Homebuyers have grown increasingly worried about affordability this summer, real estate broker Redfin reported on Thursday. Affordability concerns are especially acute among millennials, many of whom worry about being able to make a down payment.
According to an article posted by GlobeSt.com sister publication, ALM's Think Advisor, some 28% of homebuyers in a national survey, asked what their biggest concern about the housing market was, said prices were too high or were rising. Redfin said in a statement this was the largest percentage to cite the affordability concern in more than a year.
Other worries paled by comparison. Thirteen percent of respondents complained about too much competition from other buyers, and 12.4% about lack of inventory to choose from.
Only one in 10 said they had no major concerns.
Redfin noted that in previous surveys, the second- and third-most cited concerns made up a significantly higher percentage of total responses, indicating that affordability was gaining prominence as buyers' chief concern.
Among millennials, affordability concerns were even more acute. Thirty-three percent cited it as their top concern, and 10% said they might not have enough money for a down payment. Only 7% said they had no concerns about the process.
To read more about the survey, check out the full story by clicking here.
Homebuyers have grown increasingly worried about affordability this summer, real estate broker Redfin reported on Thursday. Affordability concerns are especially acute among millennials, many of whom worry about being able to make a down payment.
According to an article posted by GlobeSt.com sister publication, ALM's Think Advisor, some 28% of homebuyers in a national survey, asked what their biggest concern about the housing market was, said prices were too high or were rising. Redfin said in a statement this was the largest percentage to cite the affordability concern in more than a year.
Other worries paled by comparison. Thirteen percent of respondents complained about too much competition from other buyers, and 12.4% about lack of inventory to choose from.
Only one in 10 said they had no major concerns.
Redfin noted that in previous surveys, the second- and third-most cited concerns made up a significantly higher percentage of total responses, indicating that affordability was gaining prominence as buyers' chief concern.
Among millennials, affordability concerns were even more acute. Thirty-three percent cited it as their top concern, and 10% said they might not have enough money for a down payment. Only 7% said they had no concerns about the process.
To read more about the survey, check out the full story by clicking here.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
