‘Homebuyer Burnout’ to Blame for Slower Sales—How Much Longer Will It Last?

In an era of fierce competition, rising prices, and all-cash offers, finding and successfully purchasing a for-sale home is far easier said than done. As a result, “homebuyer burnout” is causing some house hunters to slow their search or to throw in the towel altogether. In February, a monthly survey from Fannie Mae found that just 17% of respondents thought now is a good time to buy compared with 82% who said now is a bad time to buy. Sales are slowing and homes are spending more time on the market, but for how much longer?

The housing market is on the cusp of a spring upswing, but despite that boost from seasonality, homebuyer activity hinges on mortgage rates in the year ahead, Realtor.com reports.

“I do see fatigue,” says Chris Crook, an agent with Flyhomes in Seattle. But where many would-be buyers are fatigued after many attempts at a purchase, plenty of homeowners are fatigued just making the decision to sell or not.

Crook says many are kicking themselves for not taking advantage of stronger market conditions—higher prices, lower mortgage rates—that were prevalent last year.

But with everyone burned out, is it possible that things just might get better? This will depend a bit on where mortgage rates go. And seasonally at least, we’re at the brink of the spring upswing, where buyers renew their resolve to find a house and get out there.

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