More than a third (35%) of Americans won’t even consider buying a home until they’ve saved at least $200,000, according to a new survey.
A survey of 1,000 homeowners and 1,000 average Americans looked at some of the most common misconceptions and experiences when buying a home for the first time.
Among respondents considering buying a home, money (52%), a secure job (49%) and good credit (48%) were the top requirements for securing a mortgage. I thought there was.
Conducted by OnePoll in partnership with loan depotthe survey also uncovered some of the most common homebuying myths. While many believe they need a near-perfect credit score (30%), the average mistakenly believed that a down payment of at least 25% was required to purchase a home.
“In this market it’s easy to get caught just trying to get a home, but don’t let it all lead you down the wrong path.” Make sure you plan for different scenarios that may occur in the future.There are many programs and loan options available to first-time home buyers, so keep calm and stay close with your lender. It’s important to work together to understand the different mortgage options that are right for you.”
Rising interest rates, rising home prices, and common myths aren’t the only reasons people who don’t own a home are hesitant to find one. Of those who don’t own a home, 44% of them say they haven’t bought one yet because they feel the need to put all other parts of their lives in order first.
As part of their home selection criteria, those surveyed considered income (34%) and total expenses (32%) to be the most important factors, highlighting the importance of budget in the process.
With a competitive housing market making it difficult to buy a home, 1 in 7 respondents considering buying a home said they heard negative stories about their homebuying experience from other homeowners He later said he made the decision not to enter the market.
Surprisingly, those who purchased reported that the process was smoother than expected (64%), with two-thirds sharing that the paperwork and legality were actually quite easy.
Regardless of whether the process itself was easier than expected or overwhelmed (27%), they ultimately found the home buying journey exciting (35%) and enjoyable (28%) because they made it home Some felt it was.
Homeowners offered advice to people considering buying a home.Others said, ‘Think smart about your mortgage and total housing cost budget’ and ‘find out everything related’ [in the closing], especially fees and hidden costs. ”
“The advice homeowners have passed on to prospective homebuyers is pertinent, especially as it relates to the cost of buying and owning a home,” said Brian Wragg, chief credit officer at Loan Depot. Working with a good lender is very important.Working with a reliable lender is very important.
It is also very important to think beyond the purchase price itself. You should pay close attention to the condition of your home and consider the costs of maintenance and future upgrades. For most people, owning a home is the foundation of the American dream, but you need to walk into that home with your eyes wide open and understand what it means for you and your budget. don’t be afraid to ask questions. ”
Nearly half (46%) of homeowners wish they had purchased a home earlier, but 59% felt the process was a rushed experience. On the other hand, most parents surveyed said they should buy a home so that their children can inherit it and live comfortably later in life (59%).