Hard times in the home buyer market
Just 20% of prospective home buyers looking to purchase a home within the next year expect the search to get easier in the months ahead, according to the third quarter 2018 Home Trends Report from the National Association of Home Builders.
And nearly 70% of potential home buyers believe housing hunting will become even more difficult or remain at the current level of difficulty. Only 19% of survey respondents believe finding the right home will get easier.
A lack of affordable housing – particularly for first-time home buyers – has been one of the catalysts behind pushing up the prices of homes in the past year.
The Housing Trends Report (HTR) measures prospective home buyers’ perceptions about the availability and affordability of homes for sale in their markets. All data are derived from national polls of representative samples of American adults conducted for NAHB by Morning Consult. The report is released quarterly to track changes in buyers’ perceptions over time.
Among survey respondents most likely to buy a home within the next 3 months, Millennials lead the pack at 19% followed by Generation X buyers at 13%. Additionally, most prospective buyers in the third quarter, or 58%, are first-time buyers with 75% of Millennials planning a home purchase within a year being first-time buyers.
Across all generations, including seniors and Baby Boomers, an existing home would be the first choice for more than 40% of buyers with just 20% of Millennials looking for a new home.
And nearly 70% of potential home buyers believe housing hunting will become even more difficult or remain at the current level of difficulty. Only 19% of survey respondents believe finding the right home will get easier.
A lack of affordable housing – particularly for first-time home buyers – has been one of the catalysts behind pushing up the prices of homes in the past year.
The Housing Trends Report (HTR) measures prospective home buyers’ perceptions about the availability and affordability of homes for sale in their markets. All data are derived from national polls of representative samples of American adults conducted for NAHB by Morning Consult. The report is released quarterly to track changes in buyers’ perceptions over time.
Among survey respondents most likely to buy a home within the next 3 months, Millennials lead the pack at 19% followed by Generation X buyers at 13%. Additionally, most prospective buyers in the third quarter, or 58%, are first-time buyers with 75% of Millennials planning a home purchase within a year being first-time buyers.
Across all generations, including seniors and Baby Boomers, an existing home would be the first choice for more than 40% of buyers with just 20% of Millennials looking for a new home.