A home buying process is challenging and agents can’t close the deal if they don’t know what worries their buyers. As the real estate industry continues to change and evolve, home buyers are getting more stressed with real estate concerns. This is particularly true in a seller’s market where it’s hard to secure a good deal given multiple offers.
A recent survey from Owners.com polled 1,200 respondents and identified the key real estate concerns that home buyers are worried about most of all. As an agent, you have to address them successfully so this info comes at a good time.
Top real estate concerns for home buyers in 2023
Home buyers don’t expect the easy way out. In fact, 72% say they anticipate stress during the home buying process. The key factors adding up to this stress are:
- fear of losing an earnest money deposit (64%). The earnest money deposit is the money a buyer pays to the seller to show that they are committed to the deal. This can also help buyers win more time to sort out the rest of the payment;
- becoming “house poor” (61%). Being “house poor” usually means people are buying homes they can’t afford but there may be other connotations as well. In particular, you can become “house poor” if a growing mortgage and other costs related to the home purchase eat up most of your budget so you can’t provide for your other needs;
- having to pay a higher price due to bidding wars (59%). This is a traditional concern which becomes especially difficult to tackle in a seller-dominated market.
Looking to reduce costs
It’s no surprise that all of these concerns are making people more financially strained. According to Owners.com, 85% say they are willing to reduce costs in any way they could, even if it means taking over the home buying process and abandoning their realtor’s services.
Still eager to go the extra mile for a dream home
It’s funny but despite all the difficulties and stress associated with the home buying process, 55% of buyers say they are willing to purchase a more expensive home if it matches their idea of a dream property. The average amount of buyers are ready to pay more for their dream home is $37, 809.