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Buying a property can be a real source of anxiety. Most Americans find the experience as draining on morale as a marriage or even a layoff, according to a recent poll.
Becoming a homeowner can be emotionally taxing. This project generally raises many questions: did we make the right choice? Is this the right time? Isn’t that too risky? All these uncertainties weigh on the morale of many Americans, as revealed by a report from the real estate site Zillow.
The tears flow
He asked more than 2,000 adults living in the United States about their state of mind during this pivotal period. Half of them say they shed a few tears during their property purchase. Less seasoned shoppers are most likely to find this process particularly nerve-wracking. Two-thirds of Americans belonging to generations Y (the famous millennials) and Z say they have cried at least once when they were looking to buy an apartment or a house.
It must be said that these young buyers are embarking on a particularly competitive real estate market. Nearly half of homes sold in the United States in April soared above asking price, up from 37% last year, according to Zillow.
“A personal and emotional experience”
This price increase affects the well-being of many buyers. 62% of Americans surveyed are worried about not being able to find a property within their means. This is why many first-time buyers have widened their search perimeter, and no longer hesitate to move to medium-sized cities such as Louisville, Kentucky, or Oklahoma City. Salt Lake City, however, remains the most popular metropolis for Zs seeking homeownership, as highlighted by a study of the real estate site LendingTree.
More than 60% of Americans also fear not finding what they are looking for in a market where goods are rare (and therefore more expensive), and having to make concessions. Not being able to find accommodation in their favorite neighborhood is another source of anxiety for many buyers (58%).
For Amanda Pendleton, expert in real estate trends for Zillow, a real estate purchase is anything but a trivial act. “It’s a deeply personal and emotional experience”she explained in a press release. “When you make an offer on a house, you probably imagined your life there. If you lose it to a better offer, you may feel like you have to give up a future you’ve already started. to plan”.