Homebuying is hard
First-time homebuyers don’t feel prepared to buy a home. According to a new survey, nearly half expect to make a costly mistake, while even more say buying a house is more difficult than it should be. Some even say they’ve been discriminated against in the process.
First-time homebuyers face uphill battle
According to a new survey from the homeownership education site Framework, 58 percent of potential first-time homebuyers say the process is too difficult, while 53 percent of recent buyers said the same.
What’s worse? More than 44 percent of would-be buyers think they’ll make a costly mistake when purchasing a home. A whopping 36 percent of recent homebuyers said they already did.
Affordability is a top concern among first-time buyers, with 40 percent saying it’s on their mind. Property taxes, in particular, are a point of contention — especially with prospective buyers. For buyers who just recently went through the process, affording home repairs and maintenance is the No. 1. Concern.
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Discrimination abounds
First-time homebuyers are also reporting discrimination as a major player in their buying journey. Out of recent buyers, nearly a quarter said they experienced discrimination based on race, gender or another trait when buying a home. Of prospective buyers, 43 percent have.
Hispanic and black first-time buyers were the most likely to report these experiences.
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Homebuyers are also reporting overall unpreparedness. Only 30 percent of recent buyers took a homeownership class before buying their home, and nearly 60 percent of potential buyers don’t feel well-prepared for the process.
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