Real Estate and Consumer Behavior
There is one major issue that keeps individuals from purchasing Real Estate with a consumer available on the internet. The pictures are provided by the seller and their agent to make a home look bigger and better than the reality. Without being able to set foot inside the home and see with your own eyes every nook and corner of a home, one is unable to truly decide if a home is ideal or not. There is no trust established between buyer and seller which are essential in any purchase. With a home purchase, the trust and lack of “touch” is greater than 40% (Hawkins & Mothersbaugh, 2010).
There are other mitigating reasons why more homes are not purchased solely on the internet. One of those reasons is concerns with security of the purchaser’s valuable information. These individuals tend to be more security conscious of identity theft. When purchasing a home, the loan amount tends to be a large number which creates additional fears of information security. To purchase a home, one must have a good credit rating in order to be able to receive a favorable interest rate. If there is a leak of information or a hacker is able to view the information online, then the purchaser’s goals will fail and a costly stress will begin to right the wrong.
Real Estate on the internet is one of the trends that make consumers more knowledgeable when making large purchases. Under the research aspect, there are sites available such as RedFin that will look up a specific area and email you when a new house is listed within your set price, size, and amenities. Zillow is a website available to show the trends that are currently happening from mortgage rates to home prices. The biggest change in Real Estate purchase and sales is not these exterior websites that make information easy, but the site which the Real Estate community uses is now available to use for the common person, the MLS. The MLS controls all information such as prices, sales, holds, tax information, locations, and
There are other mitigating reasons why more homes are not purchased solely on the internet. One of those reasons is concerns with security of the purchaser’s valuable information. These individuals tend to be more security conscious of identity theft. When purchasing a home, the loan amount tends to be a large number which creates additional fears of information security. To purchase a home, one must have a good credit rating in order to be able to receive a favorable interest rate. If there is a leak of information or a hacker is able to view the information online, then the purchaser’s goals will fail and a costly stress will begin to right the wrong.
Real Estate on the internet is one of the trends that make consumers more knowledgeable when making large purchases. Under the research aspect, there are sites available such as RedFin that will look up a specific area and email you when a new house is listed within your set price, size, and amenities. Zillow is a website available to show the trends that are currently happening from mortgage rates to home prices. The biggest change in Real Estate purchase and sales is not these exterior websites that make information easy, but the site which the Real Estate community uses is now available to use for the common person, the MLS. The MLS controls all information such as prices, sales, holds, tax information, locations, and
Bibliography: Charney, S. (2011, Febuary 13). Advancing the Idea of Collective Action to Improve Internet Security and Privacy. Retrieved Febuary 15, 2011, from Microsoft: http://blogs.technet.com/b/microsoft_on_the_issues/archive/2011/02/15/advancing-the-idea-of-collective-action-to-improve-internet-security-and-privacy.aspx Hawkins, D., & Mothersbaugh, D. (2010). Consumer Behavior Building Marketing Strategy (11th Edition ed.). New York, New York: McGraw Hill.