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What Is the Home Buying Process

February 14, 2020

The home-buying process

Buying a home can elicit mixed feelings along the way. Forty-two percent of American homeowners said they felt the overall home-buying process was stressful, 32% said it was complicated, and 21% said it was intimidating. However, 41% said it was manageable, and 30% even found it rewarding.

There were other bright spots: 32% said their real estate agent or mortgage broker (23%) made the home-buying process easy, and 29% said they received the best possible mortgage. Homeowners who are married were much more likely to say they received the best mortgage possible (36%) than those who are not married (20%).

MILLENNIALS

Among millennial homeowners, 46% reported the home-buying process was stressful, 35% called it complicated and 30% felt intimidated. On the other hand, 37% said it was manageable, 37% said it was rewarding, and 26% said it was even enjoyable.

Concerning the relationship with their real estate agent and mortgage broker, 31% of millennial homeowners said their real estate agent made the home-buying process easy, but only 18% said the same of their mortgage broker, which is far lower than among baby boomers (26%). Also, 25% of millennial homeowners felt they received the best possible mortgage.

Asked what surprised them most about the home-buying process, 19% of millennial homeowners said they were surprised by how long the entire process took, 16% were surprised by how complex it was and 15% were surprised by hidden fees. These types of surprises can also lead to buyer’s remorse.

GEN X

About half (51%) of Gen X homeowners said they felt the overall home-buying process was stressful, and many felt it was complicated (35%) and intimidating (23%), yet 35% found it manageable, rewarding (28%) and even enjoyable (19%).

Although home buying can be tricky, 32% of Gen X homeowners said their real estate agent made the process easy, and 25% reported receiving the best possible mortgage. So it’s no surprise that Gen Xers show commitment in getting to the finish line. Among Gen X mortgage applicants who were approved for a mortgage, 90% reported moving forward with the process. That figure was 97% for baby boomers and 89% for millennials.

BABY BOOMERS

Baby boomers’ experience seems to work in their favor, as 30% of baby boomer homeowners reported that nothing surprised them about the home-buying process.

When it comes to the ease of the home-buying process for their current home, roughly 3 in 10 baby boomer homeowners said their real estate agent (32%) or mortgage lender (26%) made the home-buying process easy, and 35% say they received the best possible mortgage — the highest of the three generations.

Baby boomer homeowners had a mix of feelings toward the home-buying process: 35% said it was stressful, 28% complicated and 16% intimidating. On the other hand, 46% said it was manageable, 28% rewarding and 15% even simple.


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