Homebuyers are now searching for their ideal home for an increasing amount of time. The main hold-up? They cannot find the right home at a price they can afford, according to NAHB’s Housing Trends Report. The next most popular reason is that they cannot find a home with the features they want or in a neighborhood that they want. Though a majority of buyers are spending at least a quarter of a year or more on the search, they are determined to find the right one, with just under half saying that they will continue to look for the right home in the right location.
As revealed in a previous post, 56% of buyers who are actively engaged in the process of finding a home have spent upwards of 3 months searching unsuccessfully. What is holding them back? 40% say they can’t find a home at a price they can afford and 32% each say they can’t find a home with the features they want or in a neighborhood they want.
The final question in NAHB’s Housing Trends Report asks these veteran house hunters, who have been actively searching for a home for at least three months, about their future plans if the right home remains elusive in the months ahead:
48% will continue looking for the ‘right’ home in the same preferred location,
34% will expand the search area,
23% is willing to accept a smaller/older home,
19% might buy a more expensive home
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