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Online Resources Speed Home-Buying Process
Sat Sep 13, 9:30 AM ET
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By Andy Sullivan

WASHINGTON (Reuters) - After a 20-year absence, Doug Miller found himself back inside the New Jersey house where he grew up, thanks to a "virtual tour" of the property that had recently been posted online.

 

On his computer screen, Miller, a freelance writer, could see that the kitchen had been remodeled, the basement was finished, and the kid-proof decor replaced by glass coffee tables, shiny hardwood floors and designer couches.

"My jaw hit the deck, because it brought back a flood of memories: That's where the Christmas tree was; that's where the fireplace was," said Miller, who now lives in Long Beach, New York.

Online house listings offer more than quickie trips down memory lane; these days, more than 80 percent of home buyers start their search on the Web, industry experts say.

Powerful search functions allow prospective buyers to quickly zero in on a desired neighborhood, house size or affordable price range and keep tabs on new properties as they come on the market. House hunters can even schedule appointments for on-site visits via the Web.

Snapshots and virtual tours can give shoppers a quick idea whether that bungalow is as "charming" as described, while advanced mapping software can pinpoint location and set up driving directions for those ready to view houses in person.

Handy online calculators can help determine how much house is within their budget and what the monthly payments will be, adjusting the results as loan rates fluctuate.

Comprehensive Web sites like the one at http://www.realtor.com offer access to millions of home listings across the United States. Local real-estate firms can provide a more focused search and links to real-estate agents, title-search firms, moving companies and even plumbers.

Those looking to bypass agents' fees and buy directly from the owner can turn to Web sites like http://www.fsbo.com and http://www.forsalebyowner.com.

Real-estate firms say the investment in state-of-the-art Web sites has paid off in a big way.

Home buyers who have done their research online take less time to make a purchase once they decide to get serious, said Lynn Clare, vice president of marketing at Edina Realty (http://www.edinarealty.com), a Minnesota real-estate firm.

"They know what they're looking for, they have a sense of what the pricing is going to be and they pretty much know what the market has out there, so when they do connect with the agents, that whole purchasing-process cycle is much shorter," Clare said.

Up-to-date market information adds urgency to an already brisk housing market, said Michael Koval, vice president and chief information officer at the Mid-Atlantic real-estate firm Long and Foster, as online browsers watch houses come and go.

"As they see homes converting from active to not being displayed anymore, it gives the impression to the consumer that 'If I don't do something now, I might not get my dream home,"' Koval said.

The agency's Web site at http://www.longandfoster.com receives up to 20,000 visitors per day, he said.

This wealth of free information has not put agents' jobs at risk, industry officials said. Sellers still need to put their houses on the market, and buyers still need to get in the front door to see if the kitchen appliances are stainless steel or harvest gold.

"In other segments of the market, it's more like Toys R Us -- I go online, I see it and I want to buy it. The home-buying process is a little more involved," said Mark Lesswig, vice president at the Center for Realtor Technology, a Chicago-based branch of the National Association of Realtors.


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