House-hunters are devoting considerable time to their search, mostly because they can’t find a home at a price they can afford. That and other reasons prospective buyers cited for being unsuccessful in their quest were revealed in the latest Housing Trends Report (HTR) from the National Association of Home Builders (NAHB).
Of the participants in the third quarter report, around 13 percent said they plan to purchase a home in the next 12 months, and nearly half (46 percent) are already actively searching. More than half in this group reported trying to find the right home for three months or longer.
In addition to an affordable price, another top barrier was the inability to find a home with the desired set of features, experienced by four of every 10 home-seekers. Nearly as many (38 percent) said they couldn’t find a home in the right neighborhood. Being outbid was a challenge for 21 percent of prospective buyers.
When those who reported searching for at least three months were asked about plans if their dream house remains elusive in the coming months, the majority (61 percent) will soldier on, saying they’ll continue looking for the “right” home in the same preferred location.
Around 37 percent said they plan to expand their search area, while nearly one-fourth (23 percent) said they would be willing to accept a smaller or older home. Sixteen percent said they might opt for a more expensive home. Only 18 percent said they would give up.
The HTR tracks changes in buyers’ perceptions over time. Pollsters derive data from representative samples of American adults.