The results are in, and according to the National Association of Home Builder’s (NAHB) Housing Trends Report, 13% of adults in the United States are going to purchase a home or new home in the next 12 months. The poll was taken during the 3rd Quarter of 2018, so that is the time period covered by the survey. These new home buyers and home buyers are unique in the fact that they are taking their time in making a decision about their home purchase. Some buyers reported already taking more than 3 months to look for a home to buy, and they have not found it yet.
What is interesting about this is that these home buyers state that they will not stop looking for a home if it takes longer than expected – less than 20% to be exact. The reasons why they are having trouble finding the exact home they want to buy is that 49% of buyers said that affordability is a factor followed by 40% looking for specific features. 38% of home buyers said that they cannot find the home at the right price with the right features in a neighborhood where they want to live.
During the last quarter of 2017 and the first 2 quarters of 2018, over 50% of home buyers said that they have been looking for the right home for over 3 months. The highest percentage was during the 4th quarter of 2017. One reason also that might be affecting the ability of home buyers and new home buyers to find a home they would like to purchase is that supply has been steadily falling in the housing market of the United States. At this time, it has truly been a seller’s market with demand substantially outpacing supply. Because of this, buyers are reporting that they are getting outbid by eager competitors with bigger resources – approximately 21% of buyers reported experiencing this frustration.
So, what will these home buyers do if they cannot find the right home? 61% of home buyers said that they will continue to look in the same location. 27% said that they will look in a bigger are and 23% said they will accept a smaller or older home if the price, location, and features are right. Just 16% said they may consider a higher price range of home to buy to get what they want. Only 18% said they would give up completely.
If you are experiencing the frustration of finding the perfect home to buy with your exact features in West St. Tammany Parish, the good news is that Ron Lee Homes will be able to help you with your purchase. We can even assist you in finding land on which to build, and we can definitely accommodate most requests for features within your specified budget. If the features you are wanting are not within your price range, we have the experience to recommend work-arounds or other options you may not have considered yet. So, to assist with all of your home buying needs, Contact Ron Lee Homes today at 985-626-7619 or email Info@RonLeeHomes.com.