Buyers Blame Bidding Wars for Lack of Market Success – Pro Builder

Each day, our editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Low affordability, lack of supply, and competitive bidding wars are keeping prospective buyers at bay.

Low affordability, lack of supply, and competitive bidding wars are keeping prospective buyers at bay.
After a competitive year for the housing market, those still searching for a home are reporting bidding wars as the top reason for their lack of home buying success. A report by the NAHB’s Eye on Housing shows that the majority of prospective buyers are turned away by bidding wars making it difficult to secure a home at an affordable price.
For only the third time in this series history, the top reason these long-time searchers haven’t pulled the trigger is not because they can’t find a home at an affordable price (36%), but because they keep getting outbid by other offers (45%). At the start of this series, in the first quarter of 2018, only 18% blamed bidding wars for their home buying woes.
When asked what they are most likely to do next if still unable to find a home in the next few months, 49% of active buyers searching for 3+ months in the third quarter of 2021 said they will continue looking for the ‘right’ home in the same location, up from 42% a quarter earlier. The share that will accept a smaller/older home also rose during this period, from 24% to 29%.
Read More
Why the lumber firm is anticipating market strength over the next decade
How a monumental labor shortage is affecting the housing market
SmartAsset reveals the top ten cities making a post-pandemic recovery.
For home builders, transitioning to off-site building methods requires an operational overhaul
Building homes in a factory solves a lot of problems for home builders, developers, and investors in the booming build-to-rent segment
Don’t overlook this critical process for transforming bare dirt into sellable product
Stop to consider how COVID-19 has forever changed your business
By creating an account, you agree to Pro Builder’s terms of service and privacy policy.
Each day, Pro Builder’s editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.
Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.
Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:
Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.
You’ve read 2 premium stories this month. Subscribe for unlimited access.
Get Pro Builder in your inbox. Sign up today!

source

Leave a Reply

Your email address will not be published.