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Northern Virginia Real Estate--Industry Trends

Posted by Jay Seville on Friday, January 30th, 2009 at 9:42am.

BusinessWeek.com reports a looming shift of $1.8 billion in advertisting away from newspapers towards the internet in the next few years. For the next 1-2 years papers shouldn't be hit too hard as the extra inventory gets sold off as investors got out of the market recently by throwing their homes up for sale. Also extra inventory was due to many worrying the value of their home was about to plummet so they put them on the market earlier than they would have. So why this profound change in the industry? Well the most recent poll in January by Realtor.com showed that now 77% of purchasers start their home buying process online--not by picking up the local paper to look for pictures of homes in the newspaper. The article continues, "Indeed, the Net already drives consumer behavior. The bigger, more notable jump in the NAR's data is in the percentage of buyers who pick a home they first identified online, usually before consulting an agent. That's up to 24 percent, from 15 percent in 2004 and 2 percent in 1997. Only brokers themselves point out more homes to consumers, at 36 percent. The Internet has waxed such longtime staples as yard signs, which come in at 15 percent. Newspaper ads accounted for only 5 percent of sales, according to the NAR." So this is why the $$$$ is shifting away from newspaper ads--the ads cost lots of money but do nothing except make the seller feel better that they see a picture of their home in the newspaper. Look just price the home accurately, make sure it shows quite well and let the MLS and the realtor's networking sell the home. And remember, the first offer is often the best offer you're going to get.... Click here if you'd like to know more about Northern Virginia real estate and MLS. Click here for Northern Virginia condo. And for a frank discourse on which realtors in Northern Virginia to use click the link.

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2 Responses to "Northern Virginia Real Estate--Industry Trends"

Northern Virginia Real Estate–Industry Trends « Arlington Va Real Estate wrote:
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Posted on Thursday, February 12th, 2009 at 9:39 PM.

Madison homes for sale wrote:
What I think is hilarious is how when I recently asked The Real Estate Book how sales were faring, the owner told me "better than ever" and "sales are way up". How can that be true when Realtors across the country are looking to cut costs and newspapers are folding right and left due to advertising declines? The email I had gotten late last year from them promoting a 70% off sale was also telling. The truth is that, although online marketing, done correctly, can cost more and be far more time-consuming than the mere placing of an ad in a newspaper, it is far more effective because there are no limits on the reach that marketing has. I no longer advertise my listings in the newspaper and yet I spend far more time marketing my listings than I ever did before - between all the search engine submissions, article writing, blog entries and email marketing, it seems there's a virtually endless array of ways to promote my sellers' listings online and capitalize on the opportunity that someone shopping for a home on the Internet will take an interest in that home.

Posted on Thursday, April 9th, 2009 at 8:04 AM.

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