Kojo Yeboah, a software engineer in San Jose, Calif., had been searching for a home for 11
months. "Every evening after work, I'd come home and read the real estate section," Yeboah
says. He and his wife had placed bids on nine homes, but lost every one. Recalls Yeboah, "We were sort of desperate."
At last their luck changed last September, when Yeboah logged onto a site where homeowners
market their own properties. There, Yeboah found a listing for a four-bedroom home in nearby
San Carlos. He sent the owner an email, arranged a visit the following week and declared his
interest on the spot. This time the Yeboahs' bid was accepted, and they figure they saved as
much as $50,000 by buying direct instead of through a broker.
Yeboah isn't alone in harnessing the power of the Internet for his home search. The National
Association of Realtors (NAR) estimates that 23% of potential home buyers now search for
homes online. Hans Koch, the CEO of Owners.com, says that more than 50% are using the
Internet at some point during the home-buying process. Besides generating leads, the
Internet helps home buyers compare prices, research neighborhoods and even take virtual
tours. And, of course, using the Internet can also help you avoid getting stuck with that 6%
commission real estate brokers usually charge. Finally, once you've found your home, you can
use the Internet to shop for mortgages, movers and even your furniture.
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