Buyers Still Rely on Agents for Mortgage Help and Home Searches
How consumers are finding Realtors® may surprise you.
A Porch.com survey of recent homebuyers found that nearly 20% reported they found their agent via their real estate sign, and only 7.7% said they used the same Realtor® as a previous transaction. Word-of-mouth referrals and online searches remain the top ways people find their agents, and nearly two-thirds said they checked out online reviews of their agent before working with them.
While many homebuyers use online home listings to start their home search, more than 70% of previous homebuyers and almost 64% of first-time buyers said they find homes for sale via their agent. However, again, don’t discount the advantages of your signs, 32.7% of first-time buyers and almost one-quarter of repeat buyers found homes by their “for sale” signs.
With the majority of buyers using a mortgage, they are also relying on their Realtors® to help them with the mortgage process. Nearly half of recent homebuyers said they asked their agent for advice, which was second only to asking family members. Buyers looked to their agents more than their friends, partners and financial advisors. And they may need that help. More than 75% of owners said they don’t understand their mortgage terms completely, while 26% said they read only part or none of their mortgage documents before they signed them. However, 30.1% later regretted not reading all of the paperwork.
When it comes to homeowners insurance, nearly half of recent buyers grouped it with their current insurance, 22% went with recommendations from friends and family and 19.7% used recommendations from the bank. More than 70% of respondents compared homeowners insurance rates before committing. As for actually reading it, 36.8% admitted they only read some or none of their policy, while 32.1% regretted not reading it completely. Fortunately, 61.3% of buyers said they usually ask someone else to read over home policies before they sign them. Typically, they depend on a partner, parent or other family member.