Bank of America’s recently annual Homebuyer’s Insights Report indicates
Dallas-Fort Worth residents looking for a home are comfortable doing so using digital platforms. More comfortable in fact, than they are in dating online.
In fact, two in five say they’re good with applying for a mortgage online vs. one in five who are comfortable looking for a date online.
Some other findings from the survey:
• It seems that “Instagrammable” homes give North Texans major FOMO (fear of missing out)
o Compared with their national counterparts, first time buyers in DFW (51% vs. 43% nationally) are more likely to share their home purchase online.
o When seeing others post pictures of their homes on social media, local first-time buyers feel:
If they can buy a home, why can’t I? (28%)
That it’s time to grow up and buy a home (23%)
Fear that they’re missing out by not owning a home (21%)
• NextGen homebuying is here
o Many local residents already are comfortable using emerging technologies during the homebuying process:
Real estate app (76%)
Video tour of homes (49%)
Attending open house using virtual reality (43%)
• North Texas respondents feel technology will play a role during every stage of homebuying, including researching (99%), getting a mortgage (96%) and negotiating and buying (92%).
The report, a study exploring homebuying perceptions and behaviors among adult consumers, also finds that 58 percent of respondents would apply or have already applied for a mortgage via mobile or online.
Dallas-Fort Worth-specific highlights from the report include:
For those in Dallas-Fort Worth, technology and homebuying are becoming inseparable
• Nearly all first-time buyers in Dallas-Fort Worth feel technology will play a role during every stage of homebuying, including researching (99 percent), getting a mortgage (96 percent), and negotiating and buying (92 percent).
• Perhaps this is because local residents are most likely to seek a homebuying experience that is simple (65 percent), efficient (64 percent) and personalized (49 percent).
• In looking ahead to the next 10 years, those in Dallas-Fort Worth believe:
– Smart home and energy-efficient features will be standard in new construction (74 percent).
– Mortgage applications will be entirely paperless (60 percent).
– Open houses will only be through virtual reality (24 percent).
– All appraisals will be done via drones (7 percent).
The homebuying experience transformed
The release of the survey follows the recent introduction of Bank of America’s Digital Mortgage Experience, a way for clients to complete the mortgage application directly within the bank’s mobile banking app or online at bankofamerica.com.
To learn more about the Digital Mortgage Experience and download multimedia, visit bankofamerica.com. For additional information about the Bank of America Homebuyer Insights Report, visit bankofamerica.com/homebuyersreport.
