7 Serious Worries of Today’s Home Buyers
This year’s home-buying
season looks nothing like last year’s. With mortgage rates and home prices rising, the best deals
are long gone. Furthermore, there are fewer homes for sale now than one year
ago. To what lengths will desperate house hunters go to snag the house of their
dreams, and what are they most worried about? To get the answers to these
questions, Trulia worked with Harris
Interactive to conduct an online survey of 2,029 U.S. adults between June 24-26,
2013.
What did we learn?
Prospective home buyers are
worried. For many the pain of a booming real
estate market translates into serious, potentially immobilizing, anxiety.
As an agent, you need to know the fears and concerns you’re up against. So,
here’s the list of serious buyer concerns and how they measure up. We hope
you’ll find the data helpful as you’re counseling and selling this summer.
The List
The top worry among all survey respondents who might buy a home someday is that mortgage rates will rise further before they buy (41%), followed by rising prices (37%).
In the hottest markets –
those where asking home prices rose more than 15% year-over-year like Las Vegas and Oakland – buyers’ worries are even
more intense. In those areas, potential house hunters have heightened concerns
about continued price increases, competition from other buyers, and having to
decide quickly on a home before it gets snapped up. The only thing that people
in the hottest markets worry about less than people in the rest of the
country is qualifying for a mortgage.
While rising mortgage rates are the top concern for people if they were to
buy a home within the next year, people actually planning to buy within the
next year have another main worry: finding a home they like. Tight inventory
means slim pickings for buyers. Even though inventory is starting to expand, and
rising home prices should bring more for-sale homes onto the market, people who
actually want to buy within the next year are feeling the pressure of competing
buyers and limited inventory.
House Hunting Worries | |||
Overall
|
In hottest markets
|
Planning to buy in next 12 months
| |
Mortgage interest rates would rise before I buy
|
41%
|
45%
|
43%
|
Home prices would rise before I buy
|
37%
|
42%
|
38%
|
I would not find a home for sale that I like
|
36%
|
38%
|
43%
|
I would not qualify for a mortgage
|
30%
|
25%
|
25%
|
I would have to compete with many other buyers for the home I
wanted most
|
27%
|
33%
|
32%
|
Home prices would fall after I buy
|
25%
|
30%
|
21%
|
I would have to decide on a home very quickly because homes for
sale are not staying on the market for long
|
19%
|
26%
|
30%
|
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