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The Barriers to Buying a Home

first_img Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Home / Daily Dose / The Barriers to Buying a Home Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Sign up for DS News Daily Tagged with: Affordability Agents Budget Home Homebuyers HOUSING Mortgage Rates Owners.com Finding the right home is proving to be more difficult than it seems, according to a new survey by Owners.com.The survey of 1,800 consumers who recently bought a home revealed that this was one of the reasons why many recent homebuyers were also surpassing their budget. Nearly half (49%) of the respondents said that finding the right home was a challenge for them.As far as generations were concerned, millennials found it least difficult to find the right home, while 52% of Gen-Xers and 56% of baby boomers found it more challenging, the survey found. However, millennials found it more difficult to save for a down payment on the home compared to the older generations. In fact, 21% of millennials said that this was the most difficult aspect of buying a home compared with 15% Gen-Xers and 6% baby boomers.“It’s not surprising that recent homebuyers find it challenging to find the right home: many markets are still seller’s markets, and buyers often need to decide very quickly whether they should outbid the competition,” said Dario Cardile, VP, Growth at Owners.com. “When possible, homebuyers should work with brokerages that can capture their preferences effectively, and help them find their best match homes quickly. The key is providing buyers with the right information, a customized approach and the guidance of smart agents so they can find their dream home at the right price.”When it came to budgets, the survey revealed that more than one-third (38%) of respondents surpassed their budget, compared to 32% surveyed in 2018. These recent homebuyers exceeded their budget by $20,000 on average, a significant increase from 2018’s $16,510.However, it found that millennials tended to be more frugal in their spending than the older generations. In fact, 39% of the Gen-Xers surveyed went over budget by $35,000, while 27% of baby boomers went over budget by $25,000. Comparatively, while more millennials went over budget, they spent significantly lesser than last year.While 46% of millennials went over budget, by $12,000 on average, the amount was lesser than the $24,545 recorded for 40% millennials in 2018.Looking at the 2019 homebuying season, the survey found that affordability was the biggest barrier for homebuyers. When asked what they foresee as the biggest issues facing homebuyers this year, 41% of respondents stated affordability followed by rising interest rates (25%), buyer competition (12%), finding the right home (11%), and housing supply (10%). The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago May 27, 2019 2,373 Views The Barriers to Buying a Home About Author: Radhika Ojha Affordability Agents Budget Home Homebuyers HOUSING Mortgage Rates Owners.com 2019-05-27 Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Ask the Economist: Moody’s Analytics’ Andres Carbacho-Burgos Next: Exercising Caution in Property Preservationlast_img read more

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