New survey findings by Spruce, an online real estate transaction company, highlight the priorities of American homebuyers. After enduring record closings and heightened competition in 2020 through early 2021, homebuyers care most about affordability, transparency, and the time it takes to close.
Affordability was ranked the most important aspect in the home buying process by 64% of respondents, with transparency voted second most important (41%) and closing time as third most important (23%).
Findings also show that respondents trust technology just as much as they did pre-covid (59%). However, almost a third of respondents (31%) reported increased trust in technology to make major financial transactions.
These implications show the eagerness of American consumers to rely on technology for such advancements. Also, the amount of consumers prioritizing transparency shows the need for more customer-centric changes within the homebuying process.
Additionally, the survey discovered the potential for new forms of investment within the real estate sector. Findings show that nearly half (49%) of respondents have never considered alternate forms of real estate investment, other than traditional house buying. Yet, more than 30% of respondents showed an interest in rental properties, with 25% being interested in rent-to-own.
CEO and co-founder of Spruce, Patrick Burns, said, “There are many aspects of the real estate and home buying process that need to be improved. But the most fundamental issues — affordability of closing costs, process transparency, and time — are perhaps unsurprisingly the pain points most felt by Americans today, and thus remain our key areas of focus as we continue to build our client-focused offerings.”
Industry advancements brought by Spruce reduce transaction times by up to 25% and save homeowners up to 20% on closing costs. More information on the Spruce Consumer Priority Survey can be found on www.spruce.co.
