Chase Survey Finds Homebuying Trends Shifting Rapidly

The Internet has given us many new acronyms—there’s BAE, used in reference to a loved one (Before Anyone Else), and YOLO for “You Only Live Once.” But one of these terms—FOMO—is being credited with changing the landscape of homebuying trends, at least according to a recent survey from Chase.

FOMO, the Fear Of Missing Out, is causing young people to be on the prowl for the next best thing, unwilling to settle down and stay in a home long-term. And the DIY movement—that’s Do It Yourself—is contributing to a shifting attitude among homeowners and homebuyers, as well.

The Chase survey, Insights from the Mind of the Modern Homebuyer, showed that three-quarters of homebuyers aren’t planning to stay put for the long term. Instead, they plan to fix up their homes and sell them, with their do-it-yourself approach to life.

And they aren’t just fixing up their homes by themselves; they’re finding them on their own as well. Sixty-eight percent of Americans are looking for a home without the help of a realtor. Forty-five percent use their computer, either desktop or laptop, and 13% search real estate from their mobile device. Eleven percent go the old school route and look in a newspaper or magazine for real estate listings.

Real estate professionals get called in later in the game

Once folks have found some properties they’re interested in, they do call in the pros: mortgage brokers and realtors.

“With more options and endless information at the consumer’s fingertips, it’s changing the way people look at major purchase decisions,” said Chase’s head of retail mortgage banking, Sean Grzebin. “While homebuyers are using technology to find their next home, more than 70% still rely heavily on a mortgage professional.”

Optimism surges among homeowners

The survey also showed that folks are feeling good about the value of their homes. Sixty-six percent of homeowners think their home’s value will go up in the next five years, and 38% are already using or are considering using a home equity line of credit to fix up their home and add to its value.

The survey was conducted among just over 1,800 adults, ages 18 and up, living across the United States, with special concentrations on residents in Dallas, Miami, San Francisco, Sacramento, Chicago, Columbus, Phoenix, Tampa, San Diego, and Seattle.

Chase Bank serves customers with an array of services, including mortgages, credit cards, small business loans, and investment advice.