Cotality’s “From House to Home” report conducted a survey of 1,000 recent and prospective U.S. homebuyers, delving into the relationship between market speed and buyer timing. The report revealed that 43% of homebuyers prioritize speed in finding a home, while 41% prioritize speed in securing a mortgage.
Anand Srinivasan, the head of research and development at Cotality, emphasized the importance of delivering a fast loan by tailoring timing and information delivery to different generations. Gen Zers, for instance, start the application process confidently but quickly become stressed by insurance and closing costs, despite their digital proficiency. In contrast, baby boomers are the most trusting and least overwhelmed group, relying heavily on human experts.
The report identified a significant confidence gap among the surveyed individuals. Only 12% felt confident initiating the process, with even fewer (8%) feeling assured after finding the right home. Comfort and timing emerged as stronger loyalty drivers than convenience, with buyers who felt comfortable and built trust with their agent or lender more likely to return to them.
Srinivasan highlighted the importance of providing the right information at the right time to maintain buyer comfort. He noted that overwhelming buyers with information too quickly or too late can lead to disengagement.
While the data in Cotality’s report is from a year ago, mortgage professionals continue to observe similar issues. Phil Crescenzo, the Southeast division vice president at Nation One Mortgage Corp., mentioned that application withdrawals often result from misleading solicitation tactics, which may soon be curbed by the Homebuyers Privacy Protection Act.
Factors leading to ghosted applications
Despite the data being a year old, loan officers are still grappling with application fallout for various reasons. Brian Vieaux, president of FinLocker, noted a higher rate of cancellations due to buyer uncertainty surrounding economic factors.
Adam Neft, a LO at GO Mortgage, pointed out the pressure on buyers to close quickly in today’s competitive market, where homes receive multiple offers within hours of listing. Jennifer McGuinness, CEO of Pivot Financial, highlighted reasons for application withdrawals, including emerging better options and seasonal fluctuations in the market.
McGuinness emphasized the importance of understanding the unique needs of each generation of homebuyers and meeting them at their comfort level to build trust and confidence throughout the buying process.
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