WAV Group’s new study reveals high levels of frustration among recent homebuyers competing to secure their next dream home.
It is often said that for most people buying a home is the single largest purchase of their lives. A decision of that magnitude should be made with time and careful consideration, but recent buyers have been rushing from one house to the next, making offers as quickly as they can. It should be no surprise then that the chief complaint revealed in the WAV Group Homebuyer Frustration Report was feeling rushed to make an offer on the house, with 49% of frustrated buyers pointing to this issue.
Overall 72% of the respondents reported some level of frustration either with the purchase process or with the home they actually ended up purchasing.The number of houses toured seemed to be in line with historical norms with 83% touring less than 10 homes before making a purchase. However, 75% wrote more than two offers before getting one accepted and 1-in-5 buyers submitted more than six offers. This cycle of decision making, waiting for a response, and ultimately discouragement when the first few offers are not accepted takes an emotional toll on buyers.
On a positive note, only 19% of frustrated buyers were upset with their agent, pointing to the high level of care and professionalism displayed throughout the industry, even in the most challenging of markets. As any great agent would agree, selling real estate is just as much about the people as it is the property, maybe even more.
Conducted at the end of January 2022, the WAV Group Homebuyer Frustration Report surveyed 277 consumers who had purchased a home in the previous 18 months, which covered one of the hottest markets in recent history. While indications nationally point to a more normalizing market, this study highlights many of the frustrations that buyers often experience and that agents can help mitigate. For a limited time use promo code: Frustration at checkout to receive a free copy.
For more insights and studies like these, please signup for the WAV Group newsletter and you will be sent all the latest information about the real estate industry.