Home buyers come in all shapes: first-timer buyers, seasoned veterans, growing families, investors, people “moving-up,” those down-sizing, soon-to-be retirees, people moving across the country or just moving across town, and others. Yet there are similarities across the spectrum. Here are some surprising facts from CNN Money, HousingWire, Trulia, and the National Association of REALTORS.
- Until the 30-year fixed rate mortgage hits 10.5%, buying will be cheaper than renting.
- 89% of buyers used an agent or broker to help them find a home.
- 31% of buyers think it isn’t possible to get a mortgage for less than 5% down payment. (This is common misconception.)
- 26% don’t understand they can switch their loan program after being pre-approved by a lender.
- On average, a buyer searched for 12 weeks and viewed ten homes before they found a home.
- In today’s market, common home buyer challenges are low inventory and multiple offers.
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