“It makes me happy to know millennials are favorable to real estate. It means that our country is in good hands as they all want to become homeowners,” says Lee.
While consumers may be confident, the survey also highlighted a bit of confusion over interest rates; although 65 percent of respondents said they watch rates closely, 43 percent of those who say they are monitoring them believe that rates are holding steady or falling, when in actuality, rates have risen this summer.
When it comes to securing a mortgage loan, consumer sentiment reflects that it is more challenging than ever, due to strict underwriting guidelines and credit-score requirements.
“Getting a loan is a rather sobering experience now,” says Lee. “The average buyer is already uncomfortable with the process, and the changing requirements make it much more difficult. Our survey indicates that people are frustrated by the process as it stands today.”
Of all respondents, 57 percent said securing a mortgage is more difficult than it ever was prior to the market crisis, nearly 40 percent said lenders are “overly cautious” when it comes to mortgage financing, and the main emotional challenge seems to be anxiety and fear of losing a real estate opportunity.
