RealEstate.com Survey Reveals Emotional Effects of Simultaneously Buying and Selling
"Many people underestimate the emotional overload of selling one home and buying another at the same time," said Holly Slaughter, consumer experience expert for RealEstate.com.
RealEstate.com recently surveyed 550 bridging homeowners (who had completed the process within the past five years) to better understand their unique challenges.
Nearly half of the respondents (42 percent) agree that the uncertainty of knowing how quickly their home would sell was difficult or more difficult than expected, and considered that time the most significant emotional low in the process. Nearly 70 percent felt "worried" (69.6 percent) and "hesitant" (67.3 percent) during the selling and buying process.
"That sense of uncertainty, which is always present to some degree during a home sale or a home purchase, is basically doubled for bridging homeowners," said Slaughter. "The only antidote is to spend some time planning for contingencies and to set your expectations realistically."
Sixty-two percent of bridging homeowner respondents were successful dual-closers, meaning they were able to close on their existing home and move into their new home without a significant lapse in time.
The remaining bridging homeowners were either homads -- those who sold their homes but had not yet closed on a new one -- or dual-owners, those who closed on a new home but had not yet sold their original home.
Said Slaughter, "For most bridging homeowners, success means moving seamlessly from one residence to another, since most of us don't want the hassle of living in temporary housing or the expense of paying two mortgages. It's notable that only about two-thirds of bridging homeowners can carry it off, and that's why setting expectations ahead of time is an important part of managing the stress."
Other key findings of the survey include:
- Nearly half (48.2 percent) of all respondents agreed or strongly agreed
- Nearly half of respondents (47.1 percent) agreed or strongly agreed
- Respondents from the Midwest felt that it was slightly easier to buy
- The majority of respondents had no regrets as a result of the process
"For bridging homeowners, there are a lot of moving parts," added Slaughter. "But the good news is, there are some simple things they can do to smooth the process." For example:
1. Begin by researching the value of your home with free online services
2. Engage with a Realtor(R) early on to get a sense for how quickly
3. Invest in a home inspection (and repairs) before putting your home
4. In hotter markets, consider requiring buyers to show proof of mortgage
5. Get the buyer of your old house and the seller of your new house to
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