Discover Home Loans Poll: Large Majority of Homebuyers

Believe They Are Better Buyers Because of Technology

RIVERWOODS, Ill.--(BUSINESS WIRE)--Consumers use technology to do just about everything,
including looking
for and buying a home. A recent independent poll commissioned by
Discover Home Loans shows 89 percent of homebuyers use some form of
online technology to help them with the homebuying process. In fact, 76
percent of buyers feel technology made them a smarter homebuyer and 69
percent said it made them more confident.
A Better Buyer
Buyers who use technology during the homebuying process feel smarter,
more confident and more satisfied.
Almost half of all homebuyers, 47 percent, report that using
technology helped them save money.
As many as 92 percent say technology helped save time.
A significant amount of buyers (90 percent) report an overall positive
experience.
Technology Use Addictive
While it's no surprise nine out of ten buyers, 89 percent, use online
resources during the homebuying process, two-thirds say looking at
online property listings has reached the point of becoming addictive.
The top three ways people use online resources in the homebuying
process are:
Eighty-three percent look at real estate listings.
Seventy-two percent use online maps to explore neighborhoods.
Seventy-one percent use email, apps or websites to submit

documents to lenders.
Among those who looked at online listings, 78 percent say they spent
time at work looking at properties.
Nearly all, 93 percent, of technology users say technology allowed
them to do things remotely they otherwise would have had to do in
person.
"Buyers are clearly looking to play a larger role in the homebuying
process and turning to the latest technologies to find the information
they need," said TJ Freeborn, senior manager of customer experience at
Discover Home Loans. "Technology is a great resource for buyers because
it gives them access to online property listings, allows them to preview
homes and find reviews on real estate agents and mortgage lenders. It's
truly changing the homebuying process, and the result is a more
confident, informed buyer."
Technology's Impact on Real Estate Agents
While the real estate agent's role remains critical, technology has
become more important to buyers, and more integrated in the work of both
real estate agents and buyers in the homebuying process. Understanding
the more informed and confident homebuyer.
is essential for an effective
real estate agent-buyer relationship.
The real estate agent's role is still critical, as 83 percent of
respondents reported working with real estate agents to buy their
homes.
Seventy-four percent of homebuyers feel it's important for their real
estate agents to be tech savvy, with most, 82 percent, saying their

agent was tech savvy.

In communicating with agents though, nearly all, 98 percent,
communicate through phone calls.
Of buyers working with agents, 42 percent feel that they did most of
the work to initially find properties.
The national survey of 1,003 recent homebuyers was commissioned by Discover
Home Loans and conducted by Versta Research, an independent survey
research firm (http://www.verstaresearch.com),
September 5 to September 17, 2014. The sample was carefully balanced and
weighted using AHS (American Housing Survey) and NAR (National
Association of Realtors) data to ensure an accurate representation of
homebuyers by region, age, marital status, and first-time vs. repeat
homebuyer status.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and payment
services company with one of the most recognized brands in U.S.
financial services. Since its inception in 1986, the company has become
one of the largest card issuers in the United States. The company issues
the Discover card, America's cash rewards pioneer, and offers home
loans, private student loans, personal loans, home equity loans,
checking and savings accounts, certificates of deposit and money market
accounts through its direct banking business. It operates the Discover
Network, with millions of merchant and cash access locations; PULSE, one
of the nation's leading ATM/debit networks; and Diners Club
International, a global payments network with acceptance in more than
185 countries and territories. For more information, visit www.discover.com/company.

1. When you were looking for a home to buy,

did you:

Yes

No
a.

Collect ideas using social media? (e.g., Pinterest)

25%

75%
b.

Explore a neighborhood using online maps or map apps? (e.g., Google

Maps)

72%

28%
c.

Get opinions about homes from friends or family on social media?

(e.g., Facebook)

29%

71%
d.

Look at listings on real estate websites or apps? (e.g., Zillow,

Trulia, Realtor.com)

83%

17%
e.
Research a neighborhood using local websites? (e.g., local chamber
of commerce, local government websites)
55%
45%

2. When you were getting a mortgage or home loan,

did you:

Yes

No

a.
Fill out an online application for a mortgage or home loan?

54%

46%
b.
Get pre-qualified for a mortgage through a lender's website?

47%

53%
c.
Read reviews of lenders online?

39%

61%
d.
Submit documents to your lender through e-mail, apps or a website?
71%
29%

3. And finally, did you:

Yes

No
a. Read profiles of real estate agents online?

37%

63%
b. Submit documents to a real estate agent through e-mail, apps or a
website?

68%

32%
c. Scan in and submit closing documents electronically after signing
them at home?

50%

50%
d. Set up an appointment with a home inspector through e-mail, apps
or a website?

42%

58%
e. Use a cell phone to take pictures or videos of a home to show
family or friends?

67%

33%
f. Visit a website you got from a newspaper, flyer or yard sign?
35%
65%

4. During the homebuying process, did you use online

calculators to help you figure out:

Yes

No

a. Whether you were financially ready to buy a

home?

52%

48%
b. What kind of home you could afford?

61%

39%
c. What your monthly mortgage payments would be?
70%
30%

5. Do you think using technology helped you:

Yes

No

Don't know
a. Be a more confident homebuyer?

69%

22%

9%
b. Be a smarter homebuyer?

76%

13%

11%
c. Cut back on paperwork?

68%

26%

6%
d. Save money?

47%

35%

17%
e. Save you time?

92%

6%

2%

6. How much do you agree or disagree with the following statement?

Looking at real estate listings got addictive for me.
Strongly agree - 15%
Agree - 52%
Disagree - 28%
Strongly disagree - 5%

7. Did you ever look at real estate listings while you were at work?
____ Often - 24 %
____ A few times - 54%
____ Never - 22%
8. Did technology allow you to do things remotely that would otherwise
have to be done in person?
____ Yes - 93%
____ No - 7%
9. Did you work with a real estate agent to find and buy your home?
____ Yes - 83%
____ No - 17%
10. Did you think your real estate agent was tech savvy, or not really?

____ Yes - 82%

____ Not really - 18%
11. Is it important to you for a real estate agent to be tech savvy, or
not really?
____ Yes - 74%
____ Not really - 26%
12. How did you communicate with your real estate agent?

Yes

No
a. In person

95%

5%
b. Postal mail

13%

87%
c. Phone calls

98%

2%

d. Text messages (SMS)

66%

34%
e. E-mail

93%

7%
f. Instant messages or online chat

12%

88%
g.
Social media (e.g., Facebook, Twitter)
10%
90%

13. Who did most of the work finding properties: you or your real estate
agent?
____ You did almost all of it - 19%
____ You did most of it - 22%
____ You did some and they did some - 40%
____ They did most of it - 14%

____ They did almost all of it - 5%