(BPT) - Whether you’re buying or selling a home, a real estate transaction can be a stressful process. There are, of course, the expected stressors of finances, moving costs and repairs, but buying and selling is also an emotionally stressful process. Opendoor, an e-commerce platform for residential real estate, recently conducted its first-ever financial wellness study that surveyed current and prospective homeowners. The results shed light on three lesser-known stressors of homeownership.
1. Peer pressure and expectations
For some, the idea of homeownership is a stressor all on its own. Of course, understanding mortgages and planning to finance a home can be challenging. But beyond that, many current and prospective homeowners feel pressured by others’ expectations, making an already stressful process more difficult.
According to the study, 31% of millennials said they feel societal, internal and familial pressure to own a home. Owning a home is a major life milestone and is generally viewed as a sign of financial security. If you’re in the 26- to 41-year-old age group and don’t own a home, you feel like you’re missing out on an important rite of passage, which can increase the pressure to find a place to call your own.
Further complicating the issue, millennials are 46% more likely to buy a home alone than with someone else. Buying a home on your own can make it challenging to afford a down payment and mortgage, but there’s more to it than just financial security. About 11% of survey participants said they were uneasy about societal stigmas around being a single homeowner. No matter which way you look at it, buying a home is an emotionally charged process that can even affect how people perceive you.
2. Real estate and romance
Did you know finding the right person can be just as stressful as buying a home? According to the study, 73% of current and prospective homeowners said they’d choose to buy or sell a home over going on five bad dates in a row. This isn’t surprising, as dating and home buying and selling are both long-term investments of time, energy and emotions.
However, while real estate can cause stress, it can also be an advantage when it comes to dating. According to those surveyed, 41% of people said that home ownership makes a partner more attractive. Also, 33% said they’re more likely to be with a partner who owns a home.
While reasons for these preferences weren’t given, it makes a certain sense. Homeownership is more than just a reflection of shelter and economic stability. Owning a home shows a willingness to invest in and continuously improve something for years to come, even when unexpected repairs or problems arise. These traits are also valuable in a romantic relationship.
3. Burning the candle at both ends
Selling your home is stressful but selling your home and buying one at the same time is doubly so. For those looking for their new dream home, 74% felt the stress of taking on more debt. At the same time, 77% of those surveyed said their top home-selling stressor was moving, followed by fees and packing. On top of that, before you sell your home, repairs, staging and other preparations need to be completed.
Clay was in this position last year while contending with health issues. “Being in and out of the hospital this past year, I was concerned about my health and hospital fees,” said Clay. “The last thing I wanted to think about was the burden of selling my home.”
While selling his Las Vegas home would cover some medical expenses, Clay was rightfully concerned about the stress of the process. Packing, moving and prepping a home for sale is a lot for anyone to deal with, let alone someone dealing with health issues. Luckily, Clay was able to use Opendoor to sell his home. Today, he’s in much better health, engaged to be married and has even adopted a puppy. “Opendoor removed many fears for me about prepping my house to sell. Now in my new home, I can finally exhale.”
These three lesser-known home buying and selling stressors shouldn’t dissuade you from the real estate process. Just like Clay, Opendoor can help you sell or buy a home while reducing the emotional stress of homeownership. If you’re interested in buying or selling a home and don’t want to do it alone, visit Opendoor.com.