Home / Daily Dose / How Many Potential Homebuyers Actually Understand the Process?
Print This Post Print This Post

How Many Potential Homebuyers Actually Understand the Process?

A new survey by Ally Home found that only 53% of buyers felt confident in their knowledge of the homebuying process leading Ally to launch a new guide to help potential homeowners so they do not feel rushed or left behind during the process. 

"Homes are a huge investment, so the purchasing process can feel daunting, especially for first-time buyers," said Glenn Brunker, president of Ally Home. "From navigating fluctuations in home prices and mortgage rates to submitting an offer, there is a lot to juggle. At Ally, we walk alongside people, helping them make smart decisions that suit their unique financial picture. We find education and preparation help alleviate stress and free the consumer to focus on their home aspirations." 

The survey also found that 61% feel confident they know how to search for a home while 51% still feel anxious about the buying process. 

To help alleviate these feelings from new homebuyers, Ally has launched a new guide—The Ultimate Guide to Buying a Home—which is a free resource for all potential buyers to use so they can confidently navigate the process. 

Other survey findings include: 

  • When compared to buying a new home, consumers are more afraid of snakes (26%), heights (25%), and having a tooth pulled (22%). 
  • When considering buying, deciding on a price point (45%) and identifying the right time (44%) make consumers most anxious. 
  • When submitting an offer, nearly half of buyers feel anxious about knowing the right offer amount (48%) or entering a bidding war (47%). 
  • More than a third of buyers (36%) say they would purchase a haunted house if it cost 25% less than a similar house that is not haunted. 
  • More than a third of buyers (36%) say they would rather live in a house by a highway than in a haunted house. 
  • In terms of what makes consumers feel anxious about homeownership, most respondents cite repair and maintenance expenses (58%), getting the work done (52%), and the mortgage debt (44%). 

Ally conducted the survey in August and polled 1,000 adults over the age of 25. 

About Author: Kyle G. Horst

Kyle G. Horst is a reporter for DS News and MReport. A graduate of the University of Texas at Tyler, he has worked for a number of daily, weekly, and monthly publications in South Dakota and Texas. With more than 10 years of experience in community journalism, he has won a number of state, national, and international awards for his writing and photography including best newspaper design by the Associated Press Managing Editors Group and the international iPhone photographer of the year by the iPhone Photography Awards. He most recently worked as editor of Community Impact Newspaper covering a number of Dallas-Ft. Worth communities on a hyperlocal level. Contact Kyle G. at kyle.horst@thefivestar.com.

Check Also

House Committee Hosts Panel on Closing the Racial Homeownership Gap

The Federal Reserve estimates that home equity reached a record $27.8 trillion by early 2022, however many Americans were denied this opportunity. A recent House Committee examined why these trends threaten to further increase racial wealth and homeownership gaps.

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.