BASE. According to a new survey of prospective home buyers by News, 83.7% of respondents face significantly higher prices where they expect to buy.
In today's market, homes are scarce and prices continue to rise. More worrying for people, however, is the affordability of homes, not their availability. The survey revealed that 37% of respondents were more concerned about finding a home they could afford, while 26.9% were more concerned about finding a home they liked. A large proportion of respondents (35%) are concerned about both affordability and availability.
To have a chance at a successful property purchase, many buyers are proactive: 51.2% of respondents save to make an extra large down payment, while 39.3% get pre-approved for a mortgage so they can bid quickly. .
Additional survey information:
Almost two-thirds (64.9%) of respondents expect to spend $400,000 or less on their home.
48.2% of respondents still expect to make an offer for a house; 6.7% of respondents received an offer that was rejected in the last month.
The most common reason (31.9%) people want to buy a house is for personal or family reasons.
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