Survey reveals an emotional process for first-time homebuyersMortgagePress.comFirst-time homebuyers
Consumers who decide that it's time to buy or sell a home often
find themselves on an emotional roller coaster of wonderful highs
and frustrating lows. From dreaming of the perfect home, to
negotiating the best deal, to packing the boxes and moving, buying
or selling a home can be one of the most significant decisions
people will ever make--financially and emotionally.
A recent survey commissioned by RealEstate.com asked more than
2,000 first-time homebuyers to shed some personal insight on the
many emotions, experiences and expectations they had during their
first-time home buying experience.
For most consumers, the journey begins with dreaming of
homeownership. That initial step brings with it the task of setting
a budget and scaling expectations, and according to survey results,
41 percent of first-time homebuyers are first turning to the
Internet to research home listings.
Other key findings included:
†Even after planning and setting expectations, homebuyers
still find themselves feeling unsettled during the process. Thirty
percent were ill-at-ease with the time and effort they spent
obtaining a mortgage, followed closely by those who found
themselves very anxious during the time spent in limbo between
making the offer and closing on the house (29 percent).
†Sixty-two percent of homeowners cited "being patient with
the home-buying process" as paramount to staying sane throughout
the process, an accomplishment that's easier said than done.
†Thirty-nine percent of new homeowners said spending the
first night in their new home was the emotional high point of the
experience, while 28 percent cited finally closing on the house as
the best part.
†Forty percent of new homeowners said window coverings were
the priority for their first night in a new home.
†Eight percent said celebratory champagne on the first night
is a must.
†Repainting walls is the first home improvement 38 percent of
new homeowners make.
†Although 15 percent say they're too broke after buying to
make any changes, 14 percent start with renovating the bathroom or
†Most homeowners say they moved across town (44 percent),
while nine percent relocated to another state.
For a copy of the survey, visit www.realestate.com.