October 29, 2021
The homebuying process can be scary for first-time and move-up buyers alike. Slightly more than half of Americans say they feel anxious thinking about the process of purchasing a property, according to a new survey from Ally Home. In fact, many consumers are more afraid of purchasing a home than dealing with their fear of commitment (89%), filing their tax returns (82%), having a tooth pulled (78%), or overcoming their fear of heights (75%), the survey found.
“Homes are a huge investment, so the purchasing process can feel daunting, especially for first-time buyers,” says Glenn Brunker, president of Ally Home. “From navigating fluctuations in home prices and mortgage rates to submitting an offer, there is a lot to juggle.”
Real estate professionals can help calm many of these fears for their clients. OJO Labs, a real estate company, surveyed 200 home buyers between July 2020 and July 2021 to learn the biggest fears among first-time and repeat buyers. Here’s an overview of what they found.
First-timers’ fears: “For first-time home buyers, financial-related fears made up four out of the top five fears,” the report from OJO Labs says. “Specifically, the fear of not being able to afford a mortgage and being too nervous to take a look at their own finances ranked as the second and third biggest fears.” First-time buyers also showed FOMO—fear of missing out—and worried that there could be better options they were missing out on.
Repeat buyers’ fears: Even home buyers who have previously gone through the process are still stressed about it. Repeat buyers’ biggest fear is that home prices will continue to rise, followed by a fear that inventory will continue to decline, according to the survey. FOMO also has them concerned.
Source: OJO Labs and Ally Home