One in four home buyers say they want to buy a home because their rent is too high, according to a new survey by the brokerage Redfin of 750 home purchasers. The number of home buyers citing high rents as a main motivation to buy is rising – up from one in eight last August.
Still, affordability remains the chief concern on home buyers’ minds. Twenty percent are concerned about the limited number of homes for sale – also on the rise. Sixteen percent are concerned about too much competition from other buyers – a five percentage jump over last quarter, according to Redfin’s survey.
Home buyers are also braced for home prices to rise in the coming months. Fifty-three percent say they anticipate prices will rise soon compared to 48 percent of previous survey respondents from last quarter. But mortgage rates remain important to them. Sixty-seven percent of buyers said mortgage rates were important or very important motivators in their purchase decisions.
Some industry experts are saying that the housing market may be headin
"I wholeheartedly recommend Elena Richey! Elena has been my agent with both selling and purchasing property. My experience has been simply outstanding! She is professional, thorough, and she had my absolute trust, which is invaluable. She'll take great care of you! You will love her!"