Current real estate market conditions have not discouraged buyers from their plans of homeownership, according to a new survey from RE/MAX.
Despite higher prices and interest rates, RE/MAX’s survey found that 68% of respondents still plan on buying a home or condo in the near future, while 53% even shared that they’ve sped up their home buying plans to combat current market circumstances.
The survey also found that nearly half of buyers would spend over asking price if a property met 75% of their wishlist or if their previous offers on other homes have already been rejected.
“We’ve seen historic competition in housing over the last two years. As the market begins to rebalance, homebuyers and sellers remain focused on the goal of homeownership despite the ongoing fluctuations,” said Nick Bailey, president and CEO of RE/MAX LLC. “The findings of this survey underscore Americans’ desire to own a home and highlights the important role real estate agents play in guiding them through the often-complex buying and selling process.”
The survey also found that when it comes to homeowners planning to sell their homes, 53% felt they had to put their properties on the market earlier than initially planned in order to combat the shifting market.
“Housing is still a strong investment for Americans, and we expect to see sustained demand next year,” Bailey said. “However, it will be more important than ever for buyers and sellers to work with an expert to help them navigate the ever-changing market conditions.”