Buying a home is ordinarily considered an exciting milestone in one’s life. But current market conditions like tough competition, stretched budgets and slim pickings are taking the joy out of it, according to one survey. HouseFresh, a home improvement site, conducted a study and found that 39 percent of first-time buyers say the stress of buying a home made them feel physically ill.
In today’s housing market, buyers are often pressed to make fast decisions which can contribute to stress levels. Rather than taking a few days to consider an offer an a home, buyers often must act within hours of seeing a listing to ensure their bid is considered.
Experts from HouseFresh offered a few simple steps that buyers can take to minimize the stress levels of house hunting. First, buyers should know exactly what they can afford including extras like renovations and maintenance. Secondly, knowing that they may need to compromise on some of their wish list items can help minimize disappointment when finding a home that is less than perfect.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 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 (877) 700-0942 and your questions may be featured in an upcoming article.
