{"id":5201,"date":"2023-10-25T04:58:10","date_gmt":"2023-10-25T04:58:10","guid":{"rendered":"https:\/\/zoominfinancial.com\/markets\/most-home-buyers-would-settle-for-a-haunted-house-as-sinking-affordability-proves-spookier-than-the-paranormal\/"},"modified":"2023-10-25T04:58:11","modified_gmt":"2023-10-25T04:58:11","slug":"most-home-buyers-would-settle-for-a-haunted-house-as-sinking-affordability-proves-spookier-than-the-paranormal","status":"publish","type":"post","link":"https:\/\/zoominfinancial.com\/?p=5201","title":{"rendered":"Most Home Buyers Would Settle For A Haunted House\u2014As Sinking Affordability Proves Spookier Than The Paranormal"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>A majority of potential home buyers would consider buying a house they believe is haunted, according to a survey released Tuesday by Zillow, shedding light on just how spooked<strong> <\/strong>Americans<strong> <\/strong>are by the bone-chilling housing market.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Some 67% of prospective buyers said they could be persuaded to purchase a haunted house, the poll found.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Most of the willingness to coexist with the paranormal comes down to cost, as 35% of all respondents indicated they\u2019d be willing to buy a haunted house if the home were more affordable than comparable, and presumably ghost-free, homes in the area.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Stubbornly high prices, weak inventory and elevated interest rates are \u201ccreating a witches\u2019 brew of trouble for would-be homeowners,\u201d Manny Garcia, a population scientist at Zillow, explained in a statement.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Zillow conducted the ghoulish survey in September and October, polling 901 recent and 993 prospective home buyers, weighting results to the population of Americans in the market for a new house.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>Home loans are more than twice as expensive this Halloween as they were two years ago. Last week, 30-year mortgage rates hit a 23-year high of 7.63%, a far cry from October 2021\u2019s 3.1%. The colossal jump in borrowing costs came as the Federal Reserve hiked the federal funds rate\u2014or the interest rate that banks charge each other\u2014from near-zero to over 5% in a bid to control inflation, partially caused by surging home prices. Interest rates for homes, cars and other consumer loans usually move in line with the federal funds rate, causing mortgage rates to spike as part of the Fed\u2019s anti-inflation kick. Buyers have felt some relief this year, with median home prices down from a record $479,500 during 2022\u2019s fourth quarter to $416,100 in this year\u2019s second quarter, but home prices are still nearly 30% more expensive than they were at the end of 2019, before the pandemic upended the housing market.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Surprising Fact<\/h2>\n<p>Housing affordability hit its worst level since the 1980s this summer, according to mortgage data provider Black Knight, looking at how the rise in household income compares to monthly home payments. Perhaps Grady, the ghostly butler in <em>The Shining<\/em>, would advise prospective buyers too timid to take on a spectral housemate to wait for a housing market \u201ccorrection.\u201d<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/10\/24\/most-home-buyers-would-settle-for-a-haunted-house-as-sinking-affordability-proves-spookier-than-the-paranormal\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline A majority of potential home buyers would consider buying a house they believe is haunted, according to a survey released Tuesday&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-5201","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Most Home Buyers Would Settle For A Haunted House\u2014As Sinking Affordability Proves Spookier Than The Paranormal | ZoomInFinancial<\/title>\n<meta name=\"description\" content=\"Topline A majority of potential home buyers would consider buying a house they believe is haunted, according to a survey released Tuesday by Zillow,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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