Buying a home can bring tears to tears, survey finds
Buying a home in a competitive market can be a stressful experience, often similar to the stress of planning a wedding or being laid off, and a new survey from Zillow shows half of homebuyers say the process left in tears at least once.
And it’s something of a generation thing: Gen Zers and Millennials – many of whom are first-time home buyers – far more likely to cry at least once during their home-buying journey. a house. Over 65% of Gen Z buyers and 61% of Millennial buyers have cried at least once during the home buying process.
“Buying a home is not like buying any other property; it’s deeply personal and it’s moving,” said Amanda Pendleton, home trends expert at Zillow. “These survey results reveal, even when ultimately successful, that a large portion of shoppers in today’s competitive marketplace experience heartache and stress.”
Shopping stress is experienced differently across racial groups, with Latino shoppers (68%) leading all comers – well above white shoppers (48%). Black shoppers were almost evenly split at 51% crying, 49% not.
Although the market is constantly changing, it has strongly favored sellers over the past year, with homes receiving multiple offers and often selling above the listed price.
Six in 10 sellers in April reported at least two offers on their home, and nearly half of homes sold exceeded asking price, up from 37% the previous year.
Additionally, some buyers considering financing their purchase with a home loan lose out to others who are able to pay entirely in cash, which is considered a more attractive offer for a seller, as they do not have to worry about the sale. fail in the funding phase. According to the Zillow survey, nearly 30% of recent buyers said they had lost at least once to a cash buyer.
There are about 23% fewer homes on the market than a year ago, increasing competition and causing many buyers to feel the need to forgo crucial contingencies to stand out. Zillow’s survey found that nearly 40% of buyers waived a contingency, such as financing or an inspection.