The survey indicates a significant shift in the real estate market where economic anxiety and financial pressure are primary reasons for buyers pausing their home searches. Nearly 75% of agents observed buyers stepping back, an increase from the prior year. Factors contributing to this include a decrease in failed offers and a rise in concerns about economic and financial stability. First-time buyer activity has plummeted to just 37.4%. Home purchases are motivated more by necessity due to life changes rather than preference, with many sellers facing challenges when their pricing expectations are unmet.
The survey revealed an important shift: people aren't just stepping back because of mortgage rates or home prices any longer. They're pausing because of broader economic anxiety and financial pressure.
First-time buyer activity hit a low point, with only 37.4% of agents reporting working with first-timers in June, Bright's lowest figure since launching the survey in early 2023.
Home purchases are increasingly driven by life changes, not preference. Family reasons motivated 20.5% of buyers, while job relocations rose to 12.3%.
The share of buyers motivated by family reasons jumped to 20.5%, while job relocations rose to 12.3%. It's a far more practical, needs-based market today.
Collection
[
|
...
]