With the current inventory situation and the number of homes that are flying off the market as fast as Realtors can list them, is it any wonder that buyers are a little frazzled?
Spoiler alert: They really, really are. (Also: Hang in there, guys!)
HomeAdvisor published a survey with some eye-opening stats on the state of American homebuyer mindsets. Among an array of eye-opening insights, more Americans are reporting higher home buying stress, faster transactions, and financial concessions.
Here, we’ll break down the numbers on the new normal of nerve-wracking house hunting.
Hot Markets = Home Buying Stress
We all know the pandemic economy spurred a surge in real estate activity. Until now, we haven’t really reckoned with the results of it all so we can fully grasp the fallout. Thankfully, new data is out to shed some light on what homebuyers have been up against these last couple of years.
Key findings suggest that of those who bought a home during the pandemic economy, 86 percent cite having a stressful experience, and 84 percent say they decided on a home more quickly than they were comfortable with. One of the most surprising findings was that 63 percent said they’d go over budget. Further, one in four buyers would go over budget by $100,000.
Yes, it seems that scarcity, stress, and struggle have colored the American housing market in a rather scary way. Perhaps this year’s expected rise in mortgage rates will cool the market and allow buyers some breathing room before purchasing.
How To Navigate This New Normal
Matt Zajechowski, Director of Media Relations at North Star Inbound, an affiliate of HomeAdvisor has an additional perspective on these numbers.
“I suspect homebuyers will become more patient in regards to both the limited inventory on the market and also the pressure from the sellers,” Zajechowski says.
“Given the low inventory and pressure to make a buying decision quickly,” he adds. “It’s important for prospective homebuyers to understand their deal-breakers before they start shopping for homes.”
Your home purchase is one of the biggest investments you will ever make. In this market, it’s important to keep that in perspective. Even if you find your dream home, you have to ensure it’s a fit financially first and foremost. The last thing you want to do is stress, rush and, in turn, regret your home purchase.
This survey is a great reminder that pressure can play a huge role in your home buying experience and ultimate decision. Therefore, it’s never been more important to pause before your purchase.
