One of the simplest needs a person has is a roof over their head. That means any question about housing security can create a high-stress situation. So what happens when the price of a home continues to climb- outpacing wages- without a big surge in inventory? A market that is an incredible challenge and mental health strain to buyers and increased home buying stress.

Stress of Buying a Home Increase as Prices Soar

The housing market right now is extremely competitive, favoring sellers. The Northeast Florida Association of Realtors says the median sale price of properties in the area is up 15% from a year ago, and the price of residential real estate specifically is up 18.4% year-over-year.

And not only are prices climbing, but buyers are paying. More than 45% of properties sold for over asking price.

NEFAR notes that this increase in housing prices outpaces wages. There has been a small increase in local inventory, but it’s not keeping pace with demand.

This all creates a big challenge across the home-buying spectrum- new homeowners are outpriced, homeowners looking to move up worry about selling without being able to secure a new home, and many who do secure a new home worry that they’ve spent beyond their means.

Housing Insecurity and Mental Health

Financially and psychologically, home buyers are feeling the strain.

Some Jacksonville-area mental health providers say they’ve had people seek them out for support while dealing with home buying stress. These people experience anxiety, feelings of despair, sleep problems, and similar challenges.

Any time you make a large life decision like this, stress is to be expected. What we’re seeing right now, though, presents a unique set of concurrent stressors.

  • Fear of housing insecurity: a stable home instills a sense of security for a person, so that security is challenged when housing becomes a question.
  • Financial strain: the potential to over-extend a budget on housing right now can lead to fears about being able to afford other things a person needs. When the housing budget is larger than hoped, the food budget may have to shrink, as an example. This can mean another continued source of stress.
  • Feeling trapped: with the market as challenging as it is, a renter paying for a high-priced unit may feel as though they have to just stay where they are, paying more and more each lease. Feeling as though you don’t have any other options adds helplessness to the other emotions facing people in this position.
  • Feeling overwhelmed: the home-buying process in even the most favorable market can feel overwhelming. But now, the market is such that you have to act fast. This forces you into a position where you have to make high-pressure decisions, and potentially while juggling other things, like a workday.
    • No time for self-care: with so much to juggle, you may feel too busy to stop and take time for yourself. Self-care and potentially even seeking mental health support are crucial to getting through this process.

Dealing With Home Buying Stress

Being informed about your situation can help you feel more grounded in what you can and can’t control. If you’re planning to buy a home, spend time to get financing offers, research a realtor you can trust, and similar steps that will give you as much confidence as possible in the process.

With the market moving so quickly, it’s natural that you will feel pressure to act fast. Prepare ahead of time by making a list of non-negotiables. It’s one thing to say you don’t mind a house with some fix-up projects, it’s another to say you’re willing to work on projects EXCEPT something that involves electrical or plumbing needs. Would you be willing to buy a house that had fewer bedrooms than you hoped, that didn’t have a fenced yard, that had to undergo mold remediation, etc? Organizing your feelings about these questions ahead of time will help you bring a solid foundation to the quick decision-making process.

One of those non-negotiables to give heavy consideration is your budget. Since so many properties are selling over the listing price, it may be wise to only look at properties priced below what you’re willing to pay, so that you know you have room to bid high.

You should also work to build in self-care throughout the home buying process. While you’re running between different home tours, make sure you’re eating and staying hydrated. Enjoy some good music while you drive to a tour or take a few minutes to walk to a local park.

Whenever you face a major decision like this, it may also be helpful to speak with a mental health professional, even if it’s just to get some guidance for how to take care of yourself through your house buying process. The Jax Therapy Network has a searchable database of local, licensed counselors and therapists who are ready to support you.

Ready to find your therapist? Search the Jax Therapy Network and find help with home buying stress and anxiety through counseling services near you with therapy from professional therapists and mental health counseling support.