more other offers, with an average of 3.6 offers in 2014, up from three offers in 2013. Buyers viewed a median of 20 homes in 2014, up from 10 last year.
Fewer buyers were satisfied with their home purchase compared to last year. Only about half of the buyers were satisfied with their purchase in 2014, down from 66 percent in 2013. Nearly half (46 percent) of buyers felt they "settled" on their home purchase in 2014, up from 34 percent.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.