Market conditions stress homebuyers, according to recent Welcome Home survey
PAR’s newest Welcome Home survey confirms what many of us are seeing in our real estate markets. Conditions – low inventory and selling – are stressing our clients.
An increasing number of consumers described the process of selling their previous home as being the most stressful part of their homebuying experience. We’ve heard this from consumers surveyed in the past, but not to this extent. Nearly 7 percent of all homebuyers, and 10 percent of those aged 50-64, said that selling their home was the single most stressful part of the purchase process. Buyers between the ages of 18-34 didn’t express this worry, most likely because they’re first-time homebuyers.
Consumers surveyed also noted that homes spending less time on the market also created stress in the process. More than 11 percent of homebuyers indicated that “deciding which home was the right one” was the most stressful part of the homebuying experience.
Consumers expressed frustration with homes spending less time on the market, which led to feeling more pressure to find the home they want and make an attractive offer knowing that other buyers are interested in the same property. I think many of our clients would like to have a little more time to contemplate their choices, but because of the low inventory, they often lose their opportunity if they delay making an offer.
As Realtors®, the number one thing we should be doing is educating our clients when we initially meet with them. Helping them understand the process and some of the unexpected issues that may arise will help them be better prepared and reduce their stress. It’s important to make sure they’re pre-approved and have all their ducks in a row so they can be successful once they find a property. One of the best reasons to work with a Realtor® is that fact that we help consumers navigate this process. When consumers are better prepared, they are less likely to be shocked by the complexities of today’s real estate transactions.
As market conditions change, it creates unique challenges for both Realtors® and our clients. We understand how one community differs from another just a few miles away, so we can explain to our clients that they may see multiple offers on a home they’re interested in or that their higher priced home may spend longer on the market that they expect. Understanding the challenges can help reduce the clients’ stress.