Homebuyers are growing increasingly exhausted and discontent with today’s competitive housing market.
Housing Consumers Feel Stuck with Their Current Property
In a new survey of more than 2,100 people nationwide by Mphasis Digital Risk, an origination, risk, compliance, and technology services company for residential real estate lending, 53% of housing consumers feel “stuck” in their current home because buying another home would be too expensive.
Another 52% of these survey respondents are feeling “anxious and/or sad” due to the combination of record-high home prices and historically low inventory.
On top of that, 25%+ of respondents said that they were concerned about selling their house only to have to “settle” for another home that was not as good/nice as the one they currently own.
Jeff Taylor, co-founder and managing director of Mphasos Digital Risk,said, “The economy is bouncing back and interest rates are near all-time lows but homebuyers are finding that low inventories and high prices are leaving them with few choices. That takes a toll on people, and 16 months after the start of the pandemic, people are emotionally drained.”
Survey respondents were pretty evenly split, 49% yes and 51% no, on whether or not they would consider buying a high maintenance fixer upper. Just 20% of survey respondents said they would consider buying a 3D-printed prefab or modular home and 16% said they’d consider buying a tiny home.
Despite the cultural shift towards environmental consciousness, 42% considered homes made with sustainable material and designed for energy efficiency to be “somewhat important” while only 28% said sustainable, efficient homes were “very important.”
Most homeowners, 70% of them, do not want to consider opening a line of credit against their now record-high home equity even if that equity would be dedicated to making an addition/improvement to their current home that would help them feel less “stuck.”
Just 10% of survey respondents would use any proceeds from their cryptocurrency assets to supplement savings to buy a new home; just 9% would use their cryptocurrency assets to help pay for a home improvement/addition.
Agents: Pay Attention to Home Shoppers’ Biggest Fears
According to this Mphasis Digital Risk survey, home shoppers’ biggest fears in this overly inflated housing market include:
- Remaining “stuck” and not interested in buying – 33.6%
- Being forced to “settle” if they were to buy – 26.4%
- Loss of income/unable to pay – 21.4%
- Being outpriced – 18.6%
Thanks to Mphasis Digital Risk and National Mortgage News.