Affordability is always a top factor for potential buyers when deciding whether or not it's time to buy a house. After all, you have to know what you can and can't afford before you head out to buy. That's certainly true in today's market. With mortgage rates and home prices up, it's as important as ever for buyers to be aware of market conditions and what options they have. But while cost is always a factor, it's not the number one thing currently giving buyers pause, according to a new survey from the National Association of Realtors.
In fact, survey respondents named lack of inventory as the top reason they've yet to buy a home, with 34 percent of prospective buyers saying inventory is the reason they haven't purchased a house yet. Mortgage rates and prices were next on the list, though, with 18 percent saying they're waiting for rates to drop and 9 percent hoping prices will fall.
[Source: HousingWire]
