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Discover Survey: Technology Great Tool for Advancing Homeownership

Nov 18, 2014

Consumers use technology to do just about everything, including looking for and buying a home. A recent independent poll commissioned by Discover Home Loans shows that 89 percent of homebuyers use some form of online technology to help them with the homebuying process. In fact, 76 percent of buyers feel technology made them a smarter homebuyer and 69 percent said it made them more confident.

Buyers who use technology during the homebuying process feel smarter, more confident and more satisfied.

►Almost half of all homebuyers, 47 percent, report that using technology helped them save money.

►As many as 92 percent say technology helped save time.

►A significant amount of buyers (90 percent) report an overall positive experience.

While it’s no surprise nine out of 10 buyers (89 percent) use online resources during the homebuying process, two-thirds say looking at online property listings has reached the point of becoming addictive. The top three ways people use online resources in the homebuying process are:

►Eighty-three percent look at real estate listings.

►Seventy-two percent use online maps to explore neighborhoods.

►Seventy-one percent use email, apps or websites to submit documents to lenders.

►Among those who looked at online listings, 78 percent say they spent time at work looking at properties.

►Nearly all, 93 percent, of technology users say technology allowed them to do things remotely they otherwise would have had to do in person.

“Buyers are clearly looking to play a larger role in the homebuying process and turning to the latest technologies to find the information they need,” said TJ Freeborn, senior manager of customer experience at Discover Home Loans. “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 homebuying process, and the result is a more confident, informed buyer.”

While the real estate agent’s role remains critical, technology has become more important to buyers, and more integrated in the work of both real estate agents and buyers in the homebuying process. Understanding the more informed and confident homebuyer is essential for an effective real estate agent-buyer relationship.

►The real estate agent’s role is still critical, as 83 percent of respondents reported working with real estate agents to buy their homes.

►Seventy-four percent of homebuyers feel it’s important for their real estate agents to be tech savvy, with most, 82 percent, saying their agent was tech savvy.

►In communicating with agents though, nearly all, 98 percent, communicate through phone calls.

►Of buyers working with agents, 42 percent feel that they did most of the work to initially find properties.

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