Fear of Missing out Mindset Changing the Outlook for Homebuyers
New York, NY Mar 24, 2016 Searching for a home goes DIY with the rise of tech and digital.
With the rise of digital and technology and the ‘always-on’ mentality, homebuying trends are shifting, according to a Chase national survey, “Insights from the Mind of the Modern Homebuyer”. Survey results show that 3 in 4 homebuyers don’t plan to stay in their homes long-term. Digital is also changing the way Americans search for homes with more people taking a do-it-yourself approach.
Survey findings show that 68 percent of Americans are starting the home search on their own, with 45 percent using a computer or laptop as the first step and thirteen percent using their mobile device. 11 percent of Americans would first check their local listings in a newspaper or magazine.
While Americans are more independent during the initial steps of the home search, Chase research found that homebuyers still rely on the pros. In fact, roughly three quarters of Americans want to meet with a mortgage professional as they consider financing options and also feel that a realtor is essential.
With more options and endless information at the consumer’s fingertips, it’s changing the way people look at major purchases decisions. While homebuyers are using technology to find their next home, more than 70 percent still rely heavily on a mortgage professional.
Sean Grzebin, Head of Retail Mortgage Banking for Chase
Separately, Chase’s survey shows 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. Among homeowners, 38 percent 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.
For homebuying tools and tips, please visit chase.com/homebuyers.
About the Survey
This report presents the findings of an online survey among a nationally representative sample of 1,014 adults (18 years old and older) living in the continental United States, with an oversample to obtain 100 respondents in the following cities: Dallas, Miami, San Francisco, Sacramento, Chicago, Columbus, Phoenix, Tampa, San Diego and Seattle. The total sample was 1,852 respondents.