DENVER (KDVR) — Denver metro homebuyers are paying record amounts above asking price. Earlier this year, Denver buyers paid an average of 105.8% of the asking price, the highest ever recorded.
A new survey released by Zillow shows that 50% of home buyers say the process left them in tears, with Gen Zers and millennials — many of whom are first-time home buyers – far more likely to cry at least once during their home-buying journey.
The survey also showed that more than 65% of Gen Z buyers and 61% of millennial buyers cried at least once when going through the process of purchasing their home.
“Buying a home is not like buying any other asset; it’s deeply personal and it’s emotional,” said Zillow home trends expert Amanda Pendleton. “When you make an offer on a home, you have likely envisioned your life there. If you lose out on that home to a stronger offer, it can feel like losing a future you have already started planning. These survey results find, even when they are ultimately successful, a large share of buyers in today’s competitive market experience heartache and stress.”
Here are some other key results from the Zillow survey:
- 60% of sellers reported getting at least two offers on their home
- Nearly half of all homes sold in the U.S. in April 2022 went for over the asking price
- Nearly 30% of recent buyers said they lost to an all-cash buyer at least once
- Nearly 90% of recent buyers Zillow surveyed said at least one aspect of the home-buying process was stressful
Denver is the seventh most expensive of the top 50 U.S. metro areas, with a typical home sales price of $598,233.