Mortgage Tech Demo Day

In a half-day format, technology companies will demo their platforms and answer questions. You can tune in for the whole demo day, or strategically drop in on sessions to learn about specific solutions.

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Real Estate

Purchasing a home drives 15% of buyers to tears

A third of homebuyers lose sleep during the process

Purchasing a home can be one of the most stressful financial transactions most people ever make, causing about a third of buyers to lose sleep.

That’s according to a new survey from Seattle real estate startup Flyhomes asking 1,000 people about the stress of homebuying. About 15% of respondents said they were reduced to tears during the process while 20% got in a fight with their spouse or partner because of the stress.

Almost two-thirds of the buyers said purchasing a property “was more stressful than they expected,” the Flyhomes report said.

“Stress and homebuying tend to go hand-in-hand, even more than people think,” it said.

About 40% said they spent more than they expected to when purchasing a home, the report said. Half of the people who overspent say that they paid more than $20,000 more than they expected to – and 14% went more than $50,000 over budget.

Almost a quarter of buyers said they had some regrets about their purchase. When asked about specifics, over half say their new home required unexpected repairs or maintenance, a quarter said property taxes were higher than they expected, and 20% said maintenance was more work than they expected.

There were other regrets:

  • Almost 1 in 5 said they weren’t happy with the location.
  • About a third said they wished they’d bought a larger house.
  • One in 5 said they wished they had more bathrooms.
  • Nearly a third said they wished for a larger kitchen.

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