Study: ‘Financial Stress’ Leads to Consumers Making Impulsive Decisions in Home Buying Process, Atlanta, released its 2017 home buyer study suggesting that the competitive housing market is leading consumers to go over budget on home purchases, spending an additional $37,809 to get into a home.

The survey of more than 1,200 consumers considering a home purchase this year found that 72 percent of potential home buyers said they expect stress in the home buying process, with many citing financial aspects as the most concerning.

Other factors:
–Fear of losing earnest money deposit (64 percent)
–Becoming “house poor” (61 percent)
–Bidding wars driving up the price (59 percent)
–More than half (55 percent) said they were willing to go beyond their budget
–For those willing to stretch their dollars, on average, consumers stated they were willing to go $37,809 over budget

The study said given these monetary pressures, savvy consumers are considering real estate models that offer opportunities to cut costs in the transaction. When asked about their propensity to handle the home buying or selling process themselves if they would be charged a lower commission, 85 percent said they were likely to consider this opportunity if it meant they had access to some of the more complicated transaction services like the appraisal or legal documents. Nearly one-quarter (23 percent) indicated that they would be motivated to work with a real estate agent or broker who would reward them financially for the work they do on their own.

“As home prices and interest rates increase and housing inventory remains low, buying or selling a home is an emotionally charged process for many,” said Steve Udelson, president of “It’s exciting to see that consumers are willing to take on some of the work themselves to save money, which can make all the difference in this current market.”