A new survey captures in excruciating detail the ordeal faced by first-time homebuyers across the country as they deal with housing shortages.
Whether it’s missing days of work, spending free time checking listings or losing out on multiple homes, first-time homebuyers are sacrificing a lot to get their first home, according to a report from Open Door.
Almost 80% of first-time homebuyers missed out on two days of work during their search for a home, while 39% had trouble coming up with enough money for a down payment for a house. Almost all homebuyers had lost out on a home on which they’d bid, with some buyers putting in offers on ten or more homes, the survey showed. At least 37% of homebuyers said they had been outbid by other buyers.
The report surveyed over 1,000 first-time homebuyers in the United States.
Bidding wars, cash offers and low inventory have all led to a market that makes it increasingly difficult for first-time buyers to land a home, experts explained. Rising home prices also make it less affordable for many, forcing buyers into townhomes, condos or farther away from city areas.