When I was out with first-time home buyers last night they asked how many houses buyers typically see before buying a home. My response was that it is different for everyone… it could be 3 or 33… or even more. Typically the ones who only see 3 before making an offer have been looking online, going to open houses and driving neighborhoods for quite a while before initiating their serious search… and the ones who take a long time have specific needs or wants and are willing to wait for it.
But that is just my perception. It made me curious about national averages relating to the home search process, so I checked the 2014 annual report from the National Association of Realtors… info below.
The Home Search Process
- 55% of nationwide home buyers in 2014 started by searching online… 43% for properties and 12% for information about the home buying process
- 92% of buyers used the Internet in some way during the search process, and 50% used a mobile website or app
- Real estate agents were viewed as a useful information source by 98% of buyers
- The typical homebuyer searched for 10 weeks and viewed 10 homes, 2 weeks shorter than the previous year
With a shortage of homes for sale and properties selling quickly, I expect that number could go down even more this year as buyers make quick decisions as soon as they find a home they like before it is gone.
Case in point: My buyers last night asked to see 5 properties… by the time the night was over, 3 were sold!