While the majority of buyers are hesitant to purchase a home entirely online, all homebuyers want to use digital tools during their home search. The generational breakdown shows Millennials and Gen Z are significantly more comfortable with the idea of purchasing a home entirely online compared to older generations, while all use digital tools in some way. A recent survey by Zillow found 23% of respondents would be comfortable buying a home online. For Gen Z, that share increases to 36% and 39% for Millennials. Nineteen percent of Gen X respondents would feel comfortable purchasing online, when only 7% of Baby Boomers and Silent Generation would. Despite the small shares, a large majority of buyers would still utilize digital tools when home shopping.
But despite apprehension toward buying a home online, large majorities said they would like to use a host of digital tools while home shopping and touring. These tools include: Viewing a digital floor plan (79% of respondents said its a tool they’d like to use); viewing a 3D virtual tour (79%); receiving email notifications from a saved search on a real estate website or app (75%); watching a video tour with an agent (68%); and unlocking a home with their phone and touring it on their own time (68%).
Advertisement
Related Stories
Housing Markets
10 Biggest Publicly Traded Home Builders Undeterred by High Mortgage Rates
Together, the 10 biggest builders recorded 77,255 new homes in Q1 2024, an increase of more than 18% from Q1 2023
Economics
Mortgage Rate Declines Could Boost Home Sales Following Months of Low Activity
Encouraging economic news bumped mortgage applications up by 2.6% for the week ending May 3
Affordability
NAHB Announces Plan to Address the Housing Affordability Crisis
The National Association of Home Builders has outlined a 10-step plan that would increase the supply of single-family and multifamily for-sale and for-rent housing