THIS POST MAY CONTAIN AFFILIATE LINKS. PLEASE SEE MY DISCLOSURES. FOR MORE INFORMATION.
Are you interested in an insider’s glimpse into the future of home buying?
A survey of 1,000 Americans gives us a glimpse of what buying a home in 2023 is like.
This report, with responses from homeowners from different locations and backgrounds, provides information about what trends will shape home purchasing in the coming years.
From buyer’s remorse to rising mortgage rates, discover why shopping for a home is becoming more difficult than imagined, riddled with new obstacles.
It’s time to get a closer look at how homes are bought and sold today and find out how the market may shift even further in just a few years.
93% of Homebuyers Experience Buyer’s Remorse
The data reveals that nearly all buyers are not 100% satisfied with their purchase, even with the best caution and research.
Buyer’s remorse is an experience almost no one can avoid when investing in a home.
Whether it’s down to misjudging the size of the property or not having enough amenities, this highlights how important it is for buyers to be thorough when they make such a big decision.
51% Think It’s A Bad Time To Sell
An astonishing 51% think the current market is the wrong time to sell their home.
This could be because of the slow pace or lack of buyer interest, but it could also show a lack of confidence in the market overall.
Whatever the reason, this could have serious implications for people trying to sell and move up or down in today’s market.
44% Found It More Difficult Than Expected
Forty-four percent of people found buying a home more difficult than expected.
This dilemma is probably due to the level of competition in the market, with many buyers competing for a few homes and prices skyrocketing as a result.
Therefore, potential buyers must be aware of all the details when looking at properties, such as location, amenities, and budget.
67% Feel The Seller Pressured Them
Just over two-thirds of people felt pressured by the seller during their house-buying experience.
This could be due to various reasons, including aggressive tactics the seller uses or feeling rushed into making decisions without enough time to research different properties and make an informed decision.
62% Struggle to Pay Their Mortgage Payment
For many buyers, the biggest challenge is making their mortgage payments on time. 62% of people struggle to make monthly payments due to financial circumstances or other unforeseen issues.
This situation can be very stressful for individuals and families, especially if they need help to keep up with the payments.
Over Half Of Buyers Accepted Higher Than Desired Interest Rates
Over half of home buyers accepted a higher interest rate than they initially wanted due to the pressure of finding a house quickly and feeling locked into a particular transaction.
High interest rates can add thousands of dollars to the total cost of a home, so buyers must research and shop for the best possible deal.
1 in 14 Sellers Are Losing Money on Their Home Sale
Unfortunately, only some home sales turn out as planned.
About one in 14 sellers lose money on their home sale due to a buyer issue or other circumstances.
Awareness of potential pitfalls and understanding the process make it easier for sellers to make sound decisions that will benefit them in the long run.
75% of Buyers Paid 23% More Than the National Average
Buyers are paying 23% more this year than the national average for a home.
It’s important to consider what you can realistically afford when making an offer.
By careful budgeting and researching options, buyers can get the best deal for their money.
78% Need A Co-Signer For Financing
An increasing number of buyers need a co-signer for financing due to a lack of credit history or other financial circumstances.
It is essential to understand the impact of such responsibility and determine whether it is viable for both parties involved.
1 in 3 Buyers Paid Over Asking Price
Recently, a staggering statistic revealed that 1 in 3 homebuyers paid over the asking price for their dream homes.
This surge in competition among buyers has made it more crucial than ever to make decisions based on what is truly best for you.
Don’t be easily swayed by other offers that come flooding in from the market.
Take the time to carefully consider your options and prioritize your own needs and preferences.
First Time Buyers Have It The Hardest
First-time buyers often have the most challenging road to homeownership since they need experience or information on the best ways to create a successful purchase.
It is wise for first-time buyers to seek professional advice and assistance from an experienced real estate agent or mortgage broker who can advise them throughout the process.
93% Are Compromising Their Priorities
Ninety-three percent of homebuyers compromise on their initial priorities when making an offer.
It can be challenging to make decisions at the moment that go against what you initially wanted, but it is important to remember why you are making this purchase and keep your end goals in mind.
Why Being House Rich Cash Poor Is Financial Suicide
We all want to buy the perfect home, but paying too much can have a disastrous impact on our money.
Here are the reasons why buying too big of a home can destroy you financially.
How To Pay Your Mortgage Off Early
If you have a mortgage, you know the monthly payment can be annoying. You pay and pay and yet it feels like your balance never goes down.
That all ends now. Here are the best ways to pay off your mortgage early, in some cases, in half the time.
How to Save For a House While Renting
It can be tricky to figure out how to save for a house down payment while you rent.
But when you follow some simple steps, the process becomes much easier.
Here are the steps to follow to get you out of an apartment and into a house.
Pros And Cons of Buy vs Rent
It’s an age old debate. Should you buy a house or rent an apartment.
At the end of the day, the decision is a personal one. You have to decide which option makes the most sense for you.
To help you decide, I put together this guide on the pros and cons of buying vs renting.
Pros and Cons of a 30 Year Mortgage
When it comes to buying a house, most people opt for a 30 year mortgage. But just because everyone else gets one, that doesn’t mean it is right for you.
Learn the pros and cons of a 30 year mortgage to know if it makes sense for you.
The data from this study can be found here.
I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.