What’s pushing homebuyers?

25% home buyers say they want to buy a home because their rent is too high, according to a new survey by the brokerage Redfin of 750 home purchasers. The number of home buyers citing high rents as a main motivation to buy is increasing, up from 13% last August.

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Affordability remains the chief concern on home buyers’ minds. 20% are concerned about the limited number of homes for sale, which is also on the rise. 16% are concerned about too much competition from other buyers, a 5%  jump over last quarter, according to Redfin’s survey.

Home buyers are also braced for home prices to rise in the coming months: 53% say they anticipate prices will rise soon compared to 48% of previous survey respondents from last quarter. Mortgage rates remain important to them. 67% of buyers said mortgage rates were important or very important motivators in their purchase decisions.

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