Technology has had a profound impact on home buying trends, according to a new study by Chase, finding that three out of four people aren’t planning to put down roots in their homes for the long term.
Quite the contrary actually, with apps and websites making it easy to find the newest homes on the market and allowing potential buyers to take a tour from their living room, many people are already cyber surfing for their next home.
Technology is making it very easy for people to do their own real estate research, and some are forgoing professional help when looking for their new dream home. But when it comes to actually buying the apartment or house they have their eye on they still reach out to pros.
“With more options and endless information at the consumer’s fingertips, it’s changing the way people look at major purchase decisions,” said Sean Grzebin, head of retail mortgage banking for Chase. “While home buyers are using technology to find their next home, more than 70 percent still rely heavily on a mortgage professional.”
Independence is king
Getting started looking for a new home is as easy as turning on the computer or opening up your search engine or an app on your phone, so it’s not surprising that 68% are doing just that when checking out new listings. With 45% using their computer, 13% using their phones or tablet, and 11% going old school by checking out magazine and newspaper listings.
Yet full-on independence is overrated for many, who once they have done their own research invariably turn to a pro for some help, whether that is a mortgage professional or a real estate agent – or both.
Optimism is up
When it comes to the value of their homes, optimism was high, with 66% believing that the value of their home will go up over the next five years, going hand in hand with this, 38% are thinking about getting a Home Equity Line over the next five years, with most (58%) planning on using it to make home improvements to increase the value of their home with 1,852 adults, aged 18 or over Phoenix, Tampa, San Diego and Seattle.