The National Association of Home Builders (NAHB) has just completed a deeper dive into their Housing Trends Reports (HTR) for the first quarter of 2020. The findings are based on buyers who have been searching for a new home, unsuccessfully, for the past 3- months. They make up ~ 56% of the total number of survey participants. The HTR asked ‘what is holding you back?’ 40% said they could not find a home at a price they can afford. 32% said they could not find a home with the features they wanted, or in a specific neighborhood. Finally, the NAHB asked these HTR survey participants what their plans are regarding their house hunt, if the right home remained unattainable. 48% said they will continue looking for the ‘right’ home in the same preferred location. 34% they will expand their search area. 23% said they would be willing to accept a smaller/older home. While 19% said they might buy a more expensive home.
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Unaffordable Prices Hold Back Prospective Home Buyers