One in three Americans were reduced to tears while trying to buy their first home, according to new research.
A new study examining the first time home-buying experiences of 2,000 people found it can often be an anxiety-inducing process as two in five first-time homebuyers felt anxious and another 44 percent felt nervous throughout.
With 33 percent of first-time homebuyers shedding some tears during the home-buying process, the average person polled also experienced four arguments along the way when purchasing their first home.
The research, conducted by OnePoll and commissioned by Homes.com, found people typically view six properties before finding “the one,” yet the emotional rollercoaster of buying a property can often lead to decisions people later regret.
One in 10 suffered buyer’s remorse and another 13 percent think they overpaid for their home. As a result, two in five first-time homebuyers describe purchasing a new home as “the most stressful event in modern life.”
The average homebuyer considers going on a job interview, hosting Thanksgiving dinner, and applying for college all less stressful life events than buying a home.
“First-time homebuyers are often stressed and overwhelmed when making such a large purchase like a home. As a result, they are looking for guidance and assistance to help make the process easier and smoother,” said David Hoegerman of Homes.com.
Part of the reason for a sometimes overwhelming amount of stress can be a lack of proper preparation. In fact, 38 percent of first-time homebuyers found the entire home-buying process to be far longer in duration than they expected.
Searching for the perfect home requires confidence but one in five said they were not confident when looking for their new home. Just 40 percent of first-time homebuyers were very comfortable negotiating the purchase price of the property with their real estate agent.
As a result of not having the confidence needed to get the home of their dreams, 28 percent of homebuyers suffered the heartbreak of failing to get the desired property they put in for.
So why are first-time homebuyers missing out on the home of their dreams? The number one reason was their offer being too low.
Other reasons included the ideal home being out of their budget, the seller pulled out, things fell through or the loan fell through.
“At the end of the day, buying a home is often the largest purchase the average American will experience in their lives. While it can be stressful and overwhelming, there are steps people can take to alleviate the tears and arguments that are bound to arise,” David Hoegerman added. “By doing research and discussing your desires and needs with your real estate agent, you can find a home that meets your needs while also staying within your budget.”
Top 10 Home-Buying Things That Differed From Expectation
• Applying for a mortgage
• The settlement process
• Making a down payment
• The inspection
• Title and title insurance
• Compromising with spouse/family member
• Conducting a credit check
• FHA loans
Top 10 Least Known Real Estate Words And Phrases
• Bump clause
• Fee simple
• Bridge loan
• Excise tax
• Certificate of occupancy
• Closing disclosure
• Short sale