Though they felt prepared, many recent homebuyers would do more homework and make some different choices if they had a second chance, according to research released by Chase. The independent survey gave 807 recent homebuyers a chance to reflect on how their home purchase turned out. The What I Wish I Knew About the Homebuying Process survey provides a comprehensive look at the level of their preparedness during the homebuying process and what living with the home purchase has been like.
They felt ready, but … Nine of every 10 recent homebuyers felt prepared when they bought their home, but in hindsight, 56 percent wish they were armed with more knowledge about the financial aspects of purchasing a home, specifically:
►The ins and outs of closing on the house – 22 percent
►Making the offer and negotiating –19 percent
►Financing a home – 15 percent
“While consumers said they felt prepared to buy a home and were satisfied with their home purchase, our results found that there are challenges and areas for improvement,” said Lisa Foradori, chief marketing officer for Chase Mortgage Banking. “We created our My New Home app, online educational materials and YouTube Channel to give homebuyers a primer on what to expect.”
The materials walk would-be buyers homebuyers through the process from start to finish, including:
►Find and finance a new home
►Calculate payment affordability and home value
►Understand upfront costs
►Identify needed paperwork for a smooth loan process
►Get tips for the first-time and self-employed homebuyer
►Learn how to negotiate the price of a house
Maybe a different size, price or neighborhood…A total of 39 percent said that they would buy a different-size or different-priced home, or a home in a different neighborhood, knowing what they know now.
Longer, shorter and more expensive? … Most recent homebuyers were surprised by how long the homebuying process took: 40 percent said it took longer than they expected, while 16 percent got a pleasant surprise on timing.
Like generations before them, they also faced the cold, hard facts of maintaining their new home: 34 percent overall said it cost more than expected; a majority (51 percent) of first-time homebuyers had that sinking feeling.
Always more to do … More than 80 percent of recent homebuyers considered their home move-in ready, yet 76 percent have done or are planning to do renovations to their home in the near-term.
Who you gonna call? ... Two-thirds of recent homebuyers sought advice from real estate agents, while 45 percent turned to banks, mortgage bankers and loan officers.