Buying a house can be mentally exhausting, especially in today's crazy market. Experts share six ways to handle home-buying stress.
Buying a house can be mentally taxing even when your finances and the housing market are stable, but definitely more so when things are a little shaky.
While there’s not a lot you can do about what’s happening in the market, there are ways to maintain your mental health while searching for a home. We rounded up expert tips for how to stay well and combat home-buying stress.
Vicky Noufal, owner and associate broker at Platinum Real Estate Group in Leesburg, Virginia, recommends setting boundaries during your home search – especially when it comes to checking new listings.
“More than half of homebuyers look at the listings seven times or more each day, which often leads to anxiety,” Noufal said. “You should instead go through the listings once or twice a day only.”
Noufal also suggests prioritizing self-care during your home search and making time for stress-releasing activities.
There’s a lot about the home-buying process that’s out of your control. Interest rates, housing prices, how many homes are on the market — there’s not a lot you can do about those things.
But there are things you can control, and focusing on those can help you manage your homebuying stress and feel less overwhelmed. That’s particularly true once you’ve gone under contract on a home and are waiting for the appraisal report and final loan approval.
“Focus on the parts of the process you can control: communication and paperwork,” says William Dawes, a branch manager with Fairway in Salem, Ohio. “If you provide the paperwork requested by your lender quickly and stay in good communication with your lender and real estate professional, your stress level will be reduced.”
You can also focus on your budget. Decide at the outset what you want to spend in a monthly mortgage payment, and stick to that number. If you start looking at properties that are beyond what’s comfortable for your income and budget, you may find yourself feeling stressed and anxious even before you close on the home.
Plus, money struggles are a leading cause of stress in the U.S. Taking on a larger house payment than you’re comfortable with — even if you’ve been pre-approved* for that amount — can create long-term financial and health issues.
Decide on your budget before you start looking at houses, and stick to that number, regardless of what’s going on in the market. Knowing that you’re sticking to your boundaries will also give you a sense of empowerment amid so many changing variables.
As a first-time homebuyer, it is helpful to know what to expect going into the market. To that end, expect that there may be some hiccups along the way, and it is very likely that many of them have nothing todo with you. Just know that your real estate agent and your lender are there to guide you through it.
Melissa S. Kaekel, a licensed counselor with the Morgan Hill Institute said, “You could be outbid, the seller could change their mind, the house may not pass inspection, legal disputes over the property borders may come up. Trust that you will find the right house at the right price at the right time, but likely not as quickly as you'd like.”
Recognizing at the outset that not finding a house right away isn’t a reflection on you or how deserving you are can help you maintain perspective.
Kaekel also recommends practicing a few daily affirmations to lower homebuying stress and keep a positive mindset:
It’s important to make space for the emotional ups and downs of the home-buying experience.
Try reading a book, going for a walk or engaging in your favorite hobbies so you can maintain a balanced lifestyle outside of your home search.
Finding a house is an important investment in your long-term financial well-being, and it can create a sense of stability that enhances your mental health. But you have to take the long view and recognize that this is just one aspect of your life, so take care of yourself throughout the process.
Stay hydrated, exercise and make sure you’re nourishing your mind and body. Once you find a house and begin your due diligence phase, life can feel chaotic, and you may find yourself gravitating toward fast food or unhealthy habits to cope with all the demands. But neglecting your well-being can make you feel burned out and overwhelmed — and you’re going to need your energy for your upcoming move.
Related reading: Suffering From Buyer Fatigue? Here’s How to Avoid Burning Out
Even if you’re buying a home on your own, you’ll still likely need some kind of support. For some people, a trusted friend or family member can serve as their confidant and second opinion on tough decisions.
However, others may need more structured help. If you know you’re prone to anxiety and depression, particularly during stressful periods, you may want to work with a therapist.
You can talk to your insurance provider about which therapists or counselors are available in your area. Some employers offer an employee assistance program (EAP) that offers counseling options for a discount or even free. If you can’t afford regular sessions, your town or county may offer free or low-cost counseling options as well.
“Having a good agent can help to reduce your homebuying stress,” Noufal said. “They can help you to understand and interpret the market better, and thus they help you to set the right expectations as well as the most effective strategies.”
Plus, “when things get tough for you, they can act as a sounding board.”
Choosing the right mortgage lender also makes a difference. You want to work with a company, and a loan officer, that is experienced in the type of loan you’re using and in working with buyers similar to you.
“You want the ‘captain of your ship’ to be one who has experienced a storm or two,” Dawes said. “Their poise and confidence during the process will also help reduce your stress.”
Related reading: The #1 Question You Should Ask When Choosing a Mortgage Lender
Buying a home is one of the biggest financial decisions you’ll ever make, and all big decisions come with some homebuying stress. But taking care of your well-being throughout the process will allow you to make smart choices and feel confident as you search for your home.
*Pre-approval is based on a preliminary review of credit information provided to Fairway Independent Mortgage Corporation, which has not been reviewed by underwriting. If you have submitted verifying documentation, you have done so voluntarily. Final loan approval is subject to a full underwriting review of support documentation including, but not limited to, applicants’ creditworthiness, assets, income information, and a satisfactory appraisal. Copyright©2024 Fairway Independent Mortgage Corporation. NMLS#2289. 4750S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Opportunity.