It’s a crying shame: New survey shows home buyers in tears
Survey shows more than half of all home buyers had shed a tear in the process. Missing out on a home hurts, but you can lessen the stress by doing research with Residz
Residz Team 3 min read
If you’re in the market to buy a house, are you close to tears? If so, you’re not alone! A new Zillow survey has found 50% of buyers say the process left them in tears. It’s even more common for Millennial and Gen Z-ers - more than 61% have cried at least once during the process.
The survey was conducted out of the U.S. but with Australian capital city prices described as severely unaffordable, a lack of supply in cheaper areas, rising interest rates, new lending restrictions, and rising rents, it’s likely home buyers down under haven’t been just coping with recent record floods but floods of tears too.
We know the opportunity to have a “lifestyle” home but city job has given young buyers a welcome chance to enter the property market, but in all the talk of “lifestyle” perhaps we have underestimated the deep stress of house hunting in unfamiliar areas, raising finance while interest rates are rising, and losing out to cash buyers.
According to Zillow's survey, nearly 30% of recent buyers said they lost to an all-cash buyer at least once. That’s just one of the reasons buyers have had an anxious time of it over the past 12 months.
"Buying a home is not like buying any other asset; it's deeply personal and it's emotional," said Zillow home trends expert Amanda Pendleton. "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.”
Nearly 90% of recent buyers Zillow surveyed said at least one aspect of the home-buying process was stressful.
- 62% were stressed about being able to find a home within their budget
- 61% were stressed about not having enough homes to choose from
- 58% were stressed about finding a home in their preferred neighbourhood
So, what can you do to make the home buying process less stressful?
- Get expert help. Surround yourself with a good team who can help minimise any legal and finance hassles.
- Swim away from the crowd. Research less expensive or lesser known areas with Residz new investability tool.
- Try to buy off-market. You can research 12 million addresses at Residz.com instantly, and at no cost. Download within seconds a free property report. Then try popping a letter in their mailbox, or have a real estate agent approach on your behalf!
- Understand what features you most want in a home, and use it as a shopping list so you don’t waste time looking at unsuitable places. Or, see if an unappealing home could easily have these features added.
- Watch and wait as prices fall. It’s been such a hot market that it’s a relief for buyers to see prices coming down nationally. In fact, buyers FOMO has now turned to sellers FOMO so negotiate with confidence.
- Use our free tool to quickly and easily check out the bushfire risk of any property in Australia.
- Consider the benefits of buying a unit, if houses in the area you like are unaffordable. There are good savings on maintenance costs, and units can be locked up or rented out if you wish to travel.
- Don’t make the rookie mistakes, such as buying for your dog!
In summary, buying a home can be filled with heartache and stress, but you can lessen the levels by doing more research, understanding you are not alone, and remembering that the property market always fluctuates. It could be your time soon!
Photos by Matthew Henry on Unsplash and by Gus Moretta on Unsplash