56% of new homeowners wish they had been armed with more knowledge about the financial aspects of purchasing a home.
Many Recent homebuyers would make different choices if they had a second chance, according to a study commissioned by JP Morgan Chase & Company. New Homeowners say they wish they had done more homework at the outset of their home search and purchase. 9 out of 10 buyers felt prepared when they bought their home, but in hindsight , 56% wish they were armed with more knowledge about the financial aspects of purchasing a home, such as the closing costs (22 percent), making an offer and negotiating (19 percent) and financing (15 percent).
40% say the process took longer than expected.
Many recent homebuyers were surprised by how long the home-buying process took: 40 percent say it took longer than they expected. And while more than 80% of buyers had considered their home move in ready, 76 percent have done or are planning on doing renovations to their home in the near term. Two thirds of recent homebuyers sought advice from Real Estate agents the study finds.
“While consumers said they were satisfied with their home purchase, our results found that there are challenges and areas for improvement” says Lisa Foradori, chief marketing officer for Chase Mortgage Banking.
So what can be done to avoid these homebuyer blues?
First make sure you have a trusted Real Estate agent who knows about the financial aspects of purchasing a home. Also shop around for lenders, sometimes having the cheapest rate isn’t the most important thing if the mortgage company can’t get documents to the title company. There are many qualified lenders out there. One of My AZ Realty Team’s prefered lenders is The Weston Team at People’s Mortgage. The Weston team can help you understand the loan process from start to finish. Doing your homework and being prepared are the best things you can do to avoid second thoughts. And most importantly ask questions. Your Realtor is your resource for you. We are here to make sure you feel completely satisfied with your home purchase.