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BIRDVIEW Technologies Sees Strong On-line Home Buyer Activity
Posted By beth On April 10, 2007 @ 2:59 AM In Finance and Economy,Finance, Economy & Government Issues | Comments Disabled
RISMEDIA, April 10, 2007-BIRDVIEW Technologies sees strong indications of an upturn in the national housing market. Birdview's proprietary Real Estate Activity (REA) Index, a measure of consumer activity gathered across the entire network of real estate brokerages and agents who are Birdview customers, is at the heart of the forecast. Recent increases in pending home sales as well as unit sales, as reported by the National Association of Realtors, further support Birdview's findings.
"We've developed our index over the past decade and have observed correlations with actual transaction activity. While it's not a definitive leading indicator, we're impressed by the index's past predicative qualities," said Bedros Bedrosian, President and Co-founder of Birdview Technologies. In late 2005, for instance, Birdview's REA Index accurately forecast the market downturn a quarter before the market peaked. The same indicators are now signaling an increase in buyer activity that could translate into a leveling off or even a greater pace of home sales throughout 2007.
For a decade, sellers have been raising their prices, triggered by the biggest boom in real estate history. The market reached a peak in late 2005 as buyers began holding back, which led to decreases in home sales and lower Internet buyer activity in 2006.
However, after a year, sellers now appear to be accepting that the market can no longer bear such high asking prices and are pricing their properties more appropriately, in alignment with actual market conditions and as evidenced by recent declines in national median home prices. This important change may be the crux of the recent upturn in Birdview's activity index.
With more then 80% of home buyers now turning to the Internet, according to the National Association of Realtors, the Internet has become an important predictor of housing market conditions. Each month, Birdview measures online activity representing some 2 million consumers across the country. Birdview subsequently publishes a quarterly newsletter to report on this activity, which is customized for each of its brokerage clients. The customized newsletter compares monthly consumer activity for each client's web site to median activity throughout Birdview's national client base.
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