Buyers ready to finally jump into homeownership may be about to find out that homeownership isn't ready for them. Buyers who tried to purchase a home last year will be headed out on the hunt again this spring buying season, and they will be joined by a completely new crop of prospective buyers, as well. Meaning this spring season might have all the makings for a massive traffic jam of people looking to buy.
According to Realtor.com, this buying season may be the busiest in a decade. Of all the traffic realtor.com is experiencing on their site, 74 percent of it is primarily focused on buying now, a 3 percent increase from last April. Combined with the fact that the website is experiencing record traffic, this higher share of buyers means a record number of buyers looking for homes. In addition, visitors looking for a rental declined three percent to 15 percent of the share.
One thing that hasn’t changed is the list of the biggest reasons preventing people from buying. 41 percent of buyers said they have not yet found a home that meets their needs, while 30 percent of buyers reported they couldn’t find a home within their budget. Another 30 percent said they just started looking and need more time to prepare.