Homebuyers Swiping Right: Nashville-Area Residents More Comfortable with a Digital Mortgage than Online Dating

Nashville consumers have been longing for more digital solutions in the mortgage space, according to the latest Bank of America Homebuyer Insights Report. More than one-third of local residents are comfortable applying for a mortgage digitally, compared to less than one in five who say the same about online dating.

The report, a study exploring homebuying perceptions and behaviors among adult consumers, also finds that 54 percent of respondents would apply or have already applied for a mortgage via mobile or online.

Nashville-specific highlights from the report include:

For Nashvillians, technology and homebuying are becoming inseparable

  • Nearly all first-time buyers in Nashville feel technology will play a role during every stage of homebuying, including researching (99 percent), getting a mortgage (98 percent), and negotiating and buying (95 percent).
  • Perhaps this is because local residents are most likely to seek a homebuying experience that is efficient (65 percent), simple (64 percent) and personalized (57 percent).

‘Instagrammable’ homes giving Nashville residents major FOMO

  • First-time buyers in Nashville (71 percent) are significantly more likely than their national counterparts (43 percent) to share their home purchase on social media.
  • 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? (37 percent).
    • Fear they are missing out by not owning a home (36 percent).
    • That it’s time to grow up and buy a home (31 percent).
    • Jealous of the home others have (30 percent).

NextGen homebuying is here

  • Many local residents are already comfortable using emerging technologies throughout the homebuying process, specifically using a real estate app (75 percent), taking a video tour of a home (57 percent) and attending an open house using virtual reality (41 percent).
  • In looking ahead to the next 10 years, Nashvillians believe:
    • Smart home and energy-efficient features will be standard in new construction (76 percent).
    • Mortgage applications will be entirely paperless (64 percent).
    • Open houses will only be through virtual reality (26 percent).
    • All appraisals will be done via drones (8 percent).

View the complete 2018 Homebuyer Insights Report here.

4/18/18


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