Methodology
To better understand shifting consumer expectations about home buying and selling as a result of the coronavirus pandemic, Ellie Mae surveyed a total of 434 consumers ages 21+ between July 22, 2020 and August 12, 2020. The majority of responses were from Millennials, Generation X, and Baby Boomers, which were split fairly evenly across each group at 30%, 29%, and 29%, respectively. The remaining responses came from Generation Z at 10% and the Silent Generation at 1%, while 1% preferred not to specify. 50% of respondents were female, 49% were male, and 1% did not specify.
At 77%, the majority of respondents were current homeowners, while 23% did not own their home. The survey results have been divided between these groups to better understand the preferences of homeowners and non-homeowners.
Homeowner Survey Results
Are you considering selling your home in the next 6 to 12 months?
Yes: 24%
No: 76%
If you answered yes above, is your home currently on the market?
Yes: 8%
No: 34%
Not applicable: 58%
If you are planning to sell, why do you want to move? (Select all that apply)
Downsizing: 8%
Upsizing: 10%
To be closer to school: 3%
To be closer to work: 6%
Ready for a change: 12%
Don’t like changes in the neighborhood: 6%
Not applicable: 68%
Other: 6%
Since the coronavirus pandemic, do you think buying a home is a good investment overall?
Yes: 68%
No: 10%
Somewhat: 22%
How has the coronavirus changed your outlook and opinions about buying and selling a home at this time? (Select all that apply)
I’m more optimistic about buying a home: 19%
I don’t think buying now is a good idea: 14%
Competition is down, so now is a great time to buy: 18%
Competition is high, so now is a great time to sell: 22%
I’m more likely only to view homes I’m seriously interested in: 24%
I prefer to view homes online only: 11%
I want to get updates from my lender and agent daily: 5%
I prefer to do my own research and come to my real estate professionals with ideas, questions, and information in hand: 24%
I prefer to have the professionals present me with options after discussing my preferences, financial situation, and other relevant information. 16%
Thinking about your next real estate transaction, what are your preferred methods of communication with your Loan Officer or Real Estate Agent? (Select all that apply)
In person: 51%
Email: 67%
Social media: 8%
Phone call: 53%
Text: 41%
Online portal or chat: 17%
Thinking about your next real estate transaction, are you comfortable using E-sign rather than a face-to-face meeting to complete the required documents?
Yes: 82%
No: 18%
Since the pandemic, what method(s) are you comfortable with for viewing properties? (Select all that apply)
Visiting a home in person: 73%
Pre-recorded virtual tours: 40%
3D tours: 42%
Social media: 16%
Video conferencing with the agent (e.g., Zoom): 31%
Local neighborhood social networks (e.g., Nextdoor, Patch): 6%
Online real estate databases or brokerages (e.g., Zillow, Trulia, Redfin, etc.): 43%
What do you value most when choosing a real estate or mortgage professional?
Understands my wants and needs: 35%
Responds quickly: 11%
Keeps me informed about the details of my transaction: 21%
Has extensive knowledge of their market: 20%
Years in business: 1%
Reputation: 9%
Other: 3%
Non-Homeowner Survey Results
Are you looking for a home right now, or do you hope to start looking in the next 6 to 12 months?
Yes: 49.5%
No: 50.6%
If you decided tomorrow that you wanted to buy a home, how would you like your Loan Officer and Real Estate Agent to communicate with you? (Select all that apply)
In person: 57%
Email: 71%
Social media: 8%
Phone call: 65%
Text: 48%
Online portal or chat: 24%
What type of home do you think you might look for? (Select all that apply)
Single-family: 76%
Multi-family: 8%
Condo/townhome: 31%
New construction: 19%
Existing home: 27%
Suburban: 30%
Urban: 20%
Rural: 16%
Not sure: 9%
Considering all types: 10%
When you think about looking at homes for sale, do you prefer ... ? (Select all that apply)
Visiting a home in person: 89%
Pre-recorded virtual tours: 23%
3D tours: 20%
Social media: 4%
Video conferencing with the agent (e.g., Zoom): 19%
Local neighborhood social network (e.g., Nextdoor, Patch): 7%
Online real estate databases or brokerages (e.g., Zillow, Trulia, Redfin, etc.): 35%
How has the coronavirus changed your outlook and opinions about buying and selling a home? (Select all that apply)
I’m more optimistic about buying a home: 21%
I don’t think buying a home now is a good idea: 30%
Buying a home is too hard right now: 22%
Competition is down, so now is a great time to buy: 12%
Competition is high, so now is a great time to sell: 10%
I’m more likely only to view homes I’m seriously interested in: 24%
I prefer to view homes online only: 4%
I want to get updates from my lender and agent daily: 10%
I prefer to do my own research and come to the professionals with ideas, questions, and information in hand: 23%
I prefer to have my real estate professionals present me with options after discussing my preferences, financial situation, and other relevant information: 23%
What would you value most when choosing a real estate or mortgage professional?
Understands my wants and needs: 45%
Responds quickly: 14%
Keeps me informed about the details of my transaction: 17%
Has extensive knowledge of their market: 15%
Years in business: 2%
Reputation: 3%
Other: 3%