Survey Data Reveals Change in Consumer Behavior
March 31, 2016
Owners.com Survey Finds Buyers are Inclined to Conduct More of Their Home Buying Process Online
ATLANTA, March 31, 2016 – Owners.com® is a top 10 national brokerage and recently surveyed 1,000 potential home buyers ahead of the spring real estate season. The survey indicates that consumers are confident in the economy and their own understanding of the home buying process, thereby suggesting they are becoming more self-reliant with the home buying experience.
Strong Buying Season, Smart Buyers
The Owners.com survey found 80 percent of home buyers are confident that the 2016 home buying environment will be as good as or better than it was five years ago, and 92 percent say that mortgage interest rates are “somewhat to very important” to their decision on when to buy. 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, according to our findings,” 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.”
Taking the Transaction Online
According to the survey responses consumers are now more inclined than ever to use technology to facilitate key parts of the real estate transaction. 73 percent of survey respondents 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.
2016 Home Trends
When thinking of luxury must-haves in their new home, 29 percent of survey respondents dream 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 was conducted 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, 2016, and January 9, 2016. The margin of error associated with the sample of n=1,000 is +/- 3.1 percent at a 95 percent confidence level.
Owners.com is an online brokerage that gives consumers a choice in the services they use to buy or sell their homes. Owners.com offers a broad inventory of homes from local MLS boards to for-sale-by-owner listings as well as technology-enabled tools that help consumers save money and time. Buyers and sellers can access a team of expert advisors to support their home buying and selling experience and save on the standard commissions. For more information, check out Owners.com, facebook.com/ownerscom and twitter.com/ownersdotcom.
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is a premier marketplace and transaction solutions provider for the real estate, mortgage and consumer-debt industries. Altisource’s proprietary business processes, vendor and electronic payment management software and behavioral science-based analytics improve outcomes for marketplace participants. Additional information is available at altisource.com.