The San Francisco Business Times

More than half of all consumers use the Internet when buying a home, according to a survey by the California Association of Realtors. The survey also indicates that Internet buyers are younger, wealthier and better educated than their more traditional peers -- and are three times more likely to be first-time buyers.

The share of buyers using the Internet reached 56 percent in 2004, and has risen steadily from 28 percent in 2000, the first year of the survey. By comparison, traditional buyers have made up a declining share of all buyers, down from 72 percent in 2000 to 44 percent in 2004.

The average number of homes previewed by Internet homebuyers has decreased steadily in the past four years, while that of traditional buyers has changed very little over the same period. The upfront research conducted by Internet buyers has given them a better sense of market conditions compared to traditional buyers, enabling them to act more quickly to find, bid on, and close escrow on the home of their choice, the association said.

"The Internet has complemented rather than diminished Realtors' role in the homebuying transaction," said Ann Pettijohn, president of the state association in a written statement. "They looked for speed and efficiency, and they valued timely communications. Traditional buyers, on the other hand, looked for more personal interaction and relied on their Realtors to lead them through the process."

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