Prices proved to be the biggest obstacle for would-be home buyers. Of buyers who have been looking for at least three months, 45% said they can’t find a home at a price they can afford.
Nearly a third (32%) of frustrated buyers also said not being able to find a home with the features they want was an important factor. Not finding a home in their preferred neighborhood was cited by 30% of unsuccessful buyers as the reason for the delay.
Researchers for the National Association of Home Builders also asked house-hunters who have been actively searching for at least three months about their future plans if the right home remains elusive.
More than half (52%) indicated they will continue looking for the ‘right’ home in the same preferred location. More than a third (35%) said they will expand the search area. Sixteen percent reported a willingness to accept a smaller/older home, while 9% said they might buy a more expensive home. Giving up on homeownership until next year or later was the likely next step for 15% of survey respondents.
Data on unsuccessful home buyers are collected quarterly as part of NAHB’s Housing Trends Report (HTR). The report tracks changes in buyers’ perceptions.