With news of rising interest rates and a possible recession on the horizon, it might seem the real estate market could expect prospective home buyers to back off their search and wait for a better time to buy a home. However, according to Realtor.com, a new survey reveals that there are still many who plan to buy a home despite the current economic news.
The article summarizing this survey, published in Realtor.com, states, “… nearly 46% of would-be house buyers polled said they’re planning to go ahead and purchase a home in the next six months, even though recession fears are weighing on prospective buyers. That’s higher than the share of buyers who planned to buy in July 2019.”
Coming out of a red hot seller’s market, some of these would-be home buyers are feeling relief from soaring competition for homes over the summer. Additionally, these home buyers are looking to purchase homes in smaller or rural towns, offering better affordability. Overall, the median price of homes in the U.S. dropped $15,000 since June 2022. House hunters may, therefore, have a chance to find a home within their budget.
Of course, some buyers will still face challenges, such as credit score issues impeding the mortgage application process, finding homes within their budget and still, possibly, being outbid on their dream home.
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