While some statistics indicate older adults have a greater propensity to age in place than their younger counterparts, one recent survey shows that 3 in 4 homebuyers don’t plan to stay in their homes long-term.
These findings suggest that today’s consumer is always searching for the next best thing, and that a “fear of missing out” mentality is changing the outlook for U.S. homebuyers, according to a national survey from Chase, the consumer and commercial banking business of JP Morgan Chase & Co. (NYSE: JPM).
Technology is also changing the way Americans search for homes, enabling more people to take a do-it-yourself approach in the early stages of the home buying process.
Sixty-eight percent of Americans are starting the home search on their own, with 45% using a computer or laptop as their first step, 13% using mobile devices. About 11% of Americans reported they would first check their local listings in a newspaper or magazine.
But just because a large share of buyers are taking a more independent approach during the initial steps of their home search, many still rely on professionals.
Roughly three quarters of Americans reported they want to meet with a mortgage professional as they consider financing options. This group also feels that a Realtor is essential to the process, too.
“With more options and endless information at the consumer’s fingertips, it’s changing the way people look at major purchase decisions,” said Sean Grzebin, head of retail mortgage banking for Chase, in a written statement. “While homebuyers are using technology to find their next home, more than 70% still rely heavily on a mortgage professional.”
Although Americans don’t necessarily want to stay put for the long haul, survey respondents are optimistic about their home values, with 66% of homeowners expecting their home’s value to increase over the next five years.
Furthermore among homeowners, 38% have used or are considering using a Home Equity Line of Credit in the next five years, with 58% putting these funds towards home improvements.
The Chase “Insights from the Mind of the Modern Homebuyer” survey is based on responses from a nationally representative sample of 1,852 adults age 18 and older living in the continental U.S.
Written by Jason Oliva