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  • Axios DC

    Why DMV homebuyers are giving up

    By Brianna Crane,

    2024-07-27
    https://img.particlenews.com/image.php?url=2u0baS_0uf8ekuv00

    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.

    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

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