Bank of America Homebuyer Insights Report
The latest Bank of America Homebuyer Insights Report explores homebuying perceptions and behaviors among adult consumers across the country. This year’s report found that in an increasingly digital world, Americans see homebuying and technology as inseparable and are longing for more digital solutions in the mortgage space. In fact, more consumers would be comfortable applying for a mortgage digitally (32 percent) than dating online (20 percent).
The report found that 52 percent of respondents would apply or have already applied for a mortgage via mobile or online. And many buyers would use technology throughout their homebuying journey, specifically using a real estate app (71 percent), taking a video tour of a home (48 percent) and attending an open house using virtual reality (36 percent).
Other insights from the Bank of America Homebuyer Insights Report include:
- Nearly all first-time buyers feel technology will play a role during every stage of homebuying, including researching (98 percent), getting a mortgage (94 percent), and negotiating and buying (92 percent).
- Consumers are most likely to seek a homebuying experience that is efficient (64 percent), simple (59 percent) and personalized (51 percent).
- When seeing photos of others’ homes on social media, one-third of millennial first-time buyers think “If they can buy a home, why can’t I”, while 25 percent experience “fear of missing out” because they don’t own.
- Over the next decade, Americans believe smart home and energy-efficient features will be standard in new construction (67 percent), mortgage applications will be entirely paperless (55 percent), and open houses will only be through virtual reality (24 percent).
The release of the report follows the recent introduction of Bank of America’s Digital Mortgage Experience™, a simple, guided solution through which customers can apply for a mortgage through the bank’s mobile banking app or in online banking. To learn more about the Digital Mortgage Experience and download multimedia, visit bankofamerica.com.
Bank of America Digital Banking
Bank of America’s digital banking platform is an evolving source of increased customer engagement and satisfaction serving 36 million digital customers, including 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.
About the Bank of America Homebuyer Insights Report
Convergys Analytics conducted an online survey on behalf of Bank of America between January 16 and February 2, 2018. Convergys surveyed a national sample of 2,000 adults age 18+ who currently own a home or plan to in the future. In addition, an augment was conducted to reach 300 adults in seven local markets: Austin, Boston, Charlotte, Dallas, Nashville, Phoenix, and San Francisco. The margin of error for the national quota is +/- 2.6 percent, and the margin of error for the oversampled markets is approximately +/- 5.8 percent, with each reported at a 95 percent confidence level.
News Releases and Additional Information
National Press Releases
- Apr. 11, 2018 – Bank of America Transforms Homebuying With New Digital Mortgage Experience
- Apr. 12, 2017 – Millennial Homeowners’ Advice to Peers: Get off the Sidelines
- Apr. 6, 2016 – First-Time Homebuyers Want to Skip the Starter Home, Shop for the Long Term
National Research Materials
Apr. 11, 2018 – 2018 Bank of America Homebuyer Insights Report
Apr. 12, 2017 – 2017 Bank of America Homebuyer Insights Report
Apr. 12, 2017 – 2017 Bank of America Homebuyer Insights Report Infographic
Regional Press Releases
Apr. 18, 2018 – Bank of America Homebuyer Insights Report Regional Press Releases:
|- Austin||- Nashville|
|- Boston||- Phoenix|
|- Charlotte||- San Francisco|
|- Dallas/Fort Worth|
Apr. 12, 2017 – Bank of America Homebuyer Insights Report Regional Press Releases:
|- Boston||- Houston|
|- Charlotte||- Miami|
|- Chicago||- New York|
|- Dallas-Fort Worth||- Phoenix|
|- Denver||- St. Louis|
For More Information