According to the National Association of Home Builders (NAHB), from April to June, 55% of home shoppers who were actively seeking to purchase a home were unsuccessful in finding one, even after three months of shopping.
What were the reasons for these people not being able to find a home?
-50% said affordability
-43% said the lack of inventory in the right neighborhood
-40% said they couldn’t find the right home paired with the features they wanted
Of those surveyed, 36% plan on expanding their search radius, 21% are opting to go with a smaller/older home and 16% said they will just have to spend some more money on the home they seek and desire.
According to Housing Wire, almost 65% of homes in the US are over 25 years old and about 50% of the homes in the US need some type of renovation or updating.
If you are struggling to find the right home, the right move might be to purchase one that needs some updating at a discount and leverage Advisors Mortgage’s FIX-IT program to help you, “Fix –it” or update it the way you want it.
Sources:
https://bit.ly/2knNeQj
https://bit.ly/2k1SkOj
By: Jon Iacono