DENVER HOME MARKET: 61% of millennial homebuyers cried during the process

DENVER (KDVR) – Denver metro home buyers are paying record amounts above the asking price. Earlier this year, Denver buyers paid an average of 105.8% of the asking price, the highest on record.

A new survey published by Zillow shows that 50% of homebuyers say the process left them in tears, with Gen Z and Millennials – many of whom are first-time home buyers – much more likely to cry at the 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 during the home buying process.

“Buying a home is not like buying any other property; it’s deeply personal and it’s moving,” said Amanda Pendleton, home trends expert at Zillow. “When you make an offer on a house, you have probably envisioned your life there. If you lose that house to a stronger offer, it can feel like you’re losing a future you’ve already started planning for. The results of these surveys reveal that even when they are ultimately successful, a large portion of buyers in today’s competitive marketplace experience grief and stress. »

Here are some other key findings from the Zillow survey:

  • 60% of sellers said they received at least two offers on their home
  • Nearly half of all homes sold in the United States in April 2022 exceeded the asking price
  • Nearly 30% of recent buyers said they had lost to a cash buyer at least once
  • Nearly 90% of recent buyers surveyed by Zillow said that at least one aspect of the home buying process was stressful

Denver is the seventh most expensive of the 50 major metropolitan areas in the United States, with a typical home sale price of $598,233.