Homebuyers Regret Not Shopping Around And Saving More Money

March 2, 2017

According to a NerdWallet survey of more than 2,000 adults, nearly half of homeowners (and 60 percent of Millennials) said they would take a different approach if they got another chance to buy a home.

CNBC reports that buyers wish they would’ve saved more for a downpayment to lessen mortgage and mortgage insurance costs, and they regret not searching harder for the best deal. More than 4 in 10 respondents said that they weren’t aware of all their loan options.

Of course, current conditions make buying a home tough. High rents and rising sales prices make it difficult to save for a downpayment, and the competition to land a home is fierce.

The median listing price of a home in the U.S. is now $234,900, up 4.4 percent year over year, according to Zillow. Now that the spring homebuying season has kicked off, high demand and skyrocketing prices are leading to aggressive bidding among prospective buyers.

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