Chase, Google Track Down Where Buyers Start Their House Hunt
Affordability is the key, Chase reveals in ‘Search for Home Snapshot’ as it hosts the Scott Brothers at Google’s NYC HQ
New York, NY Jul 14, 2017 Chase Home Lending today announced, in partnership with Google, insights that show consumers are clicking their way to finding their first home and figuring out how much they can afford.
Chase Home Lending today revealed the “Search for Home Snapshot” at the Google New York City headquarters, along with TV personalities, entrepreneurs and authors, Drew and Jonathan Scott, who shared tips on homebuying and home makeovers. The Chase + Google collaboration examined how and what people are searching to find more information about homeownership.
The data shows search activity for first-time homebuying mortgages are at an all-time high, and affordability continues to reign as the top priority for perspective buyers. The bank’s “Search for Home Snapshot” also found Southerners are Googling mortgage information more than consumers in other regions, and fixed-rate mortgages are still the preferred product for many searchers.
"We teamed up with Google to help us better understand what customers are searching for and how the home buying landscape is evolving. We found that millennials and first-time homebuyers are making a big splash in the market, and affordability remains top of mind."
Mike Weinbach, Chief Executive Officer of Chase Home Lending
“For many people, the homebuying process is filled with research. For Millennials and first-time homebuyers, we know it’s particularly complex and they often turn to Google for answers to their questions about financing, for example,” Suzie Reider, Managing Director of Financial Services, Google. “There’s an opportunity to make that process easier by bringing attention to the key questions and issues homebuyers have today, which is why we’re thrilled to partner with Chase on its Search for Home Snapshot.”
“There are so many paths to homeownership, but the most important thing is to find a good financial partner to act as your trusted advisor throughout the process,” said Drew and Jonathan Scott. “When you surround yourself with the right partners like Chase, you will be successful.”
Chase Home Lending’s “Search for Home Snapshot”:
Buying a home remains a key life milestone, but trends have shifted significantly in the last decade.
Key findings from the Chase Home Lending “Search for Home Snapshot” include:
First-Timers Step Up the Pace: Searches around first-time homebuying topics keep climbing. In 2017, 44% of searches in the mortgage category are for first-time buyer mortgages, up 11% from last year1.
That also reflects what Chase has seen in its mortgage business. Customers under age 35 accounted for 36% of Chase’s new mortgages in 2016, up 16% from a year earlier.
- It’s All about Affordability: Homebuyers are more concerned about what they can afford and crunching the numbers. Last year, consumers made 34% more searches around affordability than the year before2.
- The South’s On the Move: Consumers in the South checked out mortgage info more than everybody else. In the last three years, the South generated 37% of mortgage searches, compared to 26% in the West, 19% in the Northeast and 18% in the Midwest3.
- Looking to Lock In: Florida searchers checked out fixed-rate mortgages 30% more this year than last, compared to increases of 18% in New York, 9% in Illinois and 6% in California4.
For more information:
- To download the full Chase Home Lending “Search for Home Snapshot” and infographic, go to http://media.chase.com. For additional tips/advice from the Scott Brothers – visit www.chase.com/news. Join the conversation via the hashtag #SearchforHome.
- For more information about Chase Home Lending, visit https://www.chase.com/personal/mortgage.
1 Source: Google internal data, U.S. only, January 2014 – March 2017
2 Source: Google internal data, U.S. only, January 2015 – April 2017
3 Source: Google internal data, U.S. only, January 2013 – December 2016
4 Source: Google internal data, U.S. only, January 2014 – December 2016
Keosha Burns, Keosha.Burns@chase.com