In the last quarter of 2018, 58 percent of homebuyers were actively looking for three months or longer. New data show that home prices are the primary obstacle in their search.
According to the National Association of Home Builders' Housing Trends report (HTR), 49 percent cited price as the main driver pushing them to wait to buy, while 44 percent say they couldn't find the home features they want, and 43 percent couldn't find a home in their neighborhood of choice. In the future, 63 percent of shoppers say they will keep looking for the "right" home in their preferred market, and 44 percent will expand their search area.
Giving up on homeownership is the least likely outcome, as only 16 percent will stop trying to find a home. Future polls will determine how this propensity to postpone homeownership will change, if at all, given the ongoing affordability challenges buyers continue to face.
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