The Average Homebuyer Wants to Spend Less
June 26, 2019
Affordability has been one of the most pressing issues in the housing market for a long time. Many buyers are dismayed by the gap between what they want to spend and the cost of homes for sale. A new study from Realtor.com shows just how wide that gap is. According to the study, the majority of homebuyers today want to spend less than $288,000. This is nearly 10 percent, or $27,000, less than the actual median price of homes currently on the market. The study estimates that for the median cost to come down to buyers’ expectations, there would need to be 94,000 more homes on the market priced between $100,000 and $340,000. This would represent a 15 percent increase in the number of listings in this price range.