07/23/2026
To all of my customers that didn’t know, I am a "first time" homebuyer expert.
Many first time homebuyers think they are ready to purchase a home, but a new Wells Fargo survey shows confidence does not always mean they understand the steps, costs and choices ahead.
The survey questioned more than 2000 aspiring first time buyers agees 18 to 65, on mortgage and home buying topics. Nearly 70% said they felt knowledgeable but 75% answered four or fewer questions correctly out of 12.
In fact, of the 2012 respondents who identified as perspective homeowners, only one person answered all the questions correctly. This knowledge gap could have real life financial consequences as small misunderstandings can lead to higher monthly payments, delayed purchases, or missed opportunities, according to the survey.
Other findings from the survey include:
• Just 25% of respondent knew when to apply for a mortgage.
• Nearly 90% of respondents didn’t understand what’s involved in closing costs (the largest blind spot in the quiz).
• 88% of the respondents were not clear on the first steps to take when beginning the homebuying process.
• 80% of respondents would make a critical mistake when submitting a competitive offer on a home, such as sharing with a seller a preapproval letter with a maximum approval amount stated on the letter.
The findings point to a clear opportunity to make buyer education part of the conversation before the home search begins. A buyer consultation can help uncover whether customers understand, preapproval, closing costs, monthly payments, cash needed at the table and the timing of lender conversations.
In Short, I am your expert and can answer all these questions, concisely and ultimately will save you a lot of money in the long run.
Feel free to reach out to me if I can be a further service to you in your quest to find the perfect home.
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