Story at a glance
- Zillow’s nationwide survey found that more than two-thirds of respondents did not understand the benefits of getting a pre-approved mortgage.
- Yet 71 percent knew seven-time Super Bowl champion Tom Brady left the New England Patriots for the Tampa Bay Buccaneers.
- Most understood the effect of payment histories on a credit score and that a home appraisal evaluates the accuracy of a listing price.
Most Americans know more about the lives of the Kardashians than they do about the basics of buying a home, according to a new Zillow survey.
Zillow’s nationwide survey found that more than two-thirds of respondents did not understand the benefits of getting a pre-approved mortgage. Yet nearly 85 percent know Kim Kardashian has four children with Kanye West.
Americans are also more well versed in professional sports than homebuying essentials, with 71 percent saying they were aware seven-time Super Bowl champion Tom Brady left the New England Patriots for the Tampa Bay Buccaneers.
The average American answered 3 out of 5 questions correctly regarding celebrities, their love lives and the NFL.
However, the average adult answered only 2 out of 5 questions correctly on Zillow’s homebuying basics section of the quiz. But most understood the impact of payment histories on a credit score and that a home appraisal evaluates the accuracy of a listing price.
Zillow left five tips to navigate the homebuying process: Understand what you can afford; see if you qualify for down payment assistance; find an agent you trust; get pre-approved for a mortgage, not just prequalified; and shop around for a lender.
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“The real estate process can be complicated and confusing, but it doesn’t have to be,” Amanda Pendleton, Zillow home trends expert, said in a news release. “By educating themselves on basic real estate fundamentals and hiring experts to help guide them through the process, buyers can avoid costly pitfalls and put themselves in a stronger competitive position.
“When it comes to picking the right home, real estate technology like interactive floor plans puts information closer to the average buyer’s fingertips than ever before, helping them move quickly and with confidence,” Pendelton said.
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