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September 10, 2015

Top 5 Concerns of Potential Homebuyers

Home Sales Classifieds

What's the biggest concern about buying a home? Redfin posed that question to more than 3,500 households. Here are this year's top five:

  1. Affordability, rising prices (27%)
  2. Competition (17%)
  3. Availability (14%)
  4. Need to sell current home (8%)
  5. Down payment (6%)

The results seem to reflect that more households are in a better position to consider a home purchase. At the same time, though, recent price increases bite into affordability.

In comparison, almost half of last year's respondents cited lack of inventory as their main concern. Also, home prices and competition weighed less heavily on homebuyers' minds than they do today.

Top five in 2014:

  1. Availability
  2. Affordability
  3. Competition
  4. Rising mortgage rates
  5. Tired of house hunting

Rising interest rates was a worry that unexpectedly eased this year as rates have settled down again – at least for now. And more homebuyers suffered shopper's fatigue last year than this. Perhaps reflecting the downshift this year in concern about available inventory.

For all of the findings, read Redfin's Real-time Market Sentiment survey results.

Explore My Home by Freddie MacSM for information and tools to help you with the homebuying process.

Wonder what's on renters' minds? Check out Freddie Mac Multifamily's latest renter research results.

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