This spooky season, a new survey from Zillow finds that a scary number of prospective home buyers would be willing to put up with a few ghosts in the attic and buy a haunted house if those spirits happened to haunt the right home.
More than two-thirds of prospective buyers (67%) say they could be convinced to buy a haunted house if it had appealing features, were in the right location, were more affordable or for another reason. These findings highlight the extreme compromises buyers are willing to make in order to land a home in today’s housing market.
MORE INFORMATION: Here’s how likely it is you’ll buy a haunted house in Arizona
Zillow’s survey of prospective buyers finds that 40% say they could be convinced to buy a haunted house if it had features such as a big backyard, a pool or a two-car garage. Nearly one-third of prospective buyers (32%) say the same if the home were in their desired location. Finding a home that checks all the boxes has become challenging with frighteningly few new listings hitting the market. Zillow’s latest monthly market report finds that inventory is starting to creep back up, but it remains more than 10% lower than this time last year, and more than 40% lower than 2019 levels.
More than one-third of prospective buyers (35%) say they could be convinced to buy a haunted house if it were priced lower than the rest of the market. Home values remain near record highs after the pandemic-era run-up in prices. Meanwhile, mortgage rates surpassed a 22-year high this month, slashing buying power and spooking many would-be home shoppers. A new Zillow analysis finds buyers now need a six-figure income to comfortably afford the typical U.S. home, assuming a 10% down payment.
“The combination of high prices, limited inventory and rising interest rates is creating a witches’ brew of trouble for would-be homeowners,” said Manny Garcia, a senior population scientist at Zillow. “Despite these chilling conditions, life events like job changes, coupling up and having children still drive households to buy. These shoppers have to square their budgets with important home characteristics like bedrooms, bathrooms and floor plans. When balancing so many priorities in an inventory-starved market, avoiding ghosts and ghouls doesn’t always make the cut.”
In order to afford a home, many buyers end up trick-or-treating at the bank of Mom and Dad. A new Zillow report finds that 43% of recent buyers received a gift or loan from family or friends to help finance their down payment. Others are seeking out down payment assistance programs, which are listed on every for-sale home on Zillow. To reduce monthly mortgage costs, 45% of buyers are paying more money up front to buy points and lower their interest rate, according to a survey by Zillow Home Loans.
There are new tools helping buyers better understand what they can afford. Mortgage and affordability calculators can help shoppers set a budget. Those shoppers can then search for homes by monthly cost instead of by sticker price when they are shopping on Zillow. Teaming up with a great agent and lender can also help manage the fear factor.
For some brave souls, an otherworldly roommate can be a selling point. Nearly 30% of prospective buyers say they would be more likely to purchase a home if it were haunted (29%), while 20% say ghostly apparitions wouldn’t impact their purchase decision.
Either way, buyers may not know who is haunting the halls of their dream home. A Zillow analysis finds most states don’t require sellers to disclose paranormal activity in the home they’re selling. A spine-tingling 12% of successful buyers say their home is definitely haunted, while an additional 17% say their home may be harboring spirits.
