Report: Technology transforming home buying process

Business News | 19 Apr, 2018 |

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 that 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).

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.

To learn more about the Digital Mortgage Experience and download multimedia, visit bankofamerica.com. For additional information about the Bank of America Homebuyer Insights Report, visit bankofamerica.com/homebuyersreport.

Bank of America’s Digital Banking Leadership

Bank of America’s digital banking platform is an evolving source of increased customer engagement and satisfaction serving nearly 36 million digital customers, including nearly 25 million active mobile users. Its award-winning mobile app was the first to receive J.D. Power’s certification for “An Outstanding Mobile Banking Customer Experience.” During 2017, mobile banking customers logged into their accounts 4.6 billion times, or approximately 190 times per user, and deposited 123 million checks via mobile.

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