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

San Francisco 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 approximately 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 52 percent of respondents would apply or have already applied for a mortgage via mobile or online.

San Francisco-specific highlights from the report include:

For San Franciscans, technology and homebuying are becoming inseparable

  • Nearly all first-time buyers in San Francisco feel technology will play a role during every stage of homebuying, including researching (100 percent), getting a mortgage (96 percent), and negotiating and buying (95 percent).
  • Perhaps this is because local residents are most likely to seek a homebuying experience that is efficient (64 percent), simple (59 percent) and personalized (48 percent).

‘Instagrammable’ homes giving San Francisco residents major FOMO

  • First-time buyers in San Francisco are more likely to share their home purchase (37 percent) on social media than a new job (35 percent) or car (22 percent).
  • 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? (32 percent).
    • That it’s time to grow up and buy a home (21 percent).
    • Jealous of the home others have (20 percent).
    • Fear they are missing out by not owning a home (20 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 (55 percent) and attending an open house using virtual reality (42 percent).
  • In looking ahead to the next 10 years, San Franciscans believe:
    • Smart home and energy-efficient features will be standard in new construction (68 percent).
    • Mortgage applications will be entirely paperless (50 percent).
    • Open houses will only be through virtual reality (21 percent).
    • All appraisals will be done via drones (5 percent).

View the complete 2018 Homebuyer Insights Report here.

4/18/18


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