E Commerce And Real Estates
The Bureau of Labor Statistics proved many predictions about the downsizing of real estate business wrong with its data showing that like the majority of the US economy, the real estate market too has seen stable growth in its previous 2-3 years. It is a fact that the internet traffic of consumers and sellers of real estate has increased from 2% in 1995, measuring up to a 37% of the potential home seekers performing an online search in 1999. |
Internet has emerged as the one stop shop for buyers for unparalleled stock of information which was previously available with just the sales agents.
Websites, such as Realtor.com, Homestore.com, HomeSeekers.com, HomeAdvisor.com by MSN and Yahoo! Real Estate, provide all the information required for a good property purchase for people interested. They offer comparing house prices, an updated list of real estate sales, locality information, taxes, educational institutions, living cost, funding, insuring, purchasing and tools and chart for locating.
Internet’s impact on real estate was mostly anticipated as pessimistic and dramatic in both the areas of employment share and revenue generation. It was forecasted that the entry of real estate into the internet arena would mean loss of a lot of jobs since the buyers could now do without the conventional infomediaries who earlier held the information and played the role of a moderator which is now being played by the internet. A fall in employment was not just expected in developers and sales agents but also in sectors supporting real estate such as banking and legal services.
Another un-materialized forecast is that regardless of the numerous real estate websites and information bulk available for its market the “for sale by owner” (FSBO) statistics have recorded a downfall from 18% to 16% to 13%. The merger of Owners.com with Homebytes.com after its failure illustrates this well.
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