73% of home buyers and sellers say inflation is influencing their future buying or selling plans, according to a new survey from Redfin…(Redfin)
- HOME BUYING, not surprisingly, had the biggest numbers with 29% delaying, 24% moving up, and 11% canceling their homebuying plans
- HOME SELLERS was a smaller group with 10% moving up, 7% delaying, and 3% canceling their plans to sell their home.
Energy costs skyrocketing is having a very large impact on buyers…
- 73% of survey respondents said rising gas prices are impacting decisions about their homebuying plans or their commute.
- 36% of respondents said they plan to add energy-saving features to their home, 33% plan to move to a more energy-efficient home, and 15% plan to move to a smaller home.
Daryl Fairweather, Redfin Chief Economist, speculated on why inflation could be having such an impact on the housing market…
- “Some people may delay buying because they’re worried that with prices rising on everything from food to fuel, now is not the right time to make a huge purchase. But others might move faster to find a house because they’re worried home prices and rent prices will increase even more, and they want to lock in a fixed payment.”