Unaffordable Prices Hold Back Prospective Home Buyers
A recent Eye on Housing blog post reveals that 56% of home buyers who are actively engaged in the process of finding a home have spent upwards of three months searching unsuccessfully.
What is holding them back? Forty percent say they can’t find a home at a price they can afford and 32% each say they can’t find a home with the features they want or in a neighborhood they want.
The final question in NAHB's Housing Trends Report asks these veteran house hunters, who have been actively searching for a home for at least three months, about their future plans if the right home remains elusive in the months ahead:
- 48% will continue looking for the "right" home in the same preferred location
- 34% will expand the search area
- 23% is willing to accept a smaller/older home
- 19% might buy a more expensive home