Homeowners grapple with a myriad of property-related expenses, including insurance, property taxes, utilities, and renovations and more.
With interest rates hovering around 7%, mortgages have become a significant burden for buyers, and falling home prices due to lower demand have cost sellers potential profits. Amidst these challenging circumstances, many homeowners prefer to neither buy nor sell, opting instead to hold onto their current homes for the time being. However, the report highlights that choosing to do so comes with “crushing costs.”
Faced with such exorbitant costs, about 295 of the surveyed homeowners are moving towards selling their properties within the next five years, as the expenses prove to be unattainable for the average American. More than 1 in 4 homeowners even express a desire “to go back to renting.” The majority now state they would have approached their purchase differently considering the actual costs of maintaining a home.
For aspiring homeowners, the report reflects on factors current homeowners say they would have considered, like purchasing low-maintenance properties, negotiating prices or contingencies, saving more, paying for inspections, opting for less expensive homes, or waiting for more favorable mortgage rates and prices. BE previously noted that for Gen Z and millennial buyers, over one-third have turned to parents for assistance.
Source: Black Enterprise
