
Homeowners are taking drastic measures to keep up with mortgage payments, including skipping out on meals.
A new Redfin survey reveals the extreme measures some homeowners are taking to keep up with mortgage payments, including skipping meals.
Among respondents in this income bracket, 43% reported dining out less frequently, 36% said they were cutting back on vacations or forgoing them entirely, and approximately 25% admitted to borrowing money from friends or family to make ends meet.
“Overall, the market is fairly stagnant,” Shay Stein, a Redfin Premier agent in Las Vegas, said in the report.
“There are more listings hitting the market, but a lot of them aren’t in good condition, or they’re not in a desirable neighborhood — and sellers are pricing unrealistically high. A lot of sellers are willing to let their home sit on the market until they get the price they want, and a lot of buyers aren’t willing to pay sky-high prices when mortgage rates are still high. My advice to serious sellers is to price fairly and make cosmetic repairs before listing.”
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Source: Black Enterprise