The mortgage industry has made huge strides in terms of technological advances, offering homebuyers the opportunity to search for, tour, and make offers on homes all from digital platforms.
Potential homebuyers are taking their search online where they are conducting much of the mortgage process on their own. A survey of 1,000 potential homebuyers by Owners.com found that consumers are confident in the economy and their own understanding of the mortgage process, which suggests they are becoming more self-reliant with the home buying experience.
The survey found that 69 percent of respondents gave themselves an “A” or “B” grade when it comes to understanding the home buying process, indicating their confidence in their ability to self-navigate the real estate market.
According to the survey responses, 73 percent of survey respondents indicated that they would use online sites to search for properties, 53 percent said they are inclined to book home tours online, 43 percent would consider online financing product, and 27 percent would make a purchase offer online.
“Consumers are heading into the spring home buying season with a positive outlook, according to our findings,” said Steve Udelson, President of Owners.com. “Home buyers also indicate a willingness to go online and handle more elements of the real estate process themselves in order to save time and money–a trend we expect to continue this year and beyond.”
In terms of the housing economy, the survey found that 80 percent of buyers are confident that the 2016 home buying environment will be "as good as or better than it was five years ago." In addition, 92 percent say that mortgage interest rates are “somewhat to very important” to their decision on when to buy.
A similar 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."