Buyers showing patience
Sharing data on the home search process can help buyers better manage expectations.1 The latest numbers from the National Association of Home Builders:
- Of those intending to buy a home in the next 12 months, 54% have been searching for a property for at least three months.
- Among long-term lookers‚ the #1 reason for not finding the right home is price (49% of respondents). Other top hurdles: a home’s features (40%)‚ the neighborhood (38%)‚ and being outbid in a competitive market (21%).
- A majority of those still in the hunt do not plan on giving up: 61% said they will continue searching in their preferred location.
As always‚ it is a pleasure staying in touch.
1Jann Swanson, “Buyers persist in search for the dream home,” Mortgage News Daily, last updated December 4, 2018.