REAL ESTATE TIPS...You Don’t Need to Be Psychic to Read a Homebuyer’s Mind

By Courtney Soinski

When communicating with a new potential homebuyer, do you ever wish you could just read their mind? Contrary to popular belief, you don’t need to be psychic to figure out what a person is thinking.

Thanks to a recent survey conducted by Chase, we can now gain some insight from the mind of the home shopper. According to an article published by Housing Wire, “The Chase survey sampled 1,098 Americans with a qualifying age of 25 – 65, with a 500-respondent oversample among those who intend to buy a home within the next 18 months.” You’ll be able to explore what’s going on in a potential homebuyer’s mind when contemplating the major decision of buying a home.

I discovered a couple interesting statistics from the survey results, which you may find surprising. For example, 42% of respondents admitted that they are not at all concerned about completely understanding the mortgage process. However, when asking them questions about annual percentage rates, down payments and lenders, only 1 in 4 interested homebuyers answered correctly.

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Additionally, these homebuyers are willing to jump right into the market. It was reported that 70% of prospective buyers are worried they’ll miss their chance to buy due to rising prices. This is all the more reason for homebuyers to take advantage of your professional real estate expertise, so they can make an informed decision.

While potential homebuyers do not know everything about the housing market, they are very willing to make that home purchase because of rising rental costs and low interest rates. It’s also important to note that 20% say the desire to make an upgrade from their current home was their top reason to buy.

Here is a detailed look at the survey’s findings: