There is no denying that today’s market presents certain challenges for Buyers!
But what, exactly, is the biggest challenge Buyers are facing today as they try to find and buy their homes?
The National Association of Home Builders recently conducted a survey of potential home Buyers who have actively been searching for a home for at least three months. According to the survey, in Q2 2021, 66 percent of those potential Buyers have been unable to successfully purchase a home.
The biggest reason behind their inability to successfully buy a home? Out of reach home prices. 39 percent of Buyers cited an inability to find an affordable home as the reason they had not successfully purchased a home—a change from Q4 2020 and Q1 2021, when potential Buyers cited bidding wars as the biggest obstacle on their path to homeownership.
So, what does this mean for you? If you are thinking about buying a home, understanding the challenges facing Buyers in today’s market can help you prepare for those challenges—and that extra preparation can help you better navigate those challenges as you search for your home.