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How to read a potential homebuyer’s mind

Chart shows how relationships play into the decision

Chase just released a new survey with insights into what goes on in a potential homebuyer’s mind when making the decision to buy a new home.

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. 

The survey includes interesting facts, like how 42% of homebuyers say they are not at all concerned about having a lack of understanding about the mortgage process.

Yet, when put to the test, just one in four buyers correctly answered a series of questions about homebuying — including how annual percentage rates work, down payments and lenders.

The survey also shows that people are willing to jump into the housing market, and the latest industry reports back that up.

According to the most recent report from the National Association of Realtors, pending home sales continued their upward trajectory and increased for the third month straight, staying at the highest level since June 2013.

Goldman Sachs (GS) published this hugely educational, animated graph on its website back in March that shows what you need to know about millennials, homebuying and their spending profiles.

While Goldman Sachs focused on millennials, this chart from Chase gives additional insights into a homebuyer's mind, including how relationships play into housing choices.

Click to enlarge

chart

Source: Chase

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