U.S.: Buy­ing a house causes more anx­i­ety than get­ting a root canal

Financial Mirror (Cyprus) - - FRONT PAGE -

As the spring home-buy­ing sea­son shifts into a higher gear, sur­vey re­sults re­leased last week from Chase in­di­cate that just 24% of Amer­i­cans plan to re­search or con­sider buy­ing a house in the next 18 months. That is slightly less than the 26% who re­searched or con­sid­ered buy­ing house in the past 18 months.

Chase’s sur­vey com­prised a to­tal of 1,098 re­spon­dents, of whom 575 iden­ti­fied them­selves as in­tend­ing to buy a house within the next 18 months. Among the home­buy­ers, 52% al­ready own a house and 70% cur­rently have mort­gage on their house. Just over half, 52%, are em­ployed full-time, and 20% iden­tify them­selves as not cur­rently em­ployed. Men com­prise 58% of home­buy­ers in the sur­vey and women 42%.

Among self-iden­ti­fied home­buy­ers, 84% plan to re­search or con­sider pur­chas­ing a house in the next 18 months.

Less than two-thirds of all re­spon­dents are op­ti­mistic about en­ter­ing the hous­ing mar­ket, while nearly three-quar­ters of buy­ers are op­ti­mistic. Among the buy­ers, ap­prox­i­mately one-third cited ris­ing rents, up­grad­ing and low in­ter­est rates as the top rea­sons for buy­ing a new house. Ris­ing rent and a de­sire to up­grade tied for the sin­gle top rea­son, with 20% of the 575 home­buy­ers cit­ing each rea­son. When asked the two rea­sons most likely to af­fect their pur­chase de­ci­sion, buy­ers said the over­all price of the house (50%) and mort­gage in­ter­est rates (33%).

Among the sur­vey re­spon­dents who are not con­sid­er­ing buy­ing a house, the most of­ten cited rea­son is lack of cash for the down pay­ment.

When home­buy­ers were asked about their ma­jor and mi­nor con­cerns re­lated to buy­ing a house, find­ing an af­ford­able house was cited 84% of the time and lo­cat­ing a house in a qual­ity neigh­bor­hood was cited 82% of the time.

And that root canal? Well, among home­buy­ers, 70% say they are ex­tremely or some­what anx­ious about the house buy­ing process, while 64% are equally anx­ious about hav­ing a root canal and 62% dread public speak­ing to the same de­gree. (Source: 24/7 Wall St.com)

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