The House Hunt Won’t Be Easy, Prospective Buyers Say

November 14, 2019

Home buyers are realistic about housing shortages and aren’t expecting their home search to be easy. Sixty-eight percent of prospective buyers recently surveyed say they expect housing availability to get more difficult or stay the same, a new survey from the National Association of Home Builders shows.

The majority of surveyed buyers—59%—are perceiving fewer or the same number of homes for sale, not much different from a year ago, the survey shows.

Older buyers are more likely than younger buyers to expect worsening housing availability, the survey shows. Seventy-four percent of baby boomers believe that, compared to 67% of Gen Xers, 66% of millennials, and 64% of Gen Z buyers.

At least two-thirds of buyers in every region expect their home search to get more difficult or to stay about the same. Prospective home buyers in the West are the most likely to say their home search will get more difficult or stay the same (at 72%) while buyers in the Northeast and South regions were slightly more optimistic (both at 66%).

Source: 
A Minority of Home Buyers Expect House Search to Get Easier Soon,” National Association of Home Builders’ Eye on Housing blog (Nov. 12, 2019)