There is a lot to consider before making the decision to purchase a new home. Some of the main worries among Americans, especially Millennials, is that home prices will rise before they buy, they will not be able to get a mortgage, mortgage rates will rise before they buy, and home prices will fall after they buy. And while these are all valid fears and things to consider before pulling the trigger on a new home, there is another worry that has raised above all the rest, according to Trulia.
More Americans are worried they will not be able to find a home for sale that they like, 30 percent, than any other fear associated with purchasing a new home according to an online survey conducted by Harris Poll on behalf of Trulia. For Millennials, an even larger share is worried about not being able to find a home that they like, as 37 percent of people ages 18 to 34 said it was their biggest worry associated with home buying.
For all Americans, this is an increase of 4 percent from September 2015 when 26 percent of respondents said their biggest fear was not being able to find a home they liked. The share of Millennials grew even more, by 7 percent, from 30 percent in September 2015 to 37 percent in June 2016.
The next biggest worry, for the entire American population as well as for Millennials, was the inability to get a mortgage. However, the share of people who are worried about this has actually dropped from the September 2015 numbers. The share of all Americans dropped from 26 percent to 24 percent and the percentage of Millennials dropped from 36 percent to 34 percent over this same time period.
Additionally, 40 percent of respondents believe mortgage rates will change over the next six months. 37 percent believe they will increase while only 2 percent believe they will decrease. Another 24 percent said rates will stay the same and 37 percent said they were unsure what mortgage rates will do over the next six months.
For the complete results of the survey, follow the link below.
