Mortgage Orb - Patrick Barnard - 24 March 2017
A survey of potential home buyers shows that many are willing to go a surprising $37,809 over budget to get into their dream homes.
The survey of more than 1,200 consumers conducted by Owners.com shows that more than half (55%) are willing to go beyond their budgets.
For those willing to stretch their dollars, on average, respondents said they were willing to go $37,809 over budget.
The survey also shows that many consumers are facing financial stress in the home buying process.
In fact, Owners.com says that stress is the theme of this year’s spring real estate season.
According to the study, 72% of potential home buyers stated that they expect stress in the home buying process, with many citing financial aspects as the most concerning.
Top concerns and issues cited when buying a home included fear of losing earnest money deposit (64%); becoming “house poor” (61%); and bidding wars driving up the price (59%).