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Share Name | Share Symbol | Market | Type |
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JP Morgan Chase and Co | NYSE:JPM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.86 | -0.45% | 190.80 | 192.529 | 188.46 | 192.00 | 8,922,779 | 01:00:00 |
Optimistic potential buyers cite rising rental prices, low interest rates as top reasons to buy now
As the busiest homebuying season of the year gets under way, potential homebuyers are poised to get off the sidelines and enter the market, according to Chase’s national survey “Insights: From the Mind of the Homebuyer” released today. Three in ten potential homebuyers say they plan to purchase a home in the next 18 months.
What’s getting interested buyers off the sidelines? Rising rental costs, low interest rates
The majority of interested buyers (62 percent) think that now is a better time to purchase a home compared to last year. Top reasons Americans want to buy now include rising rental costs and historically low interest rates. Whether shifting from renting to buying, or upgrading from their current home, potential homebuyers want to make a move before interest rates begin to rise, as experts predict.
Biggest concerns about today’s housing market: Affordability and competition
Potential homebuyers are optimistic that it’s a good time to buy but they anticipate challenges. Besides interest rates, Chase’s survey found that interested buyers are concerned about finding the home they want within their budget…and beating out the competition to get it.
“Buyers are clearly concerned about housing inventory and rising prices, especially during the competitive spring buying season,” said Cecelia Barbieri, SVP of marketing for Chase Mortgage Banking. “But the research shows that interested buyers are optimistic and ready to act on their goals. In fact, 73 percent said they’d give up things like eating out and taking vacations in order to buy their dream home.”
Homebuying misperceptions: Confidence and knowledge don’t match
While homebuyers are concerned about affordability and competition in the current market, they are less concerned about navigating the homebuying process. However, their perceptions and actual knowledge about the homebuying process don’t match.
Relationships, gender and buyer’s anxiety
Potential homebuyers may say they aren’t concerned, but their anxiety about the homebuying process is high, according to Chase’s research. In fact, interested buyers are considerably more anxious about the buying process (70 percent) than they are about getting a root canal (64 percent) or public speaking (62 percent). In addition, the survey revealed tensions among homebuying couples:
“It’s understandable why first-time homebuyers are anxious about the process, but preparation is the best defense,” Barbieri said. “We want to make the homebuying process as easy and stress-free as possible—that’s why we offer informative resources, including YouTube videos, a mortgage calculator, a step-by-step buying guide and a webinar on our website.”
Additional resources for homebuyers are available at www.chase.com/mortgage.
About the Survey
A telephone survey was conducted by Braun Research, an independent research company. The report presents the findings among a nationally representative sample of 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 was conducted from March 5th through March 22nd, 2015, and the margin of error is +/- 2.9 percent for the national sample; about +/- 6.1 percent for the oversample quota; with each reported at a 95 percent confidence level.
About Chase
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE:JPM), a leading global financial services firm with assets of $2.5 trillion and operations worldwide. Chase serves nearly half of America’s households with a broad range of financial services, including personal banking, small business lending, mortgages, credit cards, auto financing and investment advice. Customers can choose how and where they want to bank: 5,600 branches, 20,000 ATMs, online, mobile and by phone. For more information, go to www.chase.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20150428005124/en/
ChaseAshlei Bobo, 212-270-6488Jason Lobo, 212-270-1599
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