89% of buyers say technology makes them smarter

11/25/2014

89% of buyers say technology makes them smarter

RIVERWOODS, Ill. – Nov. 18, 2014 – A recent independent poll commissioned by Versta Research finds that 89 percent of homebuyers use some form of online technology in the home buying process; of those, 76 percent feel technology made them a smarter buyer, and 69 percent said it made them more confident.

The Versta Research study was conducted for Discover Home Loans.

A better buyer

  • Almost half of all homebuyers (4%) say that technology helped them save money
  • 92% say technology helped save time
  • Most buyers (90%) report an overall positive experience

Technology use addictive

While nine out of 10 buyers use online resources during the home buying process, many say it can get out of hand – two-thirds say that, for them, checking online property listings reached the point of becoming addictive.

The top three ways people use online resources in the home buying process are:

  • 83% look at real estate listings
  • 72% use online maps to explore neighborhoods
  • 71% use email, apps or websites to submit documents to lenders
  • Of the 83% of buyers who checked online listings, 78 percent did so at work
  • Nearly all (93 percent) technology users say it allowed them to do things remotely they otherwise would have had to do in person

"Technology is a great resource for buyers because it gives them access to online property listings, allows them to preview homes and find reviews on real estate agents and mortgage lenders. It's truly changing the home buying process, and the result is a more confident, informed buyer," says T.J. Freeborn, senior manager of customer experience at Discover Home Loans.

Technology's impact on real estate agents

Technology is becoming more important to buyers, and it's a bigger part of the real estate agent-buyer relationship.

  • The real estate agent's role remains critical. Even with technology, 83% of respondents worked with a real estate agent
  • 74% of buyers feel it's important for their real estate agents to be tech savvy
  • However, 82% say their agent was tech savvy
  • In communicating with agents though, nearly all (98%) communicate through phone calls
  • Of buyers who worked with agents, 42% felt they did most of the work to initially find a property

© 2014 Florida Realtors®

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