A new survey captures in excruciating detail the ordeal faced by first-time homebuyers across the country as they deal with housing shortages.
Whether it’s missing days of work, spending free time checking listings or losing out on multiple homes, first-time homebuyers are sacrificing a lot to get their first home, according to a report from Open Door.
Almost 80 percent of first-time homebuyers missed out on two days of work during their search for a home, while 39 percent had trouble coming up with enough money for a down payment for a house. Almost all homebuyers had lost out on a home on which they’d bid, with some buyers putting in offers on 10 or more homes, the survey showed. At least 37 percent of homebuyers said they had been outbid by others.
The report surveyed over 1,000 first-time homebuyers in the United States.
Bidding wars, cash offers and low inventory have all led to a market that makes it increasingly difficult for first-time buyers…