As Residential Real Estate Markets Tighten, Digital Twins Provide a Competitive Edge for Listing Agents and Sellers

Rhea-AI Summary

Matterport, Inc. (Nasdaq: MTTR) recently released survey findings indicating that 33% of US homebuyers purchased properties sight unseen, with 89% considering 3D virtual tours essential in their buying process. The survey conducted by OnePoll in June 2022 highlights the effectiveness of digital twins in boosting home sales, particularly amidst rising interest rates. The findings show 62% of buyers see virtual tools as crucial for future purchases, while 31% spent more time on listings featuring 3D tours. The demand for home office space is driving buyer relocations and preferences for virtual tours.

Positive

• 33% of buyers purchased homes sight unseen, indicating strong demand for digital tools.
• 89% of respondents consider 3D virtual tours important, highlighting the effectiveness of Matterport's offerings.
• 62% of buyers believe virtual tools will be essential for future home purchases.
• 31% of buyers reported spending more time on listings with 3D virtual tours.

Negative

• None.

Survey Finds 33% of Recent US Homebuyers Purchased a Home Sight Unseen, While 89% Consider 3D Virtual Tours as Important to the Buying Process

SUNNYVALE, Calif., Oct. 19, 2022 (GLOBE NEWSWIRE) -- Matterport, Inc. (Nasdaq: MTTR) released insights from a global survey of consumer homebuyer trends that found digital twins, when used to create 3D virtual tours, are increasingly effective for driving home sales. For sellers facing headwinds against rising interest rates creating buyers with reduced spending power, leading to potential price reductions, 3D virtual tours can provide listings with outsized exposure to drive buyer interest. For agents who are competing to win new listings, digital twins are a powerful marketing and service offering to win new clients.

Digital twins are particularly influential in the US as buyers are willing to move farther distances due to the flexibility of remote work. The survey, conducted by OnePoll in June 2022*, found 33% of US buyers in the past two years bought their property sight unseen, and 62% of buyers said virtual tools would be important for future purchases. Over 35% of buyers chose to move because they needed more home office space for remote work, and 34% of buyers in the past two years relocated over 50 miles, making a 3D virtual tour the most practical solution for efficiently touring multiple homes from afar.

“While the pandemic created an acute need to showcase properties remotely, buyers have found they actually prefer Matterport’s 3D virtual tours over visiting a bunch of properties in-person. They’re easy to navigate, available 24/7, and provide buyers with an accurate depiction of a home’s overall look, feel and layout,” said Bernard Nguyen, Senior Director of Business Strategy, Residential Real Estate at Matterport. “Agents are leveraging our digital twins to drive much needed exposure to listings, even reaching buyers who don’t live locally, to expand their buyer pool to sell homes.”

Additional US highlights from the survey:

• 31% of buyers spent more time viewing listings with 3D virtual tours
• 62% of buyers believe virtual tools will be an essential resource for future purchases.
• The greatest motivations for home purchases were driven by; Needing more space (41%), investments (37%), and supporting remote work needs (35%).
  

*Research was conducted in June 2022 by OnePoll and surveyed 1,000 residents in each country including the US, UK, Germany, and France. The survey polled 500 residents in Japan, Singapore and Australia. Survey respondents purchased a property within the past four years. More information, visit our blog: https://matterport.com/blog/matterport-releases-survey-results-us-residential-real-estate-buying-trends

Agents interested in using digital twins for their listings can visit: https://matterport.com/industries/real-estate/virtual-tours

About Matterport
Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at Matterport.com and visit our Discover page to browse a collection of digital twins captured by our customers

©2022 Matterport, Inc. All rights reserved. Matterport is a registered trademark and the Matterport logo is a trademark of Matterport, Inc. All other marks are the property of their respective owners.

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Forward-Looking Statements

This document contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the benefits of the business combination, the services offered by Matterport, Inc. (“Matterport”) and the markets in which Matterport operates, business strategies, debt levels, industry environment, potential growth opportunities, the effects of regulations and Matterport’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including Matterport’s ability to implement business plans, forecasts, and other expectations in the industry in which Matterport competes, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Matterport from time to time with the U.S. Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Matterport assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Matterport does not give any assurance that it will achieve its expectations.

FAQ

What percentage of US homebuyers purchased homes sight unseen according to Matterport's survey?

According to Matterport's survey, 33% of US homebuyers purchased homes sight unseen.

How important are 3D virtual tours for homebuyers based on the latest Matterport survey?

The latest Matterport survey indicates that 89% of homebuyers consider 3D virtual tours important in their buying process.

What findings did Matterport reveal about buyer preferences for virtual tools?

Matterport's survey found that 62% of buyers believe virtual tools will be essential for future home purchases.

How did the pandemic influence homebuying trends according to the Matterport survey?

The pandemic led to an increased preference for remote property showcasing, with many buyers now favoring virtual tours over in-person visits.