As soon as many of us wake up, we look for our phone to see what is going on; the information is always at our finger tips! Even when we must make an important decision, we are searching online to make sure we make the right one. It comes as no surprise then that when we want to buy a home, we look for real estate information right on our mobile device. More recently, the demand for real estate information on a mobile device has increased, as it was explained by Steve Deggendorf, Director of Market Insights Research at Fannie Mae.
In the first quarter of 2016, Fannie Mae surveyed approximately 1,200 low and moderate-income homebuyers about their recent mortgage experience. What they found was a major increase in mobile usage compared to the first quarter of 2015.
Here are some numbers they highlight:
- In Q1 2016, 64% of those surveyed had done a mortgage activity on a mobile device (compared to 27% in Q1 2015).
- 72% would like to do so in the future (compared to 37% in Q1 2015).
They also shared some data about current usage, as well as future interest in other home-buying activities such as:
- Researching homes for sale (current 80%, in the future 79%)
- Looking for home buying advice (current 47%, in the future 59%)
- Submitting documents to your mortgage lender (current 46%, in the future 51%)
- Looking for advice about getting a mortgage (current 40%, in the future 56%)
- Obtaining a mortgage quote (current 34%, in the future 55%)
- Comparing mortgage quotes (current32%, in the future 58%)
- Filling out a mortgage application (current 29%, in the future 46%)
These number are general, but the Pew Research Center says that, “among Hispanic internet users, the new survey shows a greater share today use these mobile devices to go online…”
Here are some figures about the Hispanic community:
- 80% of Latino adults say they access the internet via a mobile device.
- Of those 80%, 81% are Latinos and 78% are Latinas.
- 94% of 18-29 year old, 89% of 30-49 year old, 58% of 50-64 year old, and 35% of those 65 years or older access the internet via a mobile device.
- 86% primarily speak English, 83% are bilingual, and 71% primarily speak Spanish.
- The share of Latinos who access the internet on a mobile device has risen from 76% to 94%.
- By 2014, 77% of families made less than $30,000, 84% made $30,000 to $49,000, and 94% made $50,000 or more.
If you are in the process of buying or selling a home, search for a local real estate professional who shares excellent advice about the marketplace and can help you with your real estate needs.