According to a Redfin survey, fewer home buyers are worried about inventory during 2Q 2015, with most still worrying about affordability and competition moving into second place. Redfin staffer Alex Starace explains how buyers fears of competition are justified with 60% of Redfin offers facing competition in May.
Despite costs and competition, home buyers are still looking to enter the housing market especially those struggling with high rent payments. Redfin's survey shows that about one-in-four home buyers cited high rents as their reason for house hunting:
“Landlords are well aware of rental demand, particularly in popular neighborhoods. I’ve seen 3 to 5 percent rental price increases this year in Chicago. Clients tell me the higher the rent becomes, the less desirable their apartment becomes,” said Redfin agent Marcus Rolle.