Short List

Second Thoughts

Many recent homebuyers would make different choices if they had a second chance, according to a study commissioned by JPMorgan Chase & Co. New homeowners say they wish they had done more homework at the outset of their home search and purchase process. Nine of every 10 buyers felt prepared when they bought their home, but in hindsight, 56 percent wish they were armed with more knowledge about the financial aspects of purchasing a home, such as the closing process (22 percent), making an offer and negotiating (19 percent) and financing (15 percent).

Many recent homebuyers were surprised by how long the home-buying process took: 40 percent say it took longer than they expected. And while more than 80 percent of buyers had considered their home move-in ready, 76 percent have done or are planning to do renovations to their home in the near-term. Two-thirds of recent homebuyers sought advice from real estate agents, the study finds.

“While consumers said they felt prepared to buy a home and were satisfied with their home purchase, our results found that there are challenges and areas for improvement,” says Lisa Foradori, chief marketing officer for Chase Mortgage Banking.