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A regional study conducted by WSFS Mortgage revealed that homebuyers in Delaware and greater Philadelphia are feeling stressed out when it comes to purchasing a home. The study examined Gen Xers, millennials and those in Generation Z, who plan to purchase a home within two years.
"Eight out of 10 (83%) respondents believe they know what to do to get a mortgage, with young millennials (85%) exhibiting the most confidence. However, one third (34%) of those who don’t own a home today are extremely anxious, with another 52% somewhat anxious about the homebuying process (total 86%)," according to the report.
Most of the stress comes from the homebuying process, with 74% of respondents finding it to be complicated. Looking closer at the anxieties these respondents have, 81% are stressed when it comes to locating the right house at the right price, 74% feel stressed when trying to find the right financing, and 73% are stressed when it comes to gathering down payments.
Nearly two-thirds of those surveyed said their plans to purchase a home in 2020 were affected by the COVID-19 pandemic. Though, as interest rates remain low and pandemic restrictions begin to ease, homebuyers are willing to purchase a home within the next six months.
“Although COVID-19 delayed homebuyers getting started on their home searches this spring, they’ve had time to research and consider their current home needs; now they are ready to restart the process with people they can trust to guide them through the process,” said Jeffrey M. Ruben, president of WSFS Mortgage.
That's not all, the survey also showed that buyers are valuing the relationships with their lenders over technology for these regions. Additionally, younger respondents are more likely to seek one-on-one advice, according to the report.
Click here to read more from the WSFS Mortgage Regional Study.
