More Prospective Homebuyers Frustrated
How long have you been searching for your new home? The latest Housing Trends Report from the National Association of Home Builders (NAHB) suggests that you've been looking for a while and may be getting frustrated in the process. You may be coming down with the homebuyer's blues.
Potential homebuyers are being squeezed in multiple directions. The supply of affordable homes remains tight while home prices are rising. According to CoreLogic, home prices in December 2018 rose by 4.7% above the previous year, outpacing wage gains. Over the same time period, the Bureau of Labor Statistics (BLS) shows real (inflation-adjusted) wages only increased by 1.2%.
Add the threat of future interest rate hikes, and it's easy to see why potential homebuyers are frustrated. The Housing Trends Report reflects that growing frustration. Approximately 72% of NAHB survey respondents expect their home search to get harder in the coming year, compared to 65% who felt that way last year....
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