Leading industry researcher Cotality has published new research stating buyers are finding the process of a home “overwhelming” and more than 90% say they have had “at least one moment of doubt” during the transaction.
The survey found issues tended to be grouped along generational lines.
For example, Baby Boomers don’t love using the portals and all their filters to search for properties. Younger buyers are troubled by the physical legalities of purchase.
As an experienced agent, I have empathy with buyers and the overall findings of the survey.
A cocktail of financial stress and paperwork – plus the emotion of making a big life decision – is going to be hard on anyone.
That’s why it is important to select a high-quality, experienced agent who can help you through this journey.
If I can give buyers any advice for working with an agent, I’d suggest you ask them to set expectations of their service very clearly, and have it in writing.
Cotality (formerly CoreLogic) unveiled some telling statistics, illustrating the importance of buyers having access to an experienced agent.
Here are some findings:
93% – Buyer who had at least one moment of doubt, confusion or pressure.
90% – Future buyers who are preparing to feel overwhelmed by the purchasing experience.
68% – Who say they want convenience, loyalty and comfort when working with real estate professionals.
59% – Gen Z homebuyers who find buying a home overwhelming.
Cotality says that among the issues facing buyers are confusing credit models, loan eligibility rules and portals that fail to live up to the promise of personalization.
Cotality says: “The homebuyer no longer moves through the market alone. They’re filtered through industry agents, each nudging the outcome in different directions.”
The survey found online tools were increasingly shaping the path to purchase, but buyers feel they’re gaining less clarity from these digital solutions.
Frustration focuses on chatbots, valuation tools that predict pricing curves and digital brokers promising 24-hour service.
Cotality observes: “The tools now shape the journey. But they don’t necessarily reduce friction. They reassign it.
“Speed has become the goal,” says the Cotality report. “But faster systems don’t always bring clarity. A rushed process can leave people with more decisions, not fewer – and less confidence in the ones they make.”
A good agent will ease all the concerns that have been expressed in the Cotality survey. Here’s how someone such as myself can ease the anxiety:
Guide – You should expect your agent to use their market expertise to provide context and guidance. They should share recent sales data, explain market trends and offer objective advice that helps you balance any emotions with logical decision-making.
Expectations – All agents should establish a communications plan, which could include a preferred channel, such as email, frequency and response times.
Process – Agents should step you through each phase of the journey, from pre-approval and property search to making an offer, due diligence, and closing. This “roadmap” helps demystify the process and provides a clear sense of what to expect next.
Responsibilities – An agent’s role is to be an advocate and guide. If I was your agent, I’d explain when my input would be required, such as providing documentation or making a decision on an offer. This prevents confusion and holds you and I accountable for our roles.
Goals – Clients often need help to define their priorities. An agent can create a detailed checklist of “must-have” and “nice-to-have” requirements.
Curate – Instead of flooding clients with every available listing, we should filter them. An agent should use the “must-haves” list to curate a selection of properties that meet your criteria. This saves time and energy, allowing you to focus on a smaller, more relevant pool of homes.
Empathy – A good agent will acknowledge that buying a home can be a significant and often emotional event. Your agent should listen to your concerns, fears and frustrations. Their role extends beyond the transaction.
Teamwork – Many buyers want agents to leverage their network of mortgage lenders, home inspectors and real estate attorneys. All agents should be able to do this for you.
Cotality’s survey findings are stark, but it doesn’t have to be this way if you take the time to commission an experienced agent, with whom you strike a rapport.
If you need any assistance on your buying journey, I’ll be delighted for the opportunity to speak with you.