Fifty-five percent of prospective home buyers who were actively searching for a property to purchase in the second quarter of this year say their house hunts were unfruitful for three months or longer, according to a new survey from the National Association of Home Builders.
The survey respondents cite numerous reasons for their failed home searches, including being unable to find a home at a price they can afford (50%); not being able to find a home in their neighborhood of choice (43%); and not finding a home with the features they want (40%). The share of buyers who consider high prices their biggest barrier to homeownership has increased 5 percentage points from a year ago.
The good news is the majority of prospective buyers who report an unsuccessful home search say they plan to keep looking until they find their dream home, according to the NAHB survey.
- 62% say they will continue looking for the “right” home in their preferred location.
- 36% say they are expanding their search area.
- 21% are willing to accept a smaller or older home.
- 16% say they might consider buying a more expensive home.
- Only 16% of respondents say they are putting off their house hunt until next year or later.
Source:
“Unaffordable Prices Hold Back Prospective Home Buyers,” National Association of Home Builders’ Eye on Housing blog (Sept. 5, 2019)
