Most active summer homebuyers continued their searches into the fall, even as high housing costs made it harder to reach the closing table, according to new findings from Experian’s Housing Affordability Survey.
The survey found that 80% of people who were actively shopping for a home during the summer extended their search into the autumn months. Although spring and summer remain the preferred seasons for buying, 50% of home shoppers said fall is now a viable time to purchase.
Affordability is lengthening the buying timeline
The findings point to a longer preparation period for many prospective homeowners. Nearly one-third of respondents said high housing costs had forced them to postpone major life milestones. Among aspiring homeowners, 35% estimated that they were still three to five years away from completing a purchase.
The results reflect the effect of affordability pressures on consumers who remain interested in buying but have not yet reached the point of applying for a mortgage. A longer search can also mean a longer period in which buyers must manage their existing debt, monthly expenses and credit history before seeking home financing.
| Survey finding | Share reported |
|---|---|
| Summer homebuyers continuing into fall | 80% |
| Shoppers viewing autumn as a viable buying season | 50% |
| Aspiring homeowners estimating a three- to five-year wait | 35% |
Experian promotes credit and budgeting tools
Experian said its findings show a need for financial tools aimed at consumers whose home purchases have been pushed further into the future. The company highlighted RentBureau, a service that allows landlords to report rent payments to credit bureaus. It also pointed to automated features for negotiating bills and canceling subscriptions, which Experian says are intended to help consumers increase monthly savings for a down payment.
The company also emphasized consistent credit monitoring and emergency savings as part of preparation for the unexpected costs that can accompany homeownership. Experian said responsible credit management includes making payments on time and reducing existing debt. Those practices were presented as ways for prospective buyers to strengthen their financial position during the extended period before they enter the mortgage market.
“Homeownership remains an important goal for many consumers, even when affordability challenges might be making the path longer than expected,”
Christina Roman, Experian’s Consumer Education and Advocacy Senior Manager, made the statement in connection with the survey. The findings describe consumers who continue to pursue homeownership despite delays, rather than a return to the faster purchasing timelines associated with more affordable housing conditions.
- 80% of active summer homebuyers continued searching into the fall.
- Nearly one-third said high housing costs delayed major life milestones.
- 35% of aspiring homeowners said they may be three to five years from buying.
