Home buyers are busting budgets — and in some cases selling things they love — to snag their dream houses.
A third of home buyers blew through the upper limit of what they planned to spend, topping that cap by an average $16,510, according to a Owners.com survey of 1,214 Americans who purchased a house within the last four years. The survey was conducted Jan. 31 to Feb. 8.
The main reason? Price. Price. Price.
“Clearly, we’re in an environment of rising prices,” especially for starter homes, says Daniel Maloney, national head of sales for Owners.com, a real estate brokerage. Many houses on the market are drawing multiple offers, forcing buyers to bid up.