Buying a home is often an exercise in patience and commitment. At some point in the search or bidding war, you may ask yourself, “How badly do I really want this?”
For some recent home buyers, the answer has been, “badly enough to make concessions” at one end, and “badly enough to blow my budget” at the other, according to data from new NerdWallet surveys conducted online by The Harris Poll in January.
Upping the ante. Nearly half (45%) of Americans who’ve purchased a home in the past five years offered more than asking price before having their offer accepted.
Feeling the pinch post-purchase. One-fourth (25%) of American homeowners say they no longer felt financially secure after purchasing their current home — and more than one-third (34%) of first-time home buyers identified with this sentiment.
Missed savings by the millions. American home buyers could save $776 million in a single year by comparing mortgage rates among lenders before applying, according to NerdWallet’s analysis. That’s over $400 per borrower in the first year of a 30-year mortgage.
More Americans looking to buy. Thirty-six percent of Americans plan to buy a home in the next five years, compared with 32% when we asked in December 2017. Of them, 24% say they’ll be making the purchase within the next 12 months.
Some hesitancy after foreclosure. Thirteen percent of Americans have lost a home due to a financial event such as foreclosure in the past 10 years. More than 6 in 10 of them (61%) have not bought a home since, and 20% of those who haven’t repurchased say they never plan to again.
Down payment misconceptions. More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home. The truth: 32% of current U.S. homeowners put 5% or less down on their home, according to census data.