October 21, 2016

Top 6 Home Buyer Concerns

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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.

Read more: Home Prices Reach an All-Time High

In this year's survey, nearly 27 percent of respondents cited high or rising home prices as their top concern. Another 17 percent of respondents said they were most concerned about competition from other buyers.

First-time buyers were particularly worried about rising home prices. Thirty-one percent of first-time buyers said that higher home prices were their top concern.

The survey identified the following top six home buyer concerns this year:

  1. Affordability: "Prices are rising 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 might not have enough for a down payment" – 6%
  6. "Mortgage rates will go up before I can buy" – 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.

Source: "Home Prices Weigh Heavily on Buyers as Mortgage-Rate Worry Recedes," Redfin Research Center (Aug. 19, 2015)