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.
So, what can you do to make the home buying process less stressful?
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!