Survey says: People know more about celebrity love lives, the Kardashians & the NFL than real estate

This article was written for our sponsor, Zillow.

Most high schools offer some sort of class focused on personal finance. But by the time people are ready to buy their first home, they’ve likely forgotten more than they remember from the classroom.

“A new Zillow survey finds most Americans know more about celebrity love lives, the Kardashians and the NFL than they know about real estate,” said Amanda Pendleton, Zillow home trends expert. “In a nationwide survey, the typical U.S. adult failed Zillow’s basic real estate knowledge quiz, answering only two of the five questions correctly.”

North Carolinians were a little ahead of the curve, answering about three out of the five questions correctly.

Most survey respondents understood that their payment history affects their credit score. However, the question that revealed the most confusion was concerning interest rates, with only 35% of people understanding that getting pre-approved for a mortgage does not impact a rate.

“This survey reveals significant knowledge gaps about what’s often life’s biggest financial investment,” said Pendleton. “Home buying and selling remains complicated and confusing, but it doesn’t have to be. Zillow has the tools, technology, partners and information that can help simplify the journey and make it easier to unlock life’s next chapter.”

Tools help buyers

In its mission to improve the real estate process, Zillow provides online resources to help buyers make wise financial choices and find homes that meet their needs.

“Real estate is complicated, but when you start your journey on Zillow, you can unlock the tools, technology, partners and information that can make home buying faster and easier,” said Pendleton.

Affordability tools, including a mortgage calculator, help buyers figure out a monthly payment they can afford, based on the home price, down payment, loan and interest rate.

Zillow also has a mortgage marketplace, where home buyers can shop for a mortgage and compare customized rates from multiple lenders in their area. Buyers can get pre-approved for financing through Zillow Home Loans.

Steps to take before shopping

Pendleton suggests buyers use Zillow resources to complete four steps before beginning to shop for a home:

• Determine a monthly payment amount they can afford.
• Find out if they qualify for down payment assistance.
• Shop around for a lender
• Get pre-approved for a mortgage, not just prequalified, to appeal to sellers.

Once buyers know their price range, the next step is to hire a real estate agent to find homes that fit their budget, schedule tours, draft offers, negotiate, navigate home inspections, decipher paperwork and advocate for buyers throughout the process.

Fortunately, Zillow’s Agent Finder can help.

“When you select Agent Finder on the Zillow home page, you can browse real estate agent reviews to find top-rated local experts in your area,” said Pendleton. “Or click Contact an Agent on any Zillow listing to be connected with a vetted professional who can help guide your home search.”

The home search is also made easier when using Zillow’s Homes to Compare tool, saving searches and receiving alerts about new listings.

“When it’s time to shop, Zillow’s technology makes it faster and easier to narrow down the options,” said Pendleton. “Virtual 3D home tours and interactive floor plans allow buyers to get an immersive experience of a home from their living room.”

Finally, Zillow offers closing services to finalize buying a home.

This article was written for our sponsor, Zillow.