We all know that any move can be a stressful time, but a recent study by LendingTree revealed just how much of a burden this process can be, as well as what specifically Americans find to be the most disconcerting and stressful thing about it.
LendingTree’s newly commissioned survey revealed that almost a third of survey respondents (29%) reported their main stress factor being that of buying a new home and selling their current home simultaneously.
Also reported by survey respondents (16% of them) was the fact that those homeowners looking to sell were stressing most about the repairs and upgrades that will be required before placing their home on the market. This worry is understandable considering the fact that experts also revealed that such repairs can prove quite costly, with the average homeowner expecting to spend upwards of $10,000 or more on repairs and upgrades to sell their home.
Fast on the heels of this 16% were a 15% of respondents reporting that the stress of whether or not their home will sell or not ranks highest on their anxiety scale. Along that vein of thought, with such worry over selling and fierce competition faced amid a scarce housing supply, more than a quarter of home sellers (22%) admit that they have felt pressured by the real estate agent to accept lower offers than their original asking prices to ensure their property moves.
Yet another 22% felt pressured from their real estate agent in another area, with nearly a quarter of survey respondents admitting to feeling the need to pour a significant amount of money into home repairs and upgrades before placing their home on the market. The good news is that in contrast, there were 31% of seller respondents who reported not feeling any pressure at all.
The survey further delineated between the data collected by breaking down answers received and sorting them according to age group of respondents. According to the survey, nearly three-quarters (70%) of millennial respondents were the most likely age group to experience pressure from their real estate agents versus their older seller counterparts. Specifically, in comparison, older generations like Gen X or baby boomers reported experiencing pressure only 49% and 14% of the time, respectively.
Other interesting information gleaned from the survey includes that 43% of home sellers admitted that selling their home had proven much more costly than they had expected. When further broken down into age group delineations, 51% of millennials strongly agreed that costs were far above what they anticipated, while only 28% of baby boomers also agreed that costs were far above expected figures.