Study Shows Pennsylvania Homebuyers Continue To Cite Financing As Top Stressor

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Pennsylvania Association of Realtors

Jan 30, 2020, 14:49 ET

LEMOYNE, Pa., Jan. 30, 2020 /PRNewswire/ -- Financing and selling a previous home continue to be the top stressors for Pennsylvanians buying a home, according to a recent Welcome Home study conducted for the Pennsylvania Association of Realtors^®. New homebuyers identifying financing as their primary stress has increased 40% in the past two years, while selling their previous home saw a 50% increase over the same timeframe.

"With very tight inventory, we're seeing the homebuying process go more rapidly over the past couple of years," said PAR President William Festa. "Buyers need to be ready to make a quick decision if they find the house that's perfect for them. However, that compressed time frame for organizing their finances and preparing to close on their home can be more worrisome."

In addition, homebuyers were more than twice as likely to say that physical issues with the property that they bought were the largest source of stress in their homebuying experience compared to previous surveys.

"More buyers mentioned that they purchased a home that would need renovations, which would account for the increased anxiety about physical issues with the property," Festa said. "And others reported they bought a home that passed inspections, but they found after closing that the home didn't totally meet their needs, so repairs or improvements were required."

Pennsylvania homebuyers continued to have a quick homebuying process. Nearly half found their new home and closed in less than 90 days; 18% said they found their home and closed in less than one month, while 31% selected a home and closed in one to three months.

Location remains the primary feature that helped buyers decide it was the right home to purchase. "Thirty-seven percent of those surveyed said location was the deciding factor when choosing their home," Festa added. "Interior features were a distant second, with 10% citing this as the primary reason they chose their home."

The Pennsylvania Association of Realtors^® proudly celebrates its 100^th anniversary of representing more than 35,000 Realtors^® in the commonwealth of Pennsylvania.

SOURCE Pennsylvania Association of Realtors