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Home Buyers Willing to Go Over Budget to Get an Edge in Competitive Market

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Stiff competition in the real estate market may lead many home buyers to go over budget this spring buying season, according to a new study by Owners.com.

More than half (55%) of consumers who responded to a survey by the online real estate brokerage said they were willing to go beyond their budget on a home purchase. Those who were willing to shell out extra for their dream home stated they would go an average of nearly 40,000 over budget.

The survey suggests potential buyers are aware that housing inventory remains low while mortgage rates keep climbing. But while an impressive display of finances may help boost a buyer’s chances of getting their dream home, going over budget on a house could lead to added stress brought on by financial concerns.

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