Consider Telling Your Customers ‘You Better Shop Around’
Consumers often comparison shop for cars and hotel rooms. However, when confronted with the largest purchase they will ever likely make, buying a home, one-third of shoppers get a single mortgage quote, notes recent research by the Economic & Strategic Research (ESR) Group at Fannie Mae.
Fannie Mae analysts Qiang Cai and Sarah Shahdad analyzed data from 1,199 homebuyers polled between January and March of 2014 for the company’s monthly National Housing Survey/Home Purchase Sentiment Index. They found that about one-third — 34 percent of first-time homebuyers and 36 percent of repeat homebuyers — obtained only one quote.
Of the two-thirds who did shop around, both first-time and repeat buyers got about three quotes each.