The housing market is making most millennial home shoppers burst into tears, survey finds: ‘It’s deeply personal and it’s emotional’
Planning a wedding, being fired, having a child—they’re among life’s most stressful milestones that sometimes require a cathartic cry to cope.
Add to that list “buying a house.”
Half of new homebuyers said the process “left them in tears,” according to a new Zillow survey released Thursday, with Gen Zers and Millennials “far more likely to cry at least once during their home-buying journey,” at more than 65% and 61%, respectively.
It shouldn’t come as a surprise. With inventory low and demand high, most homes receive multiple offers and around half sell for more than their listing price, according to Zillow’s most recent Consumer Housing Trends Report.
Adding to the stress: Nearly a third of recent homebuyers said they lost out to an all-cash buyer at least once.
“Buying a home is not like buying any other asset; it’s deeply personal and it’s emotional,” said Amanda Pendleton, a Zillow home trends expert, in a recent news release. “When you make an offer on a home, you have likely envisioned your life there. If you lose out on that home to a stronger offer, it can feel like losing a future you have already started planning.”
The survey found that even when buyers are ultimately successful, many “in today’s competitive market experience heartache and stress,” she said.
The survey also revealed racial disparities: 26% of buyers of color said they lost out on a home because their financing fell through, as compared to 18% of white buyers. Research by Zillow has also shown that Black mortgage applicants are denied nearly twice as often as white applicants.
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