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Showing posts from September, 2016

HOMEBUYERS GETTING MORE ANXIOUS ABOUT AFFORDABILITY

HOMEBUYERS GETTING MORE ANXIOUS ABOUT AFFORDABILITY Source: Investors Business Daily Homebuyers in the U.S. are growing more anxious about their ability to afford a dwelling of their own, and that's especially true of millennials, says a new survey from Redfin. Another concern they have is high rent, with nearly half of first-time homebuyers surveyed saying that it pushed them into the housing market. And while low inventory was blamed as a major factor in July's drop in sales of existing homes, that was third on the list of homebuyers' worries, after affordability and competition from other shoppers. Making sense of the story In previous surveys, the second- and third-most cited concerns made up a far higher percentage of total responses. Last year it was 31.4 percent, while in May it was 33.5 percent. In other words, affordability is gaining prominence as the number one concern among buyers.  Among the 1,887 homebuyers participating in the Redfin survey, those who sa