A recent MReport article highlights data from a study that revealed that homebuyers prefer affordable, transparent, time-saving transactions. One of the effects from the COVID-19 pandemic was the increase in technology use during the homebuying process. Spruce, a prop tech company, examined homebuyer’s feelings in regards to using tech for purchasing a home. The survey determined homebuyers top priorities and the ways they utilize technology to achieve the American Dream. According to the article, there has been an increase in trust in technology and an increase in interest in alternate real estate investments. Spruce’s CEO, Patrick Burns, stated that the main goal for his company is to improve the experience for homebuyers. In addition, Burns stated “There are many aspects of the real estate and homebuying 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”.
WHAT ELSE DID THE STUDY FIND?
According to Spruce researchers, today’s homebuyers value affordability, transparency, and the time period it takes to close as their top three important aspects of the homebuying process. The data also revealed that while there has been an increase in trust in technology, more respondents reported that they trust technology about the same as before the pandemic. Roughly a third of homebuyers reported increased trust in technology to make major financial transactions. Finally, the article stated that more than 30% of those surveyed are interested in rental properties. About 50% of respondents reported that they had not considered having alternate forms of real estate investments.
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