flexiblefullpage - default
Currently Reading

Affordability Tops List of Reasons for Homebuying Difficulties

Affordability

Affordability Tops List of Reasons for Homebuying Difficulties


August 16, 2021
home search online
Photo: Song_about_summer | stock.adobe.com

Many buyers who have actively searched for a property over the course of three or more months cite affordability as the primary reason they have yet to purchase. The National Association of Home Builders’ Housing Trends report found 39% of active buyers blame the inability to find an affordable home, a change from the past two quarters where buyers cited getting outbid by other offers as the primary hurdle. A large chunk of buyers still cite getting outbid as a challenge. If these buyers cannot find a home within the next few months, 43% say they would expand their search area and 42% will stick it out.

More buyers expanding the area where they are searching for a home is linked to the increasing ability of many workers to work remotely from home, thus severing the need to be in close proximity to office space.

Meanwhile, after reaching a series high of 28% in the final quarter of 2020, the share who are likely to give up their home search until next year or later has declined for two straight quarters, falling to 20% by the second quarter of 2021.

Read More
 

Related Stories

New-Home Sales

Incentives Won’t Be Enough to Keep Buyers in the Game as Housing Shortage Grows

Builders are offering incentives to prospective buyers to hold on to what little demand remains, but as supply drops and housing costs grow, sales continue to slow

Economics

Has Inflation Already Peaked? July CPI Report Reveals Stagnant Growth

After plateauing in July following consistent gains throughout much of 2022, the most recent Consumer Price Index has some experts wondering if the worst of an inflation storm is already behind us

Financing

Buyers Make a Minor Comeback as Mortgage Rates Dip at the End of July

Refinancing activity surged slightly during the first week of August following a drop in 30-year fixed-rate mortgages at the end of July

Advertisement
boombox1 -
Advertisement
native1 - default

More in Category




Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.