The Internet is rapidly and radically transforming the way people buy and sell homes. An avalanche of information now available on the World Wide Web is shifting the balance of power in the real estate industry and giving homebuyers and sellers more control over the deal than ever before — and changing the nature of  real estate forever.

Ten years ago, only a fraction of homebuyers and sellers used the Internet. Today, in the new digital democracy, more than 80 percent of house-hunters use the Internet to help them find a home, according to the National Association of Realtors. Sellers, likewise, are increasingly willing to make the leap of faith into cyberspace.

The rising dominance of the Internet is fueling the rapid change. The Internet — and a new wave of technologically savvy Web-based real estate firms like RealtyTrac — is leveling the playing field for consumers, giving them access to vital information once controlled exclusively by real estate brokerages and a small circle of real estate professionals.

Gone are the days when real estate agents guarded the Multiple Listing Service (MLS) information. Now, buyers and seller can see all the MLS homes online — for free! They can easily access foreclosure properties, for sale by owner (FSBO) properties and other homes from the comfort of their homes. With the click of a mouse, real estate entrepreneurs can now view aerial photographs of homes and neighborhoods. They can get appraisals or arrange financing online. They can even bid online for bank-owned auctions at RealtyTrac. Almost every aspect of a real estate transaction can now be done on-line 24/7.

At RealtyTrac, we are constantly looking for new and innovative ways to help our customers thrive in the new information age. We are seeking exciting and creative ways to improve the user experience for our house hunting real estate customers.

Clearly, the real estate landscape is changing and is in a constant state of flux. Internet technology is making a significant and a long-lasting impact on the real estate industry. Real estate investors cannot afford to close their eyes to the power of online foreclosure shopping because it is one of the most important advances in the information age since the Internet itself. Given the changes barreling down upon us, online real estate shopping is not an elective. It’s a prerequisite.