American anxiety ratcheted up this year over last, and worries about the domestic sphere is no exception.
A national poll by the American Psychiatric Association (APA) rated the country’s anxiety level at 51 out of 100, up five points from 2017. Meanwhile, personal finance site NerdWallet’s 2018 homeownership report found that 65 percent of respondents have experienced anxiety related to their home. Builders that are mindful of what’s driving homeowner angst may discover new sales and marketing opportunities when aiming to relieve these stressors.
APA president Dr. Anita Everett said in a statement that finances are the biggest driver for anxiety. NerdWallet’s report similarly revealed that the top sources of anxiety revolve around time and money: 75 percent of homeowners are nervous about unexpected repairs and subsequent costs, 52 percent cited property maintenance, and 25 percent worry about not having enough money for other expenses.
Additionally, the two largest buyer groups, Baby Boomers and Millennials, are the most stressed nowadays: Millennials are the most anxious, and Boomer disquiet grew the most.
NerdWallet mortgage analyst Holden Lewis is also noting what keeps homeowners up at night. Lewis says that if he was a builder, emphasizing the newness of a home to a buyer as a mitigating force against surprise costs could be beneficial. “The water heater, air conditioning, roof—all those things are new. I would think that would really reduce [buyer] anxiety,” he says.
Builders that aim to address the challenges of time and money—by incorporating evergreen in-home features or offering warranty programs that protect a home’s overall value over time— can also play a role.
Emotional wellness is a noteworthy homebuyer and owner desire that builders may want to consider in their future sales and marketing efforts.
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