Skip to main content

WSFS Regional Study Finds Buyers Feeling Stress When Purchasing A Home

Jun 18, 2020
Man who is stressed out.
Director of Events

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.

 
About the author
Director of Events
Navi Persaud is Director of Events at NMP.
Published
Jun 18, 2020
HUD Freezes Foreclosures On FHA Mortgages In Texas Flood Zone

Kerr County homeowners among hardest hit in disaster that’s claimed more than 100 lives

Jul 09, 2025
Fewer Canadians Hunt For U.S. Property

Largest component of international buyers in U.S. takes more than 25% hit

Jul 08, 2025
Fannie, Freddie Now Allow Lenders To Use VantageScore 4.0

Lenders will keep tri-merge credit scoring model; what this shift means

Fairway Independent Mortgage Corporation Announces Rebranding

Now Fairway Home Mortgage, company also donates $1M to support relief efforts in deadly Texas flooding

Jul 07, 2025
FHFA Chief Officially Calls For Investigation Of Federal Reserve Chairman Powell

Alleges Powell lied in testimony to Congress regarding Fed building renovations, says Fed Chair should be fired

BBB Will Impact Homeowners, Buyers

U.S. House and Senate must agree on certain tax, mortgage insurance premium deductions