As technology continues to evolve, homebuyers are also changing the way that they purchase homes.
A new online survey from Chase mortgage titled, “Insights from the Mind of the Modern Homebuyer," of 1,014 adults (18 years-old and older) in Dallas, Miami, San Francisco, Sacramento, Chicago, Columbus, Phoenix, Tampa, San Diego, and Seattle, found that homeowners are struggling with a fear of missing out on other opportunities and are beginning to search for homes on digital platforms.
According to the survey, 72 percent of homeowners don’t expect to stay in their homes for the long-term. This suggests that endless sources of information available through technology is leading homeowners to continually look for the next best thing. In addition, Chase found that 68 percent of consumers are starting the process on their own, with over 50 percent turning to a mobile device or online.
Chase stated that digital outlets are changing the way that Americans search for homes and "more people [are] taking a do-it-yourself approach."
The survey showed that 45 percent of consumers are using a computer or laptop as the first step and 13 percent use their mobile device. Meanwhile, only 11 percent of Americans first check their local listings in a newspaper or magazine.
According to Chase, Americans are much more independent during the initial steps of the home search, but the survey showed that homebuyers still rely on the pros. Nearly 75 percent of Americans indicated that they want to meet with a mortgage professional as they consider financing options and also feel that a realtor is essential.
“With endless options and information at the consumer’s fingertips, it’s changing the way people look at major purchases decisions,” said Sean Grzebin, Head of Retail Mortgage Banking for Chase. “While homebuyers are using technology to find their next home, more than 70 percent still rely heavily on a mortgage professional.”
The survey also determined that Americans are optimistic about the value of their home, with 66 percent of homeowners expecting their home’s value to increase over the next five years. Additionally, 38 percent of homwowners have used or are considering using a Home Equity Line of Credit in the next five years, with the majority (58 percent) putting it towards home improvements.