Survey: Buying and selling at the same leads to stress

Survey: Buying and selling at the same leads to stress

Survey: Buying and selling at the same leads to stress
Like a high-wire balancing act, the art of contingent home buying often leads to stress for sellers, according to a new survey. LendingTree reports that 29 percent of respondents find buying a new home at the same time as they sell their current home to be the most stressful part of real estate transactions.

An additional 16 percent of those listing a home for sale report that making necessary repairs or upgrades to their home to increase its appeal is also a source of great stress. The survey found that sellers plan to spend an average of $10,000 on fixing things up.

Still, over one-third of sellers report not feeling any pressure at all during the process, particularly older Americans who have likely gone through the process several times before. Millennial sellers were found to be the most likely to feel pressure when listing their home with 70 percent reporting some sort of selling-related pressure.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.