Seventy-seven percent of buyers say they’ll know immediately when they’ve found their ideal home, according to a survey of about 2,500 Americans by BMO Harris Bank. Unfortunately, the house hunting process takes time, and not all buyers exude confidence during their search for the perfect match.
While 52 percent of buyers say they believe they’ll find their dream home in their price range, 48 percent say it’s impossible, and the majority of buyers realize they may have to settle for something less than perfect. With the looming uncertainty of finding their dream home, the surveyed home buyers described a range of mixed feelings when searching for their dream home. Here are their top six emotions:
Buyers’ concerns extend from finding their perfect home to what happens after they’ve made their purchase. The home-buying process can be tedious and often stressful, viewing 10+ houses over a span of months, which leaves buyers time to worry about all the things that could go south after purchasing a home.
Though 96 percent of first-time home buyers say they believe the pre-approval process for a mortgage would take the worry of financing out of searching for a home, only 13 percent of first-time buyers surveyed say they’re currently pre-approved for a mortgage. Kevin Christopher, head of mortgage sales at BMO Harris Bank, said pre-qualification makes it easier for home buyers to make a serious offer when the time comes.