More than 65% of home buyers in their 20s and 30s and 61% of those in their 30s and 40s report crying at least once during the purchase process, according to a new survey from the real estate website Zillow.
Many of those Gen Zers and millennials are also first-time home buyers, contributing to the likelihood of being brought to tears.
In fact, some compare buying a home in today's competitive market to the stress of planning a wedding or being fired.
In today's low-inventory market – there are about 23% fewer homes on the market than a year ago – homes are receiving multiple offers and often selling for more than list price. Some 60% of sellers report getting at least two offers on their homes, and nearly half of all homes sold in the U.S. in April went for more than the asking price, up from 37% a year ago.
Additionally, some buyers planning to finance through a home loan are losing out to others able to pay cash. That's seen by sellers as a more attractive option since there's no need to worry about financing falling through. According to Zillow's survey, nearly 30% of recent buyers said they lost out to an all-cash buyer at least once.
Buying a home can be challenging for other reasons as well. Among buyers surveyed, 62% worried about finding a home within their budget, and 58% felt nervous about finding a home in a preferred neighborhood.
Still, there are steps buyers can take to help ease the process:
- Finance first – Before browsing listings, buyers should determine what they can afford. Use an online mortgage calculator, compare lenders and rates, and get pre-approval so you can act fast when you find a place.
- Hire a top agent – Read reviews of real estate agents in your area to find one with experience and negotiating skills.
- Use tech for a speed advantage – Zillow says their website has a tool that allows shoppers to compare more than 70 details on as many as five homes at once.