Challenges for Home buyers

Top Challenges Home Buyers Face in 2017

There will be some challenges to overcome for home buyers this year.

Low Inventory – Simply not enough homes for sale for all searching buyers. Last month active inventory dropped 11% nationwide. So 2017 started off with record low inventories. High Prices – Due to the competitive market home prices are moving to record highs. Mortgage Rates Rising – As the rates continue to rise buyers are feeling a sense of urgency to buy and lock in their rates now before further increases making demand intense. Worried First Time Buyers; Rushing Repeat Buyers – First time buyers are beginning to shy away from the market though with current mortgage rates in most markets it is still cheaper to buy than rent. Affordability is the top concern of first time home buyers. Repeat buyers are rushing to buy now before rates and prices increase any further.