Top 6 Home Buyer Concerns
Rising home prices tops the list of home buyer concerns this year, a shift from last year when nearly half of buyers said their chief concern was the limited number of homes for-sale, according to a new survey of more than 3,500 buyers released by the real estate brokerage Redfin.
In this year's survey, almost 27 percent of respondents cited high or rising home costs as their top concern. Another 17 percent of respondents said they were most concerned about competition from other buyers.
First-time purchasers were especially stressed over rising home costs. Thirty-one percent of first-time purchasers said that higher home costs were their top concern.
The survey identified the following top six home buyer concerns this year:
1.Affordability: "Costs are raising too high" – 27%
2."There's too much competition from other buyers" – 17%
3."There aren't enough homes to choose from" – 14%
4."I need to sell a home first" – 8%
5."I may not have enough for a down payment" – 6%
6."Mortgage rates will go up before I can purchase" – 5%
Last year, the top buyer concern identified was inventory, followed by home prices, competition from other buyers, rising mortgage rates, and home-shopping fatigue.