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M R EP O RT | 9 MDWELL Homebuyers Crave Affordable, Transparent, Time-Saving Transactions Do people trust innovations that promise to better the buying process? A proptech company survey attempted to answer that question. O f the many issues the COVID-19 pandemic brought to light, the usefulness of technology in the homebuying process is one of significance for mortgage professionals. While industry leaders knew it before, a global crisis forced many to accelerate the adaptation of online real estate transactions. Spruce studied homebuy- ers' feelings when it comes to using tech for major actions such as buying a house. The survey also derived from their data homebuyers' top priorities and the ways they are using technology to achieve the American Dream. The study revealed an increased trust in technology among respondents for financial transactions as well as interest in relatively untapped opportunities for alternate real estate investments, Spruce reports. Spruce's CEO recognized that automation and electronic deals are evolving as a practice and improving. He says the main goal, at least for his company, is to improve the experience for the homebuyer. "There are many aspects of the real estate and homebuying process that need to be improved," Patrick Burns said. "But the most fun- damental 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." Example from study: Homebuying priorities ranked Affordability 64% Transparency 41% Time to Close 23% Interest in Real Estate Investment Opportunities Had Not Considered 49% Rental Properties 30% Rent-to-Own 25% Trust in Technology since COVID-19 Same as Pre-pandemic 59% Increased Trust 31% SPRUCE'S NATIONAL SURVEY FINDINGS U.S. Homebuyers