Home Searches Are Stretching on Longer

Source: REALTOR® Magazine

House hunters who are actively seeking a home to buy are spending significant amounts of time looking for that perfect space, according to a new poll by the National Association of Home Builders.

Making sense of the story

• More than half of prospective buyers surveyed in the second quarter said they’d been trying to find the right home for three months or longer.
• The two chief reasons why home buyers said their search was taking so long was not being able to find a home with the features they want (45 percent) and having difficulty finding one at a price they could afford (43 percent).
• The NAHB survey also asked prospective buyers what they would do if they still couldn’t find a suitable home in the months ahead. Fifty-five percent said they would continue to look for the “right” home in their same preferred location; 34 percent said they might expand their search area; 24 percent might be willing to accept a smaller or older home; and 19 percent may up their budget to buy a more expensive home.
• But one thing the majority of prospective buyers agreed on: They wouldn’t give up. In fact, only 16 percent said they would end their search if they didn’t find a home soon. This suggests “that despite the difficulties and delays, most prospective buyers will press ahead undeterred in their homeownership goal,” writes Rose Quint, the builder trade group’s assistant vice president for survey research, at the NAHB’s Eye on Housing blog.