Survey: homebuyers surprised by costs of home buying

Survey: homebuyers surprised by costs of home buying

Survey: homebuyers surprised by costs of home buying
The sticker shock some buyers experience isn’t just limited to the price of the home itself. According to a new survey from Realtor.com, the other costs associated with making a home purchase can catch some buyers off guard as well.

Approximately 44 percent of homeowners report they weren’t aware of some of these costs. These surprises came to home buyers in the form of home inspections, document fees, property taxes, home insurance and title fees.

Nearly 16 percent of homebuyers stated they felt frustrated by the requirement to pay for so many extras on top of their home price. Experts advise house hunters to meet with a financial advisor and an experienced agent prior to making offers to get a true picture of the cost of home buying.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 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.