Since 2022, elevated mortgage rates have been the biggest obstacle facing buyers nationwide. That reality is not changing anytime soon.
About 65 percent of buyers expect mortgage rates to be a major issue this year. That is an improvement from the 84 percent who cited rates as their biggest challenge last year, but it remains the dominant concern.
Before 2022, mortgage rates barely registered as a buyer issue. That changed fast. In 2022, 66 percent of buyers listed rates as their primary concern. That jumped to 90 percent in 2023 and climbed again to 91 percent in 2024. In 2025, the number eased slightly to 84 percent.
Another growing challenge is buyer expectations. Until 2021, relatively few buyers believed prices or interest rates would fall. Over the last four years, that mindset has steadily increased and reached a record high in 2025, with 81 percent of buyers expecting better deals if they waited.
One of the most serious issues buyers faced last year was hesitation. Four out of five buyers stayed on the sidelines waiting for rates or prices to drop. That delay alone reshaped transaction volume and market momentum.
Buyers are also dealing with broader pressures. Many are concerned about employment and the overall economy. Many point to the cost of a home and lack of inventory. Unnecessary media influence is also back in force. In 2011, buyers said negative reporting affected their decisions. From 2012 through 2021, media stayed pretty neutral. Now most buyers once again see media narratives as a major factor driving hesitation to buy a home.
Bottom line from where I sit in the market: buyers are not wrong to be cautious, but waiting for perfect conditions usually costs more than it saves. The smart moves in 2026 will be made by buyers who understand the math, not the headlines.
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