Today's home buyers and home sellers BELIEVE they are more informed.
The volume of data they have consumed has overcome their ability to validate if the data is of any value. More often the information they believe is from multiple source is actually ALL from information provided by Listhub.

Yes, they invest much effort and energy to be informed, they are simply unaware the data they are consuming is irrelevant. How the professional addresses this issue without invalidating the buyer or seller can be considerd the most complex choreography we execute.

I think we are needed more than ever to interpret all that "raw data".  

Richard - This is so true! There is just as much MIS-information out there as there is good information. How is the consumer supposed to sift through and decipher it all and come out a better consumer when websites are geared towards getting clicks not necessarily providing acurate information. 

Interesting question Richard. I think there is more information available quicker but that does not always mean it is the right information or that all consumers can apply that knowledge in the same way or with the same efficiency. Good luck!

I'm working with a buyer now who knows everything . . . except how to get his offer accepted and how the multiple bid situation works.  Yeah, he's "informed" all right . . . {rolling eyes}

Richard - You are right, today's consumers are well informed

Richard -- this is so true.  I see it every day.

More information does not translate to better information

Yes many are much more informed and some of them are informed with the wrong info and because they saw it on the internet you can't tell them otherwise.

reminds me of a saying I used to hear... garbage in, garbage out.

They may be more informed but not always with the correct information.

People that THINK they know everything are quite annoying to those of us that really do.

I got a call from a possible buyer today who said he had been through the home buying training from the county where he was prequalified and ready to go.

Sadly, it was clear in our conversation that he knew nothing about financing, qualifying or anything.

Nothing is better to prepare a home buyer or seller than a practicing real estate agent.

More confused than ever without knowing it.

Richard - Data without context is garbage useless... but try telling that to a large swath of buyers/sellers.  The proliferation of information (vetted or not) gives the consumer the impression that they are on top of the ball; but in many cases it doesn't apply to the market they are in, is dated, or just plain wrong.

That is so true, the more traffic on a site the higher they rank on google. Long tail searches don't always pull up the information that one might be looking for, or that is needed, but not know it's needed. 

While I agree that consumers may be at risk of unearthing misinformation on the web, my experience has shown that consumers arrive at my doorstep, far more informed, than in the past, and closer to a decision due to their internet gleanings.

Richard,

I'm not worried about losing business because the public is better informed. As a matter of fact, they need us now, more than ever...just because of all the mis-information floating around.

Rich

Wow Richard Weisser , better truth never spoken. More data does not equal more information. Or better information. And then to eventually become knowledge. And here's the problem with data. There could be an accuracy, authenticity and validity problem with the source, it can take many shapes, subject to interpretation or misinterpreted, it can be manipulated to make a point, taken out of context and aggregated to mislead. There is a lot of distributed data out there of unverified and questionable sources.

Couldn't agree more - there's a ton more information, but much of it is noise or misinformation.  Worse, when it's from a "credible" source, people take it as gospel, and often spread misinformation around.  More informed?  Absolutely.  Better informed?  Nah.

You hit the nail on the head with this post

But are today’s consumers BETTER informed?

I don't think so.

Excellent, Richard.  So much of what's out there is nonsensical, misleading, and outright false. 

Richard, you used the correct words.

Today's consumer has LOTS of information. That doesn't at all mean they are more informed. It's a natural though faulty conclusion to make from the relationship.

In the past, the professional would provide the information.  Now, the professional grades & qualifies the information.

Consumers may be more informed but that doesn't mean they're able to complete a task as well as a professional in that field might.

I do feel that consumers are better informaed than they were a few years ago. 

Your excellent post reminds me of a take on the old adage, "Practice makes perfect."  I heard someone say, "No, that's not exactly correct.  'Perfect practice makes perfect.'"

Richard Weisser your point reinforces that just having the information doesn't necessarily result in being informed.  Having the right information, and recognizing such, is the difference.

Good post Richard Weisser . I wish consumers would be better informed with some aspects but leave others to the professionals!

More informed and more confused. Too much information is not a good thing.

Reminds me of: "A fish doesn't need to know what water is to swim in it."

Or another way of looking at it: "Fish don't know they are in water."

Knowing less is better.

Wow I think that is so true that there is the chance of more erroneous information because of traffic.   My daughter turns to Google for everything whereas I would rather not than be overwhelmed with too much info.