Eave recently surveyed 2,000 Americans to find out how they feel about buying a home and getting a mortgage. The results of our Homebuyer Sentiments Survey showed us that people find getting a mortgage increasingly painful. That wasn’t a huge surprise to us, given what we know about the traditional mortgage industry (that is why we’re trying to fix it, after all!). What did surprise us? When asked to rank life events according to importance, respondents chose buying a home ahead of having children.
We asked our respondents to rank life events (such as buying a home or getting married) according to their level of importance. Here’s how the rankings played out:
- Graduating college
- Getting married
- Buying a home
- Having children
What Does This Mean for Home Buying
So, what does this mean? On the one hand, these results could signal that Americans are still very much rooted in the traditional idea of the American dream (although it’s interesting to note that a whopping 81 percent of survey respondents said they believe the American Dream is on life support). Home ownership remains a big part of that dream, and for many, it continues to be a prerequisite to having a family.
On the other hand, Millennials are having less children than the generations before them for a variety of reasons — many of them economic. Yet they’re still very much interested in home ownership. In fact, 80 percent of Millennials say they want to buy a home. Among those who have already purchased homes, a third admitted to buying a home to accommodate their dog, rather than for children or marriage.
Furthermore, our survey found that 38 percent of Americans say they’d likely buy a home with someone they aren’t married to, or even in a long term relationship with. This points to the evolving concept of family in the U.S. A married couple with 2.5 children and a 4-bedroom house is no longer the norm; at least, not for the younger generations.
Ultimately, it seems the importance of home ownership remains intact for most Americans, even as ideas of family are shifting.
How We’re Transforming Home Buying for the Better
At Eave, we believe everyone deserves their slice of the American Dream. And unfortunately, the traditional mortgage process isn’t cutting it. It’s antiquated and there are too many broken parts to contend with. That’s probably why 15 percent of our survey respondents said they’d rather break a bone than go through the home buying process.
So what is Eave doing to change it? We’re reinventing the mortgage process for the better. We use cutting edge technology to make our mortgages faster, easier, and more certain. Here’s a little taste of what we’re doing differently:
Upfront underwrite = more certainty. Apply in 30 minutes and we’ll fully financially underwrite you within 24 hours. Our Conditional Eave Approval strengthens your offer. 90 percent of our clients have won the first home they made an offer on. That means you shop for a home with confidence.
Close quickly. Once you’re approved and find the home you want, we guarantee to get you to the closing table within 21 days. (But we’re often there sooner!)
Compete with cash. For highly qualified buyers, we can support certain contingency removals, allowing your offer to compete with cash.
No W2? No problem. Our technology allows us to underwrite creditworthy buyers with complex finances. Entrepreneurs, business owners, freelancers, and giggers welcome!
We built Eave to give you tools you need to succeed in today’s real estate market. We’re here to do everything possible to get you home. Visit our website to speak with one of our licensed experts today.