There’s no denying that the 2021 real estate market has been frustrating for many buyers—and that frustration is causing some buyers to give up on their home search altogether.
But what is it about today’s market that’s making buyers take a step back from searching for a home?
The Opendoor 2021 Report: Achieving The Dream, which surveyed 850 consumers planning to buy or sell in the next 12 months, the top reasons would-be buyers are pressing pause on their home search include:
- Uncertainty with COVID-19: 39 percent
- The market is intimidating: 35 percent
- There aren’t enough homes on the market: 24 percent
So, what does that mean for you? If you’re planning on buying a home in the near future, it’s important to understand the challenges potential buyers are facing in the market. That way, you can prepare yourself to better navigate those challenges—and put yourself in the best position to successfully find and buy your dream home. On the bright side, since a decent percentage of buyers are giving up due to these concerns, you can benefit from less competition if you continue your home search!