Buyers Increasingly Worried by Competition; Mortgage Availability Continues to Slide
What do buyers worry about as they shop for a home? It turns out one growing concern is other buyers like them. A Redfin survey of nearly 1,000 buyers found that, while 26 percent cited affordability as their major worry, virtually unchanged from the last two quarterly surveys, 19 percent said their biggest fear was competition . This was an 8 percentage point increase from the fourth quarter of 2015 and 3 points more than in the first survey this year. The third major concern, tight inventories of available homes, declined slightly in the recent survey. But those inventories are the main driver of competition and when the two are combined, competition becomes a more important issue than affordability. Redfin said the buyer concerns are justified . Sixty percent of buyers represented by the
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