Insights from the Mind of the Modern Homebuyer

This post is sponsored by Chase.

It’s spring again. That means many people are getting the itch to buy a home. The homebuying landscape changes from year to year, so it’s helpful to see what other homebuyers are thinking about.

Thankfully, Chase Mortgage Banking recently published the results of its “Insights from the Mind of the Modern Homebuyer” survey in an easy to read infographic.

I’m excited to partner with Chase to share the results of its survey, which should give you information to make the homebuying process a bit easier during the busy spring homebuying season. Directly below is the infographic, followed by my thoughts.

chase infographic

What Owning a Home Means for Americans

Owning a home is part of the American dream. It is very ingrained in our society, so it makes sense that Chase’s survey revealed that Americans think owning a home is reaching a life milestone.

Of course, people don’t just own homes to check off a box on the American dream checklist. Many homeowners see their homes as both a place to raise their family and an investment.

Personally, I do think owning a home is a major life milestone for those who decide home ownership is right for them. We definitely want to own the home that we raise our future family in, so I think Chase’s survey really hit the nail on the head.

Another interesting piece of information from the survey is the fact that 72% of homebuyers don’t plan to stay in their home for the long-term, suggesting that today’s buyers are always searching for the next best thing.

While I personally think staying in a house you buy for a longer period of time is smart, I do realize that people’s lives are always changing which means a person’s home needs will change, as well.

How People Are Shopping for Homes

Homebuying trends are changing as shopping for homes gets easier thanks to the digital age.

In fact, 53% of people turn to digital devices to conduct their search. I personally think this number will continue to grow as technology takes over our lives even more.

I know when my wife and I started looking for homes, we usually did a bit of browsing online before we got in touch with our real estate agent. It turns out that 68% of American’s also start the home search on their own.

We turned to the local real estate website for our county as well as the big home websites to look around, see what was available and what we liked. Once we had an idea of what we were looking for we got in touch with a real estate agent.

We weren’t alone. According to the survey, 77% of people think a real estate agent is an essential part of the homebuying process. I totally agree. We were super glad we had our real estate agent on our side each time we bought a house.

How People Are Shopping for Mortgages

Once you find a house you want to buy, you’ll need to start shopping for financing. Chase’s survey showed that 73% of homebuyers want to meet with a mortgage professional to discuss their financing options.

I think this makes a lot of sense. Finding financing can be complicated. There are a ton of confusing terms to learn and having a mortgage professional who you can turn to for answers is super helpful.

One resource you can use to start looking into financing is Chase.com/homebuyers.

Ready to Start Shopping for Your Home?

If you’re ready to begin your homebuying journey, check out this resource put together by Chase by visiting Chase.com/homebuyers. The site allows you to find even more information about this survey and also offers homebuying tools and tips.

Were you surprised by any of the results of the survey? How do you feel the current homebuying process is changing? I’d love to hear your thoughts in the comments section below!

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About Lance Cothern

Lance Cothern, a Certified Public Accountant (CPA) licensed in the Commonwealth of Virginia, is the founder of Money Manifesto. You can read more about him here or connect with him on Facebook, Twitter, Google+ or Pinterest.

Comments

  1. I am happy to report that we now live in our “forever home.” I love the home buying process, but I am done with it. In other news, I have a mortgage with Chase on one of my rental properties. I love banking with Chase! Their online interface is so easy to use and you can log in at any time and see the details on your account. Very convenient.

  2. Interesting infographic. I have to admit that my wife and I have the itch right now too, but then we remind ourselves that it doesn’t make financial sense right now because we don’t know where we’re going to be for more than a few years. We’re hoping to find a place to settle down in a few more years so that buying a home will make more financial sense.

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