Buying a first home or a dream home in a hot housing market can be stressful, but buyers aren’t the only ones freaking out right now about the fast pace of sales in Pennsylvania.
In a new survey released by the Pennsylvania Association of Realtors, more move-up buyers in the commonwealth said selling their previous homes was the most stressful part of the homebuying experience.
“We’ve heard this from consumers surveyed in the past, but not to this extent,” said PAR President Kathy McQuilkin. “Nearly 7 percent of all homebuyers, and 10 percent of those aged 50-64, said that selling their home was the single most stressful part of the purchase process. Buyers between the ages of 18-34 didn’t express this worry, most likely because they’re first-time homebuyers.”
More than 11 percent of homebuyers said “deciding which home was the right one,” as homes are spending less time on the market, was the biggest point of stress.
In the greater Harrisburg area, the average home sold in July was on the market for 57 days. Three years ago, the average was 82 days.
In Lancaster County, nearly three out of four homes sold in June were on the market for 60 days or less.
“Consumers expressed frustration with homes spending less time on the market, which led to feeling more pressure to find the home they want and make an attractive offer knowing that other buyers are interested in the same property,” McQuilkin said.
The state association hired Keystone Analytics to conduct the survey earlier this month. A total of 300 people who purchased a home in Pennsylvania over the last year completed the survey.