Challenges for Homebuyers in 2016

For some people, a good home means a garden with great landscaping. For others, it means a big common area for parties and reunions. Whatever it may be, there are a lot of homes out there that are perfect for a lot of people and their families. The only problem is that it’s not theirs and they can’t have them.

A lot of people have seen their perfect dream homes but are finding difficulty in securing it. Why? It will surprise you that it’s not just because of money. There are plenty of challenges for homebuyers in 2016 that factor into the equation.

 

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What Makes It So Hard to Buy a Home?

In the hunt for properties that have a balance of both price and livability, many question if it’s just their hunting and negotiation skills that need a bit of work. Whether online or on the road, getting to the golden moment of moving in is something that we can all look forward to. So, before you give up on the pursuit for that dream, here are a few things to explain why it’s so hard for homebuyers in 2016 to get a home and why it might not be you who needs work.

Inventory Shortage

While there are over a hundred million homes in the US alone, securing the right one is difficult because there are many people interested in the good ones and only a few who are interested with what’s left. Multiple offers turn into bidding wars and suddenly, nothing people want is left for them to buy.

Unpredictable Economy

With expenses like bills piling up and promotions at work becoming a scarcity because of the recent and ongoing economic struggle, people are having second thoughts on investing in properties due to factors, such as price, that are unreliable and rapidly changing. Lack of interest and doubt may be one of the primary causes for not getting a home because people want to make sure that their purchase would not mean anything less than perfect.

Price Increase

With the economy still recovering from an upset, one of the reasons people second guess their potential purchase is also because the real estate industry is part of the population that’s still in its rehabilitation process. Interest rates will skyrocket as fewer homes that were put into foreclosure diminish in quantity. The adjustment season will surely spell many changes for agents and home buyers alike.

These challenges for homebuyers in 2016 may not be true in every case, but having perspective and insight into these things will help to at least keep people from making hasty decisions. So, when the time comes and you do decide to make a purchase, know that there are a few more factors to blame than just you and your dream home.

Written by the experts at Columbia Real Estate, the most knowledgeable agents for real estate in Columbia, MO.