This year's spring home buying season is expected to be the busiest ever in 10 years. While more people have expressed their desire to purchase a home this year, many potential homebuyers are still hesitant of buying a new house. What is keeping potential homebuyers from buying a new home?
Buyers are already feeling the effects of the busy spring home buying season. As previously reported here on Realty Today, more buyers and investors are flocking the market in hopes of finding one that fits their wants and needs.
Unfortunately, it looks like current market conditions are stopping potential homebuyers from realizing their dreams of securing a new home for themselves this year. According to Realtor.com, there has been an increase in the number of interested buyers in the market.
The publication noted that 74 percent of visitors are now focused on buying a new home, which was three percent higher than last year's traffic. 45 percent are also serious buyers based on their likelihood to buy and their time frame.
However, current market conditions are posing problems for potential homebuyers. The publication has listed three of the biggest problems that these would-be buyers identified while searching for a new home in the market.
The majority of the participants (41 percent) of the survey said that they are having a hard time finding a home, which suits their wants and needs in a house. This reflects the low inventory of available houses for sale in the market.
Aside from this, 30 percent of the respondents also stated that they cannot find a house that fits their budget. As the inventory of houses in the market reaches its lowest and the demand for available homes rises, selling prices of homes would also increase.
Another 30 percent of would-be homebuyers also identified that they will need more time to prepare themselves before they purchase a new house. The publication also noted that there was an eight percent increase in interested millennial buyers this year.
