According to the National Association of Home Builders (NAHB), high prices are the main reason 63% of buyers actively seeking to purchase a house in the 2nd quarter of 2022 spent 3+ months without closing on their dream home. The second most common reason was getting outbid by other buyers, followed by not being able to find a house in a good neighborhood or a home with specific features.
When asked what they are most likely to do next if still unable to find a home in the next few months, 46% of active buyers searching for 3+ months said they will continue looking for the ‘right’ home in the same location (down from 52% a quarter earlier); 38% will expand their search area (unchanged), 30% will accept a smaller/older home (up from 20%), and 26% will buy a more expensive home (up from 19%)
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