Magazine article Mortgage Banking

Survey Shows More Buyers Using Internet; All Expect Home Prices to Rise

Magazine article Mortgage Banking

Survey Shows More Buyers Using Internet; All Expect Home Prices to Rise

Article excerpt

Technology continues to shape the way homebuyers purchase their residences even as homeowners in the coming year expect the value of their home to continue to appreciate, according to a survey by Stewart Title Guaranty Co., Houston.

The 2006 Stewart Homebuyers Survey noted that almost six in 10 homebuyers, or 57.2 percent, used the Internet in some capacity in their search for a home. First-time homebuyers represented 35.8 percent of all survey respondents, with repeat purchasers at 64.2 percent.

When homebuyers were asked, "What one facet of the home-buying process needs most improvement?," they responded predominantly with two themes: the amount of paper involved and the amount (or lack of) communication in the transaction, according to Ted C. Jones, Stewart's senior vice president and chief economist.

"In this day and age of technology, buyers expect much greater use of technology and less paper--and they expect better communication from the parties in the transaction," said Jones. "These findings validate the title industry's push toward a paperless process with electronic signatures and transaction management via the Internet. …

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