Homebuyers Care Most About Affordability, Transparency, and the Time it Takes to Close

We recently conducted a national survey of homeowners across the United States to get a better sense of if consumer needs have shifted since COVID-19. Overall, the findings showed homebuyers care most about affordability, transparency, and the time it takes to close. Our survey respondents also demonstrated an increased trust in technology for major financial transactions, and a newfound interest in non-traditional real estate investment opportunities.

Spruce branded homeowner survey graphic with data

Specific survey findings include:

Affordability, transparency, and time-savings: When ranking the most important aspects of the home buying process, respondents chose overall affordability (64% reported most important), transparency (41% voted second most important), and the time it takes to close (23% as third most important) as their top three–over customer service and the ability to sign electronically.
Increased trust in tech: Overall, respondents trust technology about the same as they did pre COVID (59%). But about a third of respondents (31%) reported increased trust in technology to make major financial transactions.
Real estate investment opportunities: When asked about their interest in forms of real estate investment other than traditional home buying, nearly half (49%) of respondents reported not having considered alternate forms of real estate investment. More than 30% of respondents cited interest in rental properties, with 25% being interested in rent-to-own.

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The implications of these findings show the demand for consumer-centric changes within the homebuying process, the eagerness in American consumers to rely on technology for such advancements, and the untapped potential for new forms of investment opportunities within the real estate sector.

Spruce works with its innovative partners to not only meet–but also exceed–the expectations of today’s homebuyer.

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