This Is Why Being a Homebuyer Really Sucks Right Now


home for sale sign in flower bedIt's not fun being a homebuyer these days. We've heard about rampant bidding wars all over the place and rapidly rising home prices -- which means homebuyers are having difficulty snagging the homes they want, and the ones they do get aren't as cheap as they might have been a few years ago. (Of course, all of that sounds pretty good for the people selling!)

Just how tough is the market out there for buyers? According to a new survey by real estate firm Century 21, pretty tough. Get a load of these numbers:

• 33 percent of people currently looking for a home have been house hunting for more than a year.
• 67 percent have been on the hunt for up to a year.
• 42 percent of house hunters have put an offer on a home in the past six months -- but only 11 percent of those have had their offers accepted.
• That old adage "location, location, location" is becoming less important: 80 percent of homebuyers say they would compromise on a location-related benefit such as commute, proximity to friends and accessibility to restaurants and entertainment in order to snag a home.

Here's a handy infographic from Century 21 breaking down the shifting mindset of homebuyers in a market overwhelmingly favoring sellers:



More about homebuyers:
More Young Couples Say 'I Do' to Buying a Home Before Marriage
Renters Looking to Own Are Ready to Buy, Survey Says
5 Key Steps to Your 1st Real Estate Purchase

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Home Price Index Best Since 2006

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