Read more: Nerdwallet – gazing into the crystal ball
Among the key findings, the study cited data from real estate brokerage Redfin which found that, as of July this year, homes have typically been on the market for only 18 days, compared to 41 days over the past five years.
The number of homes on the market had also fallen by a massive 55% since September 2019, when it last peaked.
NerdWallet data analyst Elizabeth Renter (pictured) told MPA the surprising findings showed that although the survey included data from 2017, the current market was “pushing people to make sacrifices and to bend in ways they normally wouldn’t, because it’s such a strong seller’s market”.
Among other data, the survey found that 15% of recent buyers said the home ended up being too small, 10% said the commute was too long, 15% said the mortgage payment was too high, 16% underestimated the total costs of homeownership and 13% discovered the home had significant problems and was in need of repair.