More than half of homebuyers claim they have had to make some major compromises when searching for their ideal home in today’s market. According to a survey conducted by Flyhomes of 1,000 Americans, 56 percent revealed that compromises were necessary when making offers compared to their must-have list when shopping for a new place to live.
Respondents also claim that the home buying process was more stressful than they anticipated with 58 percent saying amount of worry caught them off guard. For first-time home buyers, 40 percent were surprised by the final price tag claiming that their overall cost of owning a home was higher than they had anticipated.
Among the top regrets in the home buying process identified by home buyers was homes that required too many and expensive repairs, smaller sized properties than desired and buying a home with higher taxes than initially expected.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.