Following a Redfin report indicating one in four homeowners have buyer’s remorse over their current home, new research from Chase shows more than half of recent homebuyers wish they had gone into the process with greater knowledge about the financial aspects.
In a survey of more than 800 recent homebuyers, Chase found approximately nine out of every 10 said that overall, they “felt prepared” when they purchased their home. Still, looking back, a combined 56 percent said they wish they were armed with more knowledge about making an offer and negotiating, the financing aspects of purchasing a house, and the actual details on closing the transaction.
“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.
Asked about overall homebuying experience, most homeowners—40 percent—said the process took longer than they expected, while only 16 percent were surprised by how quickly it happened compared to expectations.
As far as their new lifestyle goes, more than a third of recent buyers said the costs of maintaining a new home exceeded their expectations, with just more than half of first-time buyers expressing that feeling.
Finally, looking back, a total of 39 percent of respondents said they would make a different choice in their purchase—either in price, size, or neighborhood—if they had a second chance.
To help homebuyers—especially first-timers—coming into the market, Chase announced the launch of its “My New Home” campaign, which includes a mobile app, online educational materials, and a YouTube channel, all offering materials and advice on the entire process, from finding and financing a new home to identifying necessary loan paperwork and everything in between.
“Our My New Home app helps homebuyers identify their must-haves to avoid any surprises or even regrets later,” Foradori said.