NewsHomeowners Skipping Meals to Pay Mortgage, Survey Finds

Homeowners Skipping Meals to Pay Mortgage, Survey Finds

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

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