A recent Qualtrics study commissioned by Redfin indicates that U.S. homebuyers find the process of purchasing a home to be more anxiety-inducing than dating.
Redfin’s Chief Economist, Daryl Fairweather, commented on the findings, stating, “While getting ghosted by a date can be stressful, buying a home in today’s market introduces a unique set of anxieties. Rising housing costs are leading buyers to back out of deals, and soaring mortgage rates are causing homeowners to rethink selling, resulting in a historically low number of available homes for buyers.”
Among the life events respondents were asked to evaluate, only two were considered more nerve-wracking than buying a home: 57% cited divorce, and 56% mentioned finding a new job as more stressful.
It’s worth noting that these results may not apply universally across all real estate markets. Factors such as higher mortgage rates and limited housing options in 2023 have led more people to move out of necessity, often due to significant life changes like divorce or job changes. Additionally, one in ten home sellers reported that they were relocating because of a return-to-office policy.
The level of stress associated with homebuying appears to vary by age and race. Millennials and Gen Z buyers tend to perceive homebuying as more stressful, whereas baby boomers and Gen X respondents find it less so. This difference can be attributed, in part, to the stronger financial positions that many baby boomers enjoy due to years of building home equity. Notably, boomers have recently surpassed millennials in terms of their representation among homebuyers.
When it comes to stress related to divorce, older generations are more likely to emphasize its significance. Sixty-seven percent of baby boomers consider divorce to be more stressful than homebuying, in contrast to 61% of millennials and 48% of Gen Z respondents.
That is why we operate the Harder Home Team as a vehicle to literally reduce the stress of buying or selling your home. We have know what the study tells us for some time, a home purchase is a huge decision and you need someone there to guide you through the process. The great news is that we are here to help you and the rewards are well worth the journey for the home buyer. Reach out with any questions at all and we will be happy to help!