Why are we slow to buy a new home?

(WDEF) – If mortgage rates are falling, why are Americans still not willing to pull the trigger on buying a home?

A new study from BPG Inspections surveyed first time buyers to figure out what’s going on.

They say that despite falling rates, homebuyers are stuck in decision paralysis.

Their survey found that 56% were just overwhelmed about the prospects for buying a home.

And 64% said the process is just too intimidating.

So what would push them into action?

It all depends on the mortgage rate.

62% are waiting on an affordable rate (4.86% or lower).

40% are waiting on a 1$ cut.

25% say they only need to see a .5%drop before they begin a house search.