The Home Buying Process
Are REALTORS® Becoming the Chauffeur Driving You Between Homes You Found on the Internet? Are REALTORS® meeting a buyer’s needs during the process of finding a home? A neighborhood? A Lifestyle?
[quote_right]The Real Estate Services I provide focus on working with buyers from day one. [/quote_right]
“Technology has changed how home buyers behave, how they search for properties, the kind of information sources they utilize, and ultimately who they choose to represent them. In today’s wired world, consumers have grown accustomed to shopping for everything on the web, including real estate, and they are reluctant to contact a sales agent until they’re getting closer to buying.”
Brian Balduf, Chairman, VHT
How can REALTORS® become more relevant for the times?
Dale Stinton, CEO of the National Association of REALTORS® recognized this issue in his presentation, RE-Shaping Real Estate. This was part of a larger initiative based on addressing the question, “How can REALTORS® become most valuable to Customers and Consumers?” The initiative both increased member awareness and launched new internet based tools for consumers.
” Our industry is currently being bombarded by market, economic and consumer forces that are demanding, indeed forcing us, to take seriously these changes.”
During the home buying process you can spend countless hours finding the right sources, and in the process become overwhelmed with data. Recent research by the National Association of Realtors indicated the average homebuyer spends a median of three months in the search for a home; but It is not unusual for buyers to spend up to 18-months searching out the information they need.
Alex Zoghlin, in his article, The Lifecycle of Today’s Home Buyer, is an real estate insider who clearly presents a homebuyer’s tasks in buying a home. In the article he speaks about four phases in home selection, Discovery, Research, Selection and Closing.
The Home Buying Life Cycle
Phase 1 – Discovery
The Discovery phase starts the day a buyer first thinks about purchasing a new home. It can be motivated by the simple desire for a property more to their liking (“We’d love more space” or “a quieter neighborhood”) or by a pressing event, such as job relocation, a new baby or retirement. During this phase consumers acquaint (or reacquaint) themselves with the buying process itself, the tools available to assist with their search and , of course, the market landscape.
Phase 2 – Research
The Research phase begins when the buyer starts to actively seek out more specific information about neighborhoods or property attributes, such as square footage, number of bedrooms/baths, taxes, local schools, transportation, community services, culture, nightlife, crime and so forth. As in the Discovery phase, buyers continue using the web for information.
Phase 3 – Selection
Buyers become more discriminating during the Selection phase. At this point, they feel comfortable with their knowledge of the marketplace and have a good idea of what they want and what they can realistically get. The number of home attributes they are considering increases substantially as the shorten their list of target homes.
Phase 4 – Closing
The Closing phase is the purview of the professional agent. It’s a sales function as opposed to marketing. The buyer’s search has come to an end and it’s time to seal the deal.
This site is dedicated to simplifying your search for a home and providing you the information you need during all phases of the home purchase life cycle.
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Use the link to “Videos” to see the advanced search technology and other services I provide to facilitate you in your home search.