Home Buyers and Sellers Changing Plans due to Inflation and High Energy Costs

Redfin, the Seattle-based, technology-powered real estate brokerage firm today (12-29-21) reported the results of a survey they commissioned of Americans who are planning on purchasing or selling a home in the next 12-months. Seventy-three percent of the potential home buyers and sellers indicated that inflation is influencing their future plans. Twenty-nine percent said they were delaying their home buying plans. While 24% said they were accelerating their plans and 11% said that they were canceling their plans altogether.

On the sell side, 10% of respondents said that inflation is causing them to move up their sales plans. While 7% said they were delaying and 3% they were canceling the plans on selling their homes.

The report also indicated that energy costs are impacting buyers and sellers plans as well. With three-quarters of respondents saying that the rising cost of home energy is impacting their homebuying or selling plans. Specifically, 36% of respondents said they plan to add energy-saving features to their home, 33% plan to move to a more energy-efficient home and 15% plan to move to a smaller home.