From the you-can’t-please-everyone department: a new survey conducted by Redfin has determined both homebuyers and sellers have seen their lives turn for the worse because of rising house prices.
In a survey conducted in June of 3,000 individuals who either bought or sold a primary residence in the last year or plan to in the next 12 months, Redfin found 46 percent of respondents complaining that rising home prices over the past decade have made their life worse, while 16 percent believed rising home prices made their life better. Redfin also observed that buyers who purchased their residences at the bottom of the market in 2012 have collectively earned $203 billion in home equity while current first-time homebuyers are challenged to find affordable homeownership options at today’s prices.
So, what is the solution to this dilemma?
Sixty-three percent of respondents said they believe the government should provide downpayment assistance to help struggling first-time homebuyers. Among racial demographics, 76 percent of African-Americans respondents said that the government should provide downpayment assistance, which was the highest percentage of any racial group. Furthermore, 33 percent of respondents said they support policies that limited investors' ability to buy homes for either flipping or renting out, while 25 percent of respondents who said they support policies designed to make it easier for investors to buy homes to flip or rent out.