Up to 50 % of American homeowners recently surveyed said they would do something differently if they were to go through the home buying process again, according to the NerdWallet’s Home Buyer Reality Report, which analyzed the steps in excess of 2,200 Americans took to ownership.
Exactly what Home Buyers Wish They’d Realized
If you want to aid in the prevention of your buyers’ remorse, listed here are some things you are able to focus on. These are the top things consumers say they regretted:
20% wished they had saved more money before purchasing;
13% would do more research on the mortgage-lending process;
14% would have shopped around more for a mortgage;
13 % would look into the buying process more.
The majority of buyers’ remorse has a tendency to stem around the financing of a purchase, the report finds.
“According to our research, borrowers who don’t understand the mortgage process or don’t know enough about their own credit history tend to hit obstacles or be rejected when applying for mortgages,” says Tim Manni, mortgage expert at NerdWallet. “They also tend to feel regret after their deal is done, even if they succeeded in buying a home. That tells me borrowers aren’t doing enough research-on themselves or the mortgage process-before applying for a loan.”
Forty-one percent of Americans surveyed who applied for a mortgage say they believed they weren’t aware of all of their loan options during the lending process. 28% of buyers say they felt like they were not a top priority with their mortgage professional during the loan process.
Overall, 42% of American homeowners called the home buying process stressful. 32% said it was “complicated” and 21% called it “intimidating,” the survey found. That said, 41% of respondents also called the process manageable and 30 % referred to it as rewarding. 32% of respondents say their real estate agent made the home buying process easy.
Let us guide you through the process like we have for the hundreds of clients we have assisted in purchasing their home here in the Tampa Bay and Surrounding areas. We are simply a click here or call to 813-300-7116 away.