Zillow survey finds 35% of prospective buyers
would buy a haunted house if it cost less
- Four in 10 prospective buyers could be convinced to buy a
haunted house if it had the right features.
- Nearly 30% of prospective buyers say they would be more likely
to purchase a home if it were haunted.
- Among successful buyers, 12% are convinced their home is
definitely haunted.
SEATTLE, Oct. 24,
2023 /PRNewswire/ -- This spooky season, a new survey
from Zillow® finds that a scary number of prospective home buyers
would be willing to put up with a few ghosts in the attic if those
spirits happened to haunt the right home.
More than two-thirds of prospective buyers (67%) say they could
be convinced to buy a haunted house if it had appealing features,
were in the right location, were more affordable or for another
reason. These findings highlight the extreme compromises buyers are
willing to make in order to land a home in today's housing
market.
Zillow's survey of prospective buyers finds that 40% say they
could be convinced to buy a haunted house if it had features such
as a big backyard, a pool or a two-car garage. Nearly one-third of
prospective buyers (32%) say the same if the home were in their
desired location. Finding a home that checks all the boxes has
become challenging with frighteningly few new listings hitting the
market. Zillow's latest monthly market report finds that
inventory is starting to creep back up, but it remains more than
10% lower than this time last year, and more than 40% lower than
2019 levels.
More than one-third of prospective buyers (35%) say they could
be convinced to buy a haunted house if it were priced lower than
the rest of the market. Home values remain near record highs after
the pandemic-era run-up in prices. Meanwhile, mortgage rates
surpassed a 22-year high this month, slashing buying power and
spooking many would-be home shoppers. A new Zillow
analysis finds buyers now need a six-figure income to
comfortably afford the typical U.S. home, assuming a 10% down
payment.
"The combination of high prices, limited inventory and rising
interest rates is creating a witches' brew of trouble for would-be
homeowners," said Manny Garcia, a
senior population scientist at Zillow. "Despite these chilling
conditions, life events like job changes, coupling up and having
children still drive households to buy. These shoppers have to
square their budgets with important home characteristics like
bedrooms, bathrooms and floor plans. When balancing so many
priorities in an inventory-starved market, avoiding ghosts and
ghouls doesn't always make the cut."
In order to afford a home, many buyers end up trick-or-treating
at the bank of Mom and Dad. A new Zillow report finds that 43% of
recent buyers received a gift or loan from family or friends to
help finance their down payment. Others are seeking out down
payment assistance programs, which are listed on every for-sale
home on Zillow. To reduce monthly mortgage costs, 45% of buyers are
paying more money up front to buy points and lower their interest
rate, according to a survey by Zillow Home Loans.
There are new tools helping buyers better understand what they
can afford. Mortgage and affordability calculators can
help shoppers set a budget. Those shoppers can then search for
homes by monthly cost instead of by sticker price when they
are shopping on Zillow. Teaming up with a great agent and lender
can also help manage the fear factor.
For some brave souls, an otherworldly roommate can be a selling
point. Nearly 30% of prospective buyers say they would be more
likely to purchase a home if it were haunted (29%), while 20% say
ghostly apparitions wouldn't impact their purchase
decision.
Either way, buyers may not know who is haunting the halls of
their dream home. A Zillow analysis finds most states don't
require sellers to disclose paranormal activity in the home they're
selling. A spine-tingling 12% of successful buyers say their home
is definitely haunted, while an additional 17% say their home may
be harboring spirits.
About Zillow Group:
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate
to make home a reality for more and more people. As the most
visited real estate website in the United
States, Zillow and its affiliates help people find and get
the home they want by connecting them with digital solutions, great
partners, and easier buying, selling, financing and renting
experiences.
Zillow Group's affiliates, subsidiaries and brands include
Zillow®; Zillow Premier Agent®; Zillow Home Loans℠; Zillow Closing
Services℠; Trulia®; Out East®; StreetEasy®; HotPads®; and
ShowingTime+℠, which includes ShowingTime®, Bridge
Interactive®, and dotloop®.
All marks herein are owned by MFTB Holdco, Inc., a Zillow
affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS
#10287 (www.nmlsconsumeraccess.org). © 2023 MFTB Holdco, Inc., a
Zillow affiliate.
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SOURCE Zillow Group, Inc.