Two women sit at a table talking with and facing each other, with a scattering of papers and a laptop between them.
© Weekend Images Inc. - E+ / Getty Images

Forty-two percent of Americans say they don’t know enough about the homebuying process, according to a ConsumerAffairs report. The consumer news platform surveyed more than 1,000 people about their financial knowledge surrounding purchasing a home.

Nearly 30% of current homeowner respondents said they wished they’d had more knowledge before starting their house hunt.

Buyers pointed to down payment requirements, how to better compete in the latest housing market, and how debt-to-income ratio calculations factor into mortgage qualifications, the survey shows. Seventy percent of potential buyers said they don’t feel knowledgeable about how to compete in the current seller’s market.

Fifty-four percent of U.S. homeowners surveyed wish they knew more about their financing and loan options before purchasing a home. 

Help consumers in your area understand the homebuying process and the responsibilities of homeownership. Our customizable Handouts for Customers can help.

A graphic of multiple bar charts and figures showing buyers' financial priorities and what they wish they knew about homebuying.

 

Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.