Though they felt prepared, many recent homebuyers would do more homework and make some different choices if they had a second chance, according to Chase research released today.
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 ten buyers 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 buyers a primer on what to expect.”
The materials walk would-be buyers through the process from start to finish, including:
Maybe a different size, price or neighborhood…
- 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 buyer
- Watch short videos of experts with simple steps to follow
- Learn how to negotiate the price of a house
A total of 39 percent said that they would buy a different-size or different-priced home or in a different neighborhood, knowing what they know now.
My New Home
app helps homebuyers identify their must-haves to avoid any surprises or even regrets later,” Foradori said.
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.