New websites rev the home-search engine
REAL ESTATE
The audience for real estate websites is growing even while the housing market slumps.
Where have all the home buyers gone? Apparently, they are perched on the edge of their chairs, eyes glued to real estate websites on their computer screens.
As counterintuitive as it may seem, the audience for real estate websites is growing even though the housing market is slumping. Buyers may not be buying, but they haven't stopped window-shopping.
ComScore Media Metrix, which measures the digital world, reported that real estate Internet sites had almost 42 million unique visitors in January, a traffic increase of about 5% over January 2007. The audience for the entire Internet was estimated at about 184 million visitors, meaning those who visit real estate sites online made up almost 23%.
And the online business world is cognitive of the fact that people are flocking to real estate sites. Following on the heels of such sites as Move, Trulia and Zillow, which see several million visitors a month, at least four new national housing search engines have been launched since November. And existing sites continue to add new features.
The newcomers, all of which basically allow the public to scan home listings in a variety of ways, haven't yet hit the radar of Andrew Lipsman, senior analyst for comScore.com. But, he said, real estate sites generally see an increase in traffic when the market is changing and the public wants to stay informed about where things stand. He added that the innovators in the field of home search engines -- Trulia and Zillow -- have shown how successful the venue can be, and no one should be surprised that others hope to mimic their success.
The newcomers include:
* HotPads.com. The site was started by three former University of Notre Dame roommates, out in the real world for just six months. HotPads offers an easy-to-use map-based search that provides listings for both rentals and properties for sale. There's also a buy-versus-rent feature that helps you decide which option makes the most financial sense. Ease of use? Not bad, but it's a bit graphic-busy.
* Roost. A free, uncluttered site with a "just the facts, ma'am" attitude. The site's goal is to be the best at searching, period. No social networking, not a portal. It claims hourly updates, but the market isn't moving that fast, and nobody seems to be chasing down new listings.
