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Many Real Estate Websites Surfers are Not Buyers July 9, 2006 - Linknet Real Estate

Many Real Estate Websites Surfers are Not Buyers

According to recent surveys by Seattle-based RedFin.com, at least half of those checking prices on real estate websites are not in the market to buy or sell a home. They are just tracking home values for a variety of reasons.

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According to Zillow.com, most web visitors are looking up their own home values. The second most popular purpose is checking on prices in a neighborhood to which they'd like to move. The third is ascertaining the value of another person's home, either because they're interested in buying it or "for the sake of being nosy," said spokeswoman Amanda Hoffman.

Some experts think tracking real estate values is like following stock values. People do it when times are good and prices are rising. This is a way of confirming the wisdom of their investment strategy.

But when the market flattens -- as it is expected to do in California this year -- there is much less tracking going on because people do not like to reminded that their investment has stagnated.

Christopher Thornberg, senior economist with UCLA Anderson Forecast, believes the use of real estate sites for tracking values will decline when the market cools down. "No one will be interested in three or four months," he said, "because the market will be over."

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