The housing market is starting to finally show some signs of slowing down. Even still, home values and asking prices are higher than they have been in some time. It is anything but an easy road to travel for potential buyers.

It should be no secret to note that buying a new house can increase one’s stress level. Let’s take a deeper look into why that is and if there is anything that can be done to assuage any of those stresses.

Why Is It So Stressful?

For those who have been there before, it is not exactly a secret that buying a home can be incredibly stressful. Even when the market is in the buyer’s favor, there are still a lot of things that can be anything but fun to deal with.

Part of dealing with the stresses of buying can be helped by knowing what you are getting into. There are a few reasons in particular why buying can be so stressful.

The Market

Welcome to the big one. Even if you feel like you have all of your ducks in a row, the market can throw everything for a loop. The housing market not only dictates what price you can expect to pay for a new home but also the entire process of buying a home.

When the market is hot, homes can sometimes sell in just a few hours. Needing time to “sleep on it” can mean losing out on a house that you have been strongly considering. But that’s just the tip of the iceberg as to why a hot market is troublesome.

The real issue is pricing. In a hot market, you may be able to get 60% of the house that you would have gotten when the market was cooler. In a hot market, some buyers feel obligated to not only meet the higher asking prices but also to go above the listing to secure the home.

And that isn’t even touching bidding wars. Sometimes, two buyers will decide that the house in question is the one for them and will not be deterred. It is not uncommon in this market to find homes going for tens, if not hundreds, of thousands over the asking price.

Loan Approval

Right up there with the market is the process of getting approved for a loan. When you take out a mortgage on a property, you are working with the lender all throughout the loan approval process. It can be a tense time unless you have sterling credit and optimal finances.

The process of getting approved for a loan can take weeks on average and even longer in some cases. There is a lot of paperwork involved, and you have to provide a ton of documentation about the state of your finances.

It can also lead to some potentially hard conversations about things like credit and financial wellness. Not everyone is ready to have that conversation, and it can become another harsh reality that is part of the home-buying process.

Finding the Right Property

At the heart of the entire process is finding a house that works for your needs. In a marketplace like today’s, where inventory is in short supply, it can be difficult to find what you are looking for in your given price range.

More and more buyers are finding that their money is not going nearly as far as they had hoped when it comes to buying a home. As recently as 2020, homes were going for several thousand dollars less than they are now.

For instance, $175,000 might have been enough to get a buyer 2,000+ square feet and two levels in 2020 or earlier. But today, that might get you 1,000 square feet and one level. There simply is not enough value there for many buyers.

There is also the matter of whether you overpaid for the home and how that investment will look a few years down the line. If you have plans to sell the home in the near future, getting your money back might become a tall task depending on what the market conditions look like.

Dealing with the Stress

Now that we know that buying a new house can increase one’s stress level, the matter becomes about how to effectively deal with it. After all, buying a home is supposed to be a major milestone for the vast majority of us.

There are some aspects that are going to be inherently stressful. Taking steps to ensure that you have all of the relevant financial documents is crucial. The better prepared that you are, the quicker things can proceed.

You should also not only know your credit score but also have it as high as you can before starting. Your credit score plays a major role in the kind of mortgage that you are able to secure. Don’t wait until you start looking to find out that your credit score isn’t quite where you had hoped it would be.

Finally, having the right help can be crucial. With a good real estate agent and mortgage broker in your corner, you can have the answers to most of the questions. They both have the tools and experience needed to make the entire endeavor a little bit easier to swallow.

Conclusion

Given how tough the current housing market is, there should be no shock at how stressful the entire endeavor can be. It is part of competing with other buyers and trying to land the home that you have been dreaming of.

It isn’t all doom and gloom, though. The market is beginning to cool, which means that there are going to be more opportunities at more reasonable rates for those who have the patience to wait things out.