LEMOYNE, Pa., Aug. 28, 2018 — Selling their previous homes and paperwork requirements are significantly more stressful for new Pennsylvania homebuyers than they were a year ago, according to the most recent Welcome Home survey, conducted for the Pennsylvania Association of Realtors®. Nearly 30 percent of those surveyed said these were the most stressful part of the homebuying experience, an increase of 300 percent in just one year.
“Over the last several months, we’ve continued to see inventory shrink and a faster-paced market,” said PAR President Todd Umbenhauer. “Those conditions are making homebuyers feel they have to fill out a lot of paperwork in a condensed amount of time and they feel pressured to sell their prior home in weeks rather than months, or even days rather than weeks.”
The rapid pace of the market is supported further by the survey’s finding that 27 percent of new homebuyers went from searching to closing in less than one month. A majority – 51 percent – indicated that their home purchase process took three months or less.
“Our research shows that 30 percent of buyers over the age of 50 took less than a month to complete their home search and purchase,” Umbenhauer noted. “For the first time in the survey, we also saw a more than 10 percent increase in the number of buyers under the age of 50 reporting that their home searching and buying took less than a month.”
The findings emphasize the need for buyers to be prepared when they begin their home search. “We encourage buyers to have their finances in order and to be pre-approved for their mortgage when they start the process,” he added. “Then they’re ready to make an offer when they find the house of their dreams.”
The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 33,000 members in the commonwealth of Pennsylvania.
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