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Survey finds high angst levels among pandemic-period homebuyers

The pursuit of the American Dream during the COVID-19  pandemic has become an environment rife with anxiety, according to a new national survey conducted by Clever, an online real estate platform.

housing angstIn a May 31-June 2 poll of 1,000 homeowners who bought their residences between January and May, approximately 75% of respondents admitted being concerned about paying their mortgage due to COVID-19-related financial hardships. This is understandable, considering 55% of the respondents stated at least one person who made financial contributions to housing costs had lost their job since buying their home.

Furthermore, 63% of homebuyers who acquired their property in the beginning of the year reported being concerned that their home ran the risk of going underwater – in comparison, 53% of respondents who bought during the pandemic had those concerns.

The survey also found 37% of recent homeowners have taken out more than $2,000 in nonmortgage debt since buying their home while nearly 25% had less than $1,000 in emergency savings.

As for the properties in question, 23% of buyers who bought during the pandemic never set foot in the property during the transaction, only viewing photos or doing a virtual tour. But whether or not a property inspection occurred did not seem to matter – 42% of homeowners who bought during the pandemic reported entering a bidding war to acquire their new residences.

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Phil Hall's writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 11 books (including the upcoming "100 Years of Wall Street Crooks," published by Bicep Books). He is also the host of the SoundCloud podcast "The Online Movie Show," host of the WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor - usually playing the creepy villain who gets badly killed at the end of each film.

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