Residence patrons haven’t solely struggled to cope with double-digit worth hikes; they’re additionally having issue buying houses due to bidding wars. For under the third time within the historical past of NAHB’s Housing Tendencies Report, the highest purpose patrons are struggling to purchase a house is as a result of they’re getting outbid (45%).
For reference, within the first quarter of 2018, solely 18% of potential patrons indicated that bidding wars had been a problem of their home-buying course of.
Affordability stays a priority (36%), together with discovering a house in the appropriate neighborhood and desired options. Practically half of patrons (49%) indicated, although, that if they’re unable to discover a dwelling within the subsequent few months, they are going to proceed trying to find the “proper” dwelling in the identical location. Virtually 30% mentioned they might even be keen to purchase a smaller or older dwelling, up from 24% the earlier quarter.