Potential home buyers say they aren’t concerned about navigating the home-buying process, but a deeper look shows that their anxiety is high.
A new national survey from Chase Bank called "Insights From the Mind of the Homebuyer,” shows that more buyers are anxious about the buying process (70 percent) than they are about getting a root canal (64 percent) or public speaking (62 percent).
The survey, based on responses from more than 1,000 consumers, also found that home-buying can cause tension among couples. One-third of home-buying couples say they’ve been bickering with their partner during the process. One reason for the spats may be the budget.
Men and women show differences in their feelings about the importance of sticking to a budget. Nearly half of women – 49 percent – say they are more conservative than their partner and don’t want to go beyond their agreed-upon budget. On the other hand, 39 percent of men say they are less conservative than their partner and are willing to push their budget to the limit to get the home they want.
Home-buyer confidence and knowledge about the process don’t always match up either. For example, 43 percent of potential home buyers say they feel getting a mortgage will be easier this year and 42 percent say they aren’t at all concerned about lacking understanding of the mortgage process. Yet, just one in four buyers surveyed were able to correctly answer a series of questions about home buying—including how annual percentage rates, down payments, and lenders routinely work.