Survey: More Borrowers Transitioning to Online Home Buying Processes

A new survey suggests consumers have become more self-reliant with the home buying experience.

Owners.com, Atlanta, said a recent survey of 1,000 potential home buyers showed 73 percent would use online sites to search for properties; more than half (53 percent) are inclined to book home tours online; 43 percent would consider online financing products; and 27 percent would make a purchase offer online.

The survey also reported 80 percent of respondents feel confident that the 2016 home buying environment will be as good as or better than it was five years ago, with 92 percent saying mortgage interest rates are “somewhat to very important” to their decision on when to buy.

The survey said 69 percent of respondents gave themselves an “A” or “B” grade when it comes to understanding the home buying process, suggesting confidence in their ability to self-navigate the real estate market.

“Consumers are heading into the spring home buying season with a positive outlook,” 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.”

Other survey findings:
–29 percent of survey respondents look of a fully equipped smart kitchen, with 19 percent wanting a spa bathroom.
–Respondents cited upgrading to a better home (33 percent), wanting to invest in real estate (25 percent) or relocating to a new area (24 percent) as the reason for their interest in a home purchase this year.

The Owners.com Consumer Real Estate Index took place online among a random sample of 1,000 consumers who are likely home buyers in 2016. Fieldwork was conducted by independent research firm Market Intel Group between January 4-9. The margin of error associated with the sample of n=1,000 is +/- 3.1 percent at a 95 percent confidence level.