Home News US Housing Market Leaving Buyers in ‘Tears’: Zillow Survey

US Housing Market Leaving Buyers in ‘Tears’: Zillow Survey

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According to the latest research by real estate market firm Zillow, the process of buying a home in today’s very tight low-stock home market leaves 50% of homebuyers in “tears.”

Among the survey respondents, Gen Z and Millennials tend to be first-time homebuyers and are more likely to “cry at least once” during the June 2 purchase process. press release Said from Zillow. More than 65% of Gen Z and 61% of millennials agreed. About 90% of recent buyers say they are stressed by at least one aspect of the home buying process.

Of the respondents, 62% are stressed about finding a home within their budget, 61% are stressed about not being able to choose enough homes for the market, and 58% are home to their favorite neighborhood. I was stressed about securing it.

Compared to a year ago, there are 23% fewer homes on the market. According to a survey, homes are receiving multiple offers in today’s low-inventory market, and many homes are sold above list prices, he added.

Almost half of all homes sold in the United States in April 2022 exceeded the asking price, a significant increase from 37% in April 2021. 60% of sellers report receiving at least two offers for their home.

In addition to finding a home in such a tight market, buyers need to work on losing their potential home to a full cash buyer while trying to secure a mortgage. Almost 30% of recent buyers admit that they have lost at least once to such full cash buyers.

“Buying a home is different from buying other assets. It’s very personal and emotional,” said Amanda Pendleton, a Zillow home trends expert. “When you make an offer at home, you probably imagined your life there.”

“If you lose to that house with a stronger offer, you may feel like you’ve lost the future you’ve already started planning. These findings, even if they’re ultimately successful, are today’s competitive markets. We have found that the majority of buyers are experiencing heartache and stress. “

Not only buyers but also sellers are stressed. Some sellers are completely unprepared for the reality that their homes will pop out of the market in just a few days or hours.

“Sellers are surprisingly stressed when their assets hit the market and are flooded with screenings,” especially “when looking at 12 or 24 offers and trying to understand all the contingencies,” the president. Tiffany McQuaid of McQuaid & Company, a real estate service provider in Naples, Florida Forbes..

Sellers who have not yet found a new home to settle down face the fate of becoming a buyer in a tight market. In some cases, it may only take a few days for the seller to leave the property in which he currently lives.

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Naveen Athrappully is a news reporter on business and global events in The Epoch Times.

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