Redfin was out Friday with resuts of a survey of home buyers that reported the concerns they have about the real estate market.
Affordability is the main concern keeping home buyers up at night, according to a survey of 975 buyers conducted this month by Redfin (www.redfin.com), the next-generation real estate brokerage.
One in four respondents cited affordability as their top concern in buying a home, making it the most common response. Competition was the next-most common worry, cited by one in five home buyers, a number that has increased from one in 10 in November. These concerns are justified: last month home prices were up 5 percent from a year ago, and 60 percent of Redfin offers have faced competition thus far in May.
Many of those looking to buy are fleeing an expensive rental market. About one in four home buyers surveyed this month cited high rent as their reason for house hunting, a significant jump since last summer.
The change is attributable to first-time buyers. In the most recent survey, more than fifty percent said high rent led them to the market, as compared to only 25 percent of first-timers in August.