Homie National Survey: Nearly Half of Americans Are Intimidated by the Process of Buying or Selling a Home

Financial strain, intimidation, and agent pressure limit accessibility to homeownership

April 8, 2021 10:15 AM EDT

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

SALT LAKE CITY, April 8, 2021 /PRNewswire/ -- Homie, a disruptive real estate company changing the way homes are bought and sold, just released the results of a new nationwide survey conducted by The Harris Poll, that sheds light on consumer perspectives on the current real estate market and examines recent home buying experiences.

Key survey findings include:

  • COVID-19 Has Increased Financial Stress When Buying a Home: The survey revealed that three in five Americans (61%) agree that the COVID-19 pandemic has put more financial strain on the home buying process and because of the pandemic, nearly half of Americans (46%) say they have re-evaluated what they are looking for in a home. This financial stress is even greater among Americans aged 35-44, where seven out of 10 report this concern.
  • The Real Estate Process is Intimidating: Nearly half of Americans (49%) are intimidated by the process of buying or selling a home – and slightly fewer (44%) say they wouldn't know where to begin the process. This intimidation and lack of knowledge is particularly prevalent among younger Americans aged 18-44, where 60% report they are intimidated by the process and over half (56%) don't know where to begin.
  • Buying or Selling a Home Is Challenging and Expensive: Among Americans who have ever purchased or sold a home, seven in 10 (70%) say they experienced some challenge during their last transaction – including a quarter (25%) who say they paid a commission fee that felt too high. 
  • Finding the Right Agent Is Difficult: 72% of Americans aged 35-44 say they wish there was an easier way to find the real estate agent for them, and one in four Americans aged 18-34 who have ever purchased a home (26%) say they felt pressure from friends and family to work with a specific real estate agent during their last transaction.

"With so much access to information and resources, it should be easy to buy and sell a home, but as the research revealed, half of Americans are still intimidated by the home buying process," said Homie CEO Johnny Hanna. "We talk to people every day that find the process overly complicated and challenging, and many don't even know where to start. Homeownership should be easy, affordable and accessible for all."

Homie uses modern technology, coupled with the expertise of dedicated, local agents to save clients thousands. The company does not charge clients a percentage-based commission when selling their home. Instead, Homie offers sellers a low, flat fee, regardless of the home's sale price, to market and sell a home. This includes a dedicated agent, professional photographer, signage, lock boxes and an MLS listing for sellers. Traditional agents charge up to 6%, and home buying tech companies and iBuyers charge up to 14% of the price of the home. For buyers, Homie offers up to $2,500 toward closing costs, new furniture, or a home improvement project.

About Homie Homie is a real estate company changing the way real estate is bought and sold by eliminating high fees and commissions. The company simplified an outdated and overcomplicated process through a combination of technology and expert, full-service agent support. Homie operates in five states, is the #1 listing brokerage office in Utah, and is growing in Arizona, Nevada, Denver, and Boise. With real estate, home loans, closing services, and insurance, the Homie Tech family is making every aspect of buying and selling a home simple, affordable, and enjoyable. Finally, the way real estate should be. To learn more, visit: www.homie.com.

About the SurveyThis survey was conducted online within the United States by The Harris Poll on behalf of Homie from February 16-18, 2021 among 2,073 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. Contact Homie for complete survey methodology, including weighting variables and subgroup sample sizes.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/homie-national-survey-nearly-half-of-americans-are-intimidated-by-the-process-of-buying-or-selling-a-home-301265007.html

SOURCE Homie



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

PRNewswire, Press Releases