Study: 28 million people plan to buy a home next year

Spring housing market

Study: 28 million people plan to buy a home next year

RICHMOND, Va. (WWBT) - 28 million Americans say they plan to purchase a home in the next 12 months- according to Nerdwallet’s new annual home buyer report.

That same report says an estimated 26 million hope to become first-time home buyers within the next five years. There’s optimism out there!

Elizabeth Renter a senior analyst with NerdWallet says buyers in 2021 are going to have to prepare for a competitive market. There’s lot of people out there shopping for a limited number of homes.

And she says the survey found that 44% of Americans have worked remotely since last March and that’s giving them the confidence to buy in a different location. “That really works towards your advantage if you’re going to buy a house and you’re no longer tied to say a 15 mile, 20 mile commute distance. It opens up your possibilities if you’re able to be more flexible,” adds Renter.

She says being more flexible-- not only about your home features but the neighborhood you’re looking in is helpful.

Renter adds that if you go out there looking for a long list of must haves, you’re probably going to be disappointed because if you’re lucky enough to find that dream house, you’re likely going to be up against several other bidders.

Again-- the key is to be flexible this home buying season about your “must haves.”

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