Redfin Study Shows 59% Of Americans Believe Homebuying Has Become More Stressful Than Dating
A recent Redfin survey shows that notable 59% of recent homebuyers found homebuying has become more stressful than dating.
Homebuyers purchasing a home in today’s market have deal with unique set of anxieties. Buyers are increasingly ghosting sellers as housing costs climb. Buyers and existing homeowners face high mortgage rates. Rising interest rates are prompting many homeowners to stay put instead of selling.
Redfin surveyed 1,000 people who purchased homes within the past year.
Given the highest mortgage rates in over 20 years, relocating has become a necessity for many. It’s typically triggered by significant life events such as job changes or divorces. Despite a low national unemployment rate, many have faced layoffs and the need to change jobs in the last year. Notably, 10% of home sellers are relocating due to return-to-office policies.
Nearly two-thirds of survey participants compared homebuying stress with dating. Both Baby Boomers and Gen Zers shared this sentiment.
The Redfin survey also showed Baby Boomers have now surpassed Millennials as the dominant homebuying group. This is largely because of their accumulated home equity. As a result, this allows them to venture into the market even amidst high mortgage rates.
Boomers also said that the only thing more stressful than purchasing a home in today’s market is going through a divorce. Among Baby Boomers, 67% believed divorce was more stressful compared to home buying. The figure stands at 61% for Millennials and drops to 48% for Gen Z.
There also emerged a racial divide in perceptions. Black respondents (57%) felt homeownership is no longer in their grasp. Historically, Blacks have encountered higher financial hurdles in both homeownership than their white counterparts because of discrimination.
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