Many recent homebuyers would make different choices if they had a second chance, according to a study commissioned by JPMorgan Chase & Co.
New homeowners say they wish they had done more homework at the outset of their home search and purchase process. Nine of every 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 process (22%), making an offer and negotiating (19%) and financing (15%).
Many recent homebuyers were surprised by how long the home-buying process took: 40% say it took longer than they expected. And while more than 80% of buyers had considered their home move-in ready, 76% have done or are planning to do 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 felt prepared to buy a home and 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.
Many Realtors come from the teaching profession, and there is a good reason for that: to be a good agent, one needs to have a passion for explaining why and how things work during the buying (or selling) process. And even when clients have bought real estate in the past, they need someone on their side who knows what has changed recently, both in the market place, and in the profession (new forms, new rules and laws, new tools).
I always advise my clients to work on their loan qualifications first: there are many choices involved in getting a loan, and choosing the right loan should not be an afterthought.
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