Homebuyers reflect on home search process in new survey

Though they felt ready, many recent homebuyers would do more research and make different choices if they had a second chance, according to a study commissioned by JPMorgan Chase & Co.

The independent survey gave recent homebuyers a chance to reflect on their home search and purchase process.

New homeowners say they wish they had done more homework at the outset of the home search and purchase process. Nine of every ten buyers felt prepared when they bought their home, but in hindsight, 56 percent wish they were armed with more knowledge about the financial aspects of purchasing a home, such as the closing process (22 percent), making an offer and negotiating (19 percent) and financing (15 percent).

“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, in a statement.

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 percent of buyers had considered their home move-in ready, 76 percent 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 professionals, while 45 percent turned to banks, mortgage bankers and loan officers.

“Chase arms Realtors® and bankers with information about each step of the home buying process that’s easy to understand,” Foradori added. “It will pay huge dividends this spring and summer when buyers begin shopping.”

Research Now, an independent research company, conducted the online survey. Interviews were conducted March 10-17 among 807 adults nationwide who have purchased a home within the last two years.