Report: Home Buyers in Tears Over Agony of Sealing a Deal in Biden Economy

Young Couple Trying to Close a Real Estate Deal
Edward Berthalot/Getty Images

As turmoil continues under the Joe Biden administration, including the baby formula shortage, a war in Ukraine, and a crisis on the U.S. southern border, the uncertainty is also affecting those in the market for buying a home.

A report in Bloomberg described the housing situation as “leaving buyers in tears.”

Bloomberg reported:

With prices high and inventory tight, 50 percent of homebuyers said they cried at least once during the process of purchasing a house, with the stress on par with planning a wedding or being fired, according to a survey from Zillow.

It’s particularly bad for younger Americans, many of whom are trying to crack into the real estate market for the first time. More than 65 percent of Gen Z buyers said they were brought to tears by their “home-buying journey.”

Buying a home has never been easy. But the US housing market has been running hot for two years, with demand for properties surging during the early days of the pandemic. Prices have soared and with a limited number of homes available it’s been very difficult to find affordable houses.

The report also contained this grim statistic: In April, almost half of the homes sold in the United States went for more than the asking price, up from 37 percent a year ago, according to the real estate website Zillow. Supply is also down with some 23 percent fewer homes on the market this year than in 2021.

And for many buyers it is not only about getting a mortgage. Almost a third of recent buyers told Zillow they lost their bid for a house to someone who paid cash.

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