One of the hardest and sometimes most stressful parts of buying a home is finding the right property at the right price. And just because you're approved for a maximum loan amount doesn't mean you can reasonably afford the monthly payment corresponding to that price. According to KSL, getting a home and a mortgage are among the 10 most stressful events in life. The stress of buying a home is matched by having a child or changing jobs.
For most people, buying a new home is a big deal and a very stressful task. Moving from one place to another is disturbing enough, especially if precious possessions, pets, the elderly, or children are part of the touching story. But that part almost seems easy, relative to what a buyer goes through during the loan application and purchase. Low inventory occurs when more people want to buy homes than houses for sale.
This is known as a seller's market. It's a fantastic situation if you're a seller, but very stressful for buyers looking for their dream home. Homes move fast in a seller's market, so make sure you're prepared to move quickly. One of the most stressful aspects of buying a home is that you are not in control of the schedule.
Because the process involves several steps and depends on a lot of moving parts, it can take anywhere from six weeks to a year or more. Sometimes, you might find yourself in someone else's calendar waiting to receive an answer about an offer, for example. The more flexible you are, the easier it will be to maintain patience during periods of uncertainty or if measures take longer than expected. Whether you're dealing with the stress of selling a home or you're suffering from the stress of buying a home, you can benefit from the FAQs below.