More millennials take up tech for home search, purchase

Dive Brief:

  • Today’s buyers are merging analog and digital resources in their home-purchase process, according to mortgage-processing software company Ellie Mae’s 2017 Borrower Insights Survey.
  • Thirty percent of millennials polled said they started their mortgage application process online and finished it face-to-face with their lending agent. Meanwhile, 28% of Gen X and 20% of baby boomer borrowers said the same.
  • Buyers identified speed, security and simplicity as key features when getting a home loan. 

Dive Insight:

The tech takeover continues, especially where millennial homebuyers are concerned. In the case of Ellie Mae’s report, many lenders are using technology to kick off the mortgage application process while also ramping up their capabilities to address clients in person.

Technology is being used to get more buyers in the door across the board, from search to close.

Real estate listing services Zillow and have both recently added iMessage functionality to their home search apps, making it easier for users to share information including price data, location and images with friends and family. Other recent updates include the ability to gather information on a home by simply training a smartphone camera on it.

In New York City, a group of real estate agents made headlines earlier this year for using social media website Snapchat to showcase apartments for sale or rent and connect with interested parties to move forward.

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Filed Under: Residential Building Technology Economy
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