Buyers Searching Longer To Find Homes
Buyers Searching Longer To Find HomesAugust 30th, 2018
The National Association of Home Builders (NAHB), being highly interested in understanding buyers and buying trends, generates a Housing Trends Report (HTR) based on national polls to track prospective home buyers’ perceptions about the availability and affordability of homes for sale in their markets. Their results for the 2nd Quarter of 2018 showed some interesting results:
How many potential buyers are actively looking –
14% of adults responding to the poll were planning to purchase a home in the next 12 months. Of that group, 49% said they were actively engaged in the search process, as opposed to only being at a planning stage. This was slightly higher than in the first quarter of the year (42%). The results showed that about half of all prospective buyers planning to buy within the next year are already actively looking for a home, regardless of what generation they belong to – 51% of Millennials, 49% of Gen X’ers, and 46% of Baby Boomers.
Home searches are taking longer –
Of the prospective buyers surveyed who are already actively looking for a home, their answers showed they’re spending considerably more time house hunting. More than half have been trying to find the right home for three months or longer. The two main reasons given were not being able to find a home with the features they want, and having difficulty finding one at a price they could afford.
Buyers are determined to not give up –
One thing the majority of prospective buyers agreed on was that they wouldn’t give up – just 16 percent said they would end their search if they didn’t find a home soon. The NAHB says it seems that “despite the difficulties and delays, most prospective buyers will press ahead undeterred in their homeownership goal”.
What does this info mean for you? Are you just beginning your search for your next home? Have you already begun your hunt and are frustrated with limited inventory? Now, more than ever, it’s so important to have the right REALTOR working to help you! Let us use our expertise in local markets to help you find the right property for you, and cut down your house hunting time. Contact us today!