Home buyers are venturing back into the market in greater numbers than at any time since the recession started. Given that technology has changed considerably in the past few years, house hunters are finding their homes in different ways. Google reports that mobile search, in particular, is increasingly important.
The Google study reveals that Millennials are showing a higher intent to purchase a home these days. Many of these consumers may be experiencing other life events like having children which leads to the need for more space at home. However, today’s home searchers aren’t all Millennials.
Consumers are also looking for something a little different. For example, interest in smaller homes is growing. Google searches on mobile homes and the small house movement have skyrocketed over the past decade. Potential homeowners may be wary of investing in a large house and committing so much of their net worth to a depreciating asset.
In terms of real estate searches, mobile phone activity is growing at the expense of both tablets and computers. Consumers are particularly active on the weekends in this category. They are likely to be searching for directions to an open house or seeking more information about a realtor or a specific listing. Marketers in this category should also know that a home purchase has a long lead time. About 50% of potential buyers actively search for a home during a 6 to 12 month period. During this same time period, they’re also researching the online profiles of realtors.
AudienceSCAN data shows that about 7% of U.S. adults will be in the market for a new home this year. The AudienceSCAN data supports the Google findings with respect to the age of the buyers. About ½ will be under age 35 and nearly 60% will be coming from a rental situation. These consumers will be far more likely than average to make home-related purchases as well – ranging from new beds to living room furniture to dining room sets. About 28% of these consumers say they’ve started an online search as a result of a mobile smartphone app or text message they’ve seen in the past 30 days.
AudienceSCAN data is available as part of a subscription to AdMall for Agencies. Media companies can access AudienceSCAN data through the Audience Intelligence Reports in AdMall.