Majority of First-Time Buyers Felt Unprepared to Buy
September 26, 2019
Prospective first-time home buyers may need more guidance and assurance. Only 41% of first-time buyers recently surveyed say they felt prepared for the homebuying process. Forty-seven percent believe the homebuying process is “rigged” against the buyer, and 44% fear making a costly mistake, a new survey from Framework, a resource on homeownership. The company surveyed more than 600 prospective and recent first-time home buyers.
Fifty-five percent of prospective first-time home buyers said they could use an independent advocate to coach them through the process of homebuying and homeownership.
"Buying a home is the biggest purchase we'll ever make and keeping it takes some planning," says Danielle Samalin, CEO of Framework.
Overall, more than half of first-time home buyers—either prospective buyers or recent buyers—said that buying a home was more difficult than it should be, the survey showed.
Home buyers expressed concern about several challenges around financial uncertainty, such as paying taxes, whether they could afford homeownership, and the cost of home maintenance.
Updated: July 15, 2020