Some home buyers waiting on the sidelines for market dip

Some home buyers waiting on the sidelines for market dip

Some home buyers waiting on the sidelines for market dip
The hyper-competitive housing market has been discouraging for some house hunters, so much so that a new survey shows that many are putting their search on hold for now. A new survey of 850 consumers from Opendoor shows that nearly four in 10 Americans who are looking to buy a home in the next year are temporarily stopping their current search.

The reasons so many home buyers are temporarily halting their search for a new place to live vary but uncertainty regarding the future of the housing market, COVID-19 concerns and rising prices top the list. Thirty-five percent of respondents who say they are holding off on making a home purchase say they are doing so because current market conditions are intimidating and 24 percent say there simply aren’t enough homes for sale.

Although some buyers are choosing to wait to see if the housing market cools off, others are finding conditions are starting to improve, including a slight increase in housing inventory, more sellers being willing to negotiate and favorable mortgage rates. Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.