According to a new survey, over 65% of Gen Z buyers and 61% of millennials cry at least once during the process of buying a home.
This poll, conducted by online real estate service Zillow
, reveals that half of home buyers cry at least once during the journey, with Gen Zers and millennials—many of whom are first-time homeowners—significantly more likely to cry at least once. Continue to read more about the common stressors of home buying, and to learn some important tips to help with this stressful process—brought to you by the super app
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90% of recent buyers reported that at least one aspect of the home-buying process was stressful
It’s no surprise that buying a home is one of the most stressful things you can do, especially in current times.
In today's low-inventory market, homes recieve multiple offers and frequently sell for more than the asking price; 60% of sellers report receiving at least two offers on their home, and nearly 50% of all homes sold in the United States in April 2022 went for more than the asking price (up from 37% a year ago).
Some purchasers hoping to finance their purchase with a house loan lose out to others who can pay in cash, which is a more tempting offer to any seller. Nearly 30% of recent buyers say they've lost to an all-cash buyer at least one time.
Amanda Pendleton, home trends expert at Zillow, said, "Buying a home is not like buying any other asset; it's deeply personal and it's emotional. When you make an offer on a home, you have likely envisioned your life there. If you lose out on that home to a stronger offer, it can feel like losing a future you have already started planning. These survey results find, even when they are ultimately successful, a large share of buyers in today's competitive market experience heartache and stress."
Almost 90% of recent purchasers said at least one part of the home-buying experience was stressful.
62% were concerned about finding a home within their budget.
61% percent were worried about a lack of available homes.
58% were stressed about finding a property in their desired neighborhood.
Buying stress is also experienced differently among racial groups. When compared to black (51%) and white (48%) buyers, Latinx buyers were considerably more likely to report crying at least once (68%).
In addition, 26% of buyers of color reported "losing out" on a house due to financing issues, compared to 18% of white purchasers. And according to Zillow research, black mortgage applicants are refused 84% more frequently than white borrowers.
Try these tips to reduce stress when home buying
Even in this hectic market, there are still actions that buyers may take to assist alleviate some of the stress that comes along with the home-buying experience, including the following:
Finance first: Buyers should first determine their budget before looking at listings. You can use online mortgage calculator tools and compare lenders and rates to make sure you’re getting the best deal. Obtaining pre-approval for a mortgage can make the process go much smoother when you do find your dream home.
Hire a reputable agent: Examine the ratings and reviews of top-rated real estate agents in your area. Hiring the right agent with the correct abilities and experience can help buyers prevail in a multiple-offer scenario or during a difficult negotiation.
Comparison shop online: There are tons of online tools available to help you compare multiple homes side-by-side. This can make all the difference in taking out a lot of the guesswork and doubts when you think you’ve found “the one”—there may be a better, cheaper option just around the corner, but you won’t know until you compare!
MORE: How to settle into a new house
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