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Here’s more information from a slightly different report on mortgages and housing. This report was done by search engine giant, Google, in connection with lending giant, Chase Home Lending.
Two giants using big data to get some really good background data on what consumers are searching for when it comes to home buying and financing.
The report is the result of actual Google searches for home and mortgage related information over the past several years. These results can be very useful.
As might be expected, the highest concern of most consumers is affordability; how much house can they afford.
In fact, in 2016, there were 34% more searches around affordability than in the prior year. The top related questions posed to Google were:
- How much mortgage can I afford?
- How much mortgage can I qualify for?
- What mortgage can I afford?
These questions indicate that it is apparent that consumers tie the affordability of a home closely with the amount of a mortgage can they get.
These searches are increasing among potential first time and Millennial home buyers, a sign of an increase in new, younger potential home buyers looking to enter the market.
That’s good news for Realtors, builders, and lenders if they’re prepared to service the needs of these potential buyers.
What does it mean? I believe to properly service your customers; you first need to know what they want.
These search results show it is apparent consumers are primarily concerned about home affordability and mortgage qualification.
They don’t want to waste their time shopping for and/or buying a home for which they cannot get a loan. Smart move!
Armed with that information, Realtors, builders, and mortgage lenders need to concentrate on educating the consumer on mortgage availability and the loan approval process.
What does it take to qualify for a loan, the various products now available to help them afford their new home and what can be done to pre-qualify for the loan they need and want.
BTW, the report also revealed that more and more searchers are now using their mobile devices, especially smart phone, to get their information.
Lenders need to be where with the consumer is searching if they wish to capture these consumers.
People are no longer just stopping in to see the local Realtor or checking the newspaper listings for available homes. Things are starting to go in the right direction.
Before deciding on the home, consumers now want to first determine home much of a mortgage they can get.
Armed with that knowledge, they will then decide what home they want to buy.
It may be the right time for lenders to step up to get ahead of the process and provide consumers with what they need and want before they decide if they are ready to buy a home.
