NAHB’s most recent Housing Trends Report found that 54 percent of active homebuyers have been trying to find the right home for three months or longer.
The Eye on Housing blog reports that 13 percent of adults plan to purchase a home in the next 12 months, and 46 percent of that group is already actively looking. The majority of active buyers have faced difficulty finding a home in under three months, due to reasons like high costs (49%), a lack of desired features (40%), and a lack of homes in the right neighborhood (38%).
And finally, a critical question: what are these veteran house hunters, who have already actively looked for at least three months, going to do if their dream house remains elusive in the months ahead?
- 61% will continue looking for the ‘right’ home in the same preferred location
- 37% will expand the search area
- 23% is willing to accept a smaller/older home
- 16% might buy a more expensive home
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