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Sign into your accountValue of Buyers Agent Diminishing, Study Reveals
April 25 2014
WAV Group has had the pleasure of working with the Houston Association of REALTOR®'s Consumer Research Panel for over a year now. The panel has helped the organization uncover many meaningful insights that have helped share technology strategies, advocacy efforts and educational efforts.
Today, the Houston Association of REALTORS® released the findings of their "DIY: Do It Yourself" consumer research panel study. The purpose of the study was to gauge how important Houston area consumers feel agents are to the transaction. The survey, which was fielded to the 7,000 consumers that are now a part of the industry's largest consumer panel, highlights the differences between those that are in the buying process versus selling process, as well the differences between generations.
Here are some key findings:
- Consumers value the need for a REALTOR® when they are selling their home versus when they are buying a home. 66% of those surveyed believe they can find a home without an agent. When it comes to the logistics of executing a transaction, however, consumers still want to turn to an agent for guidance and advice.
- Today, third party sites like HAR.com, Zillow, Trulia and others are used by just about EVERY demographic except those born in the 1920s and 1930s. These sites have transcended all ages.
- Only 4% of all respondents will find an agent first before beginning the search for a home.
- Home buying criteria differ by generation. Neighborhood and affordability are key factors for Millennials, but older respondents emphasize first finding the right home and then looking at affordability.