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

Phoenix consumers have been longing for more digital solutions in the mortgage space, according to the latest Bank of America Homebuyer Insights Report. Nearly 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 60 percent of respondents would apply or have already applied for a mortgage via mobile or online.

Phoenix-specific highlights from the report include:

For Phoenix consumers, technology and homebuying are becoming inseparable

  • Nearly all first-time buyers in Phoenix feel technology will play a role during every stage of homebuying, including researching (100 percent), getting a mortgage (97 percent), and negotiating and buying (97 percent).
  • Perhaps this is because local residents are most likely to seek a homebuying experience that is efficient (65 percent), simple (60 percent) and personalized (52 percent).

‘Instagrammable’ homes giving Phoenix residents major FOMO

  • First-time buyers in Phoenix (63 percent) are 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? (41 percent).
    • Fear they are missing out by not owning a home (29 percent).
    • Jealous of the home others have (24 percent).
    • That it’s time to grow up and buy a home (23 percent).

NextGen homebuying is here

  • Many local residents are already comfortable using emerging technologies throughout the homebuying process, specifically using a real estate app (72 percent), taking a video tour of a home (53 percent) and attending an open house using virtual reality (38 percent).
  • In looking ahead to the next 10 years, those in Phoenix believe:
    • Smart home and energy-efficient features will be standard in new construction (75 percent).
    • Mortgage applications will be entirely paperless (57 percent).
    • Open houses will only be through virtual reality (28 percent).
    • All appraisals will be done via drones (8 percent).

View the complete 2018 Homebuyer Insights Report here.


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