Why DMV homebuyers are giving up
Add Axios as your preferred source to
see more of our stories on Google.
Illustration: Brendan Lynch/Axios
DMV resident Keith Powell has been attending open houses since peak pandemic days.
- The house with the socially distant real estate agent wasn't a fit — and neither were the dozen-plus houses he's seen since.
Why it matters: House hunters are giving up.
Zoom in: Powell lives mortgage-free in Brightwood and can't stomach mortgage rates coupled with sky-high home prices. He's pausing his real estate search for a home around 16th Street Heights "indefinitely."
The big picture: We've been talking about it for years — home prices, mortgage rates and a lack of inventory are posing serious challenges for buyers. And recent data show people are growing weary.
- Pending home sales fell to the lowest level in four years in April — the worst reading since the height of the pandemic lockdown, Axios' Courtenay Brown reports.
By the numbers: Just 21% of Americans say now is a good time to buy, according to the latest survey from Gallup.
- For 16 years (2005-2021), the majority of people surveyed said it was a good time to buy. Since 2022, that share has been below 30%, Gallup found.
- Younger people feel especially pessimistic: 75% of those under 50 think home prices will continue to rise, compared to 60% of older adults.
The other side: With less competition, some buyers are able to find deals right now, especially all-cash buyers who don't have to worry about mortgage rates.
What's next: Consumers are cautiously optimistic a rate cut will help them get back in the homebuying game.
Go deeper: How to know if you're ready to buy a home