If we looked at the Google searches conducted over the past few years, what would they reveal about home buyers and the future of the real estate market? Chase wondered the same thing. They partnered with Google to see what‘s top of mind for buyers and shared it in an interesting report. Here are the main takeaways:
- Affordability is a top priority. This should be a given for anyone looking to invest in a home, but the percentage of searches focusing on affordability haven’t always been this high. The upward tick of searches asking “How much mortgage can I afford?” and “How much mortgage can I qualify for?” reflect two things: a) more tech-centered buyers are using the internet to determine what they can buy and b) buyers learned a thing or two from the housing crisis.
- Millennials and First-Time Buyers are entering the marketplace in increasing numbers. Matter-of-fact, searches from these groups are at an all-time high and Chase is confirming the same results in their own originations. They saw a 16% increase for people under 35 between 2015 and 2016.
- Mortgage searches are beginning on mobile phones more now than years past. This isn’t a big surprise, because home searches in general are happening on mobile phones more frequently. This has been encouraged by the rise in mobile apps provided big name companies and individual agents.
- The South is the leader in online mortgage searches. This is followed by the West, Northeast, and Midwest. The overall preference was fixed-rate mortgages.
Finally, what was the most searched for home style? The Mansion. Of course, this was probably driven by a bunch of looky-loos. The same probably goes for the second style on the list, Yurt, which is pretty unconventional. But those are followed by Brownstone, Bungalow, and Minka.
Considering trends, we can only assume that tech will play a large part in the home buying process. As long as interest rates and home prices remain affordable, we’ll see more Millennials and First-Time Buyers entering the marketplace. Our main concern right now is inventory – will we have enough homes in the marketplace to meet home buyer demand?
Learn more about the report from Chase and Google at: What are homebuyers really searching for? Google gives us the answer, literally
Have you started your mortgage search online? Have you gotten an online quote? Do you prefer a local lender or do you not have a preference? Let us know in the comments!