SEATTLE--(BUSINESS WIRE)--One in four homebuyers is looking to purchase because their rent is too high, according to survey of 750 buyers, conducted by Redfin (www.redfin.com), the next-generation real estate brokerage.
That number is up from one in five homebuyers in November, and up from one in eight last August. The only factor more frequently cited as most influential in the decision to buy was a major life event, such as the birth of a child, which was chosen by 29 percent of homebuyers.
Even as many buyers look to escape high rents, they’re finding similar challenges with buying. Twenty-five percent of respondents cited affordability as their top concern, though inventory woes are gaining attention. Twenty percent of buyers worried there weren’t enough homes to choose from and 16 percent said there was too much competition from other buyers. Fifty-three percent of respondents anticipate that home prices will rise in the next six months.
Two-thirds of respondents said that mortgage rates are important or very important in their decision to buy. With the Federal Reserve’s December rate hike in the rearview mirror, buyers are now more confident that rates will stay roughly the same. Only 10 percent felt they would increase significantly, compared to 14 percent in November.
About the Survey
Redfin’s survey was conducted between Feb. 10 and Feb. 15, and includes responses from 750 homebuyers in 36 states and Washington, D.C.
To read the full report, please visit: https://www.redfin.com/blog/2016/02/one-in-four-homebuyers-cites-high-rent-as-reason-for-buying.html
Connect with Redfin
Redfin (www.redfin.com) is a next-generation real estate brokerage that represents people buying and selling homes. Founded by technologists, Redfin employs a team of experienced, full-service real estate agents who are advocates for their clients, earning customer-satisfaction bonuses, not just commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don’t pay brokers a commission. Redfin also offers online tools, built by its own software engineers, that make the entire process of buying or selling a home easier. The company serves more than 80 major markets across the U.S. and has closed more than $25 billion in home sales. In 2014, Redfin was included in CNBC’s Disruptor 50 list as an innovator that is revolutionizing the real estate industry.
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