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The experience of buying a home can be daunting and it is not one many people wish to repeat on regular basis. New research, however, suggests that adopting a variety of omnichannel customer engagement strategies can significantly improve people’s perceptions and attitudes toward this process.
Overall, TD Bank Mortgage Service Index found that home buying sentiment is increasing, but several things remain for sellers to do that can improve the customer experience for buyers.
According to TD Bank's fourth annual Mortgage Service Index, well over half (71%) of homeowners rated their most recent buying experience as “very good” or “excellent,” which was nearly a 10% increase over the two previous years.
So it may be true that American home-buying experiences are improving, but the Index also found that there remains room for improvement.
This is especially true among potential Millennial homebuyers who would like to receive more online resources and information, which presents an opportunity to for sellers to implement an omnichannel customer experience. This includes the incorporation and use of online channels, digital devices, social media and more.
“Our data demonstrates that home buying sentiment is improving, but lenders still need to adopt a more omnichannel approach to providing financial guidance and expertise,” said Kevin Gillen, Senior VP of Mortgage at TD Bank. “Consumers should find a lender who can educate and support them on all aspects of the mortgage process. By understanding the process they will enjoy a more positive home-buying experience.”
To uncover these findings, TD Bank surveyed more than 1,300 American homeowners who had taken on a home mortgage within the last decade. They were asked about their overall experiences, including what considerations finally led them to purchase a home.
Other results of the Index included:
• 42% of Americans expect the housing market to improve over the next six months
• One in five consumers were “extremely likely” to purchase a new home in the next year, especially Millennials at 38%
• Nearly one-third (32%) reported their home purchase was “very to extremely stressful”
The results of this index appear to indicate that this is an ideal time to embrace more modern and omnichannel customer engagement tactics to increase the customers experience and, as a result, the overall number of potential home purchases.
“Buyers embarking on homeownership should understand that finding a lender that provides ongoing communication and diverse loan options is critical to a smooth, low-stress home purchase,” said Gillen.
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