Housing Market

Survey: Homebuyers want additional information on purchasing process

Home For Sale Sign in Front of Beautiful New HomeA recent survey from Chase showed that while most homebuyers said they were prepared as they entered the homebuying process, a majority indicated they would have liked to know more about the financial details associated with purchasing a home.

The survey, “What I Wish I Knew About the Homebuying Process,” showed that 90 percent of homebuyers felt prepared when they purchased their homes, but 56 percent said they wish they knew more about the financial aspects, such as closing, offers and negotiating and financing, of the homebuying process.

“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,” Lisa Foradori, the chief marketing officer for Chase’s mortgage banking unit, said.

One in three homebuyers said, in hindsight, they would have purchased a different size or different priced home in a different neighborhood. Forty percent said the process took longer than expected, and 34 percent of overall homebuyers said it cost more to purchase a home than expected.

The survey also showed that, despite move-in readiness, many homebuyers are planning renovations on their new homes. Eighty percent of homebuyers indicated that their home was move-in ready at purchase, but three in four homebuyers said they have or planned to complete renovations in the near future.

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