Homebuyers Swiping Right: Austin-Area Residents More Comfortable With a Digital Mortgage Than Online Dating

Austin 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 just 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 59 percent of respondents would apply or have already applied for a mortgage via mobile or online.

Austin-specific highlights from the report include:

For Austinites, technology and homebuying are becoming inseparable

Nearly all first-time buyers in Austin feel technology will play a role during every stage of homebuying, including researching (100 percent), getting a mortgage (96 percent), and negotiating and buying (96 percent).

Perhaps this is because local residents are most likely to seek a homebuying experience that is efficient (63 percent), personalized (58 percent) and simple (57 percent).

“Instagrammable” homes giving Austin residents major FOMO

First-time buyers in Austin (60 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? (44 percent).
- That it’s time to grow up and buy a home (36 percent).
- Fear that they are missing out by not owning a home (29 percent).
- Jealous of the home others have (22 percent).

NextGen homebuying is here

Many local residents are already comfortable using emerging technologies throughout the homebuying process, specifically using a real estate app (78 percent), taking a video tour of a home (60 percent) and attending an open house using virtual reality (44 percent).

In looking ahead to the next 10 years, Austinites believe:
- Smart home and energy-efficient features will be standard in new construction (77 percent).
- Mortgage applications will be entirely paperless (59 percent).
- Open houses will only be through virtual reality (23 percent).
- All appraisals will be done via drones (6 percent).

The homebuying experience transformed

The release of the survey follows the recent introduction of Bank of America’s Digital Mortgage Experience™, a simple, guided solution through which clients can complete the mortgage application directly within the bank’s mobile banking app or online at bankofamerica.com.

Beyond the flexibility to apply for a mortgage anywhere and on their own time, the end-to-end experience provides clients full customization and control, including the ability to choose the monthly payment, closing costs and loan terms that work best for them. At the same time, users can easily connect with a lending specialist, reflecting the blend of technology and personal attention clients are looking for today.

Published: 23 April 2018

Source: http://newsroom.bankofamerica.com

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