LEMOYNE, Pa., Sept. 14, 2016 -- A majority of Pennsylvania home buyers are starting their home search online, according to a recent survey conducted by the Pennsylvania Association of Realtors®. Nearly 60% used an online search, with realtor.com® and Zillow.com the most frequently cited. This is an increase of 5% compared to home buyer responses in the second quarter.
"Of those using a web tool to search for a home, 64% of them sited realtor.com® or Zillow.com as their primary source," said PAR President Todd Polinchock. "In addition, 70% of home buyers under the age of 50 report going online to search for a home, showing that use of these online sites will continue to increase."
The survey shows an increase in the number of home buyers who used cash to purchase their home. More than one in four report purchasing their new home entirely with cash rather than using financing. That's compared to one in five in the last quarter.
"Home buyers over the age of 50 have typically been most likely to report cash-only purchases in our previous surveys, but this time we saw notable bumps in the share of buyers who bought with cash," Polinchock said. "Thirty percent of those ages 50 to 64 bought their home with cash in the third quarter compared to 20% last quarter, while 45% of those ages 65 and older reported buying their homes with cash in the third quarter compared to 36% last quarter."
Home buyers continue to expect to live in their home for more than 25 years. 48% of home buyers between the ages of 35 and 65 hope to live in their current home for a generation, while 37% of home buyers under the age of 35 and just 31% of home buyers over the age of 65 felt the same way.
The Welcome Home surveys are conducted on a quarterly basis and provide information on a number of consumer home buying trends. More survey results are available online at WelcomeHomePA.org.