Buyers Searching Longer To Find Homes
Buyers Searching Longer To Find HomesAugust 30th, 2018
Housing Trends Report – Understand Buyers and Buying Trends
The National Association of Home Builders (NAHB) generates a quarterly Housing Trends Report to measure home buyers’ perceptions about the availability and affordability of homes for sale in their markets. The 2nd Quarter 2018 results showed some interesting results in understanding home buyers and buying trends.
Potential buyers within the next 12 months are already 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. Most (61%) of prospective home buyers are first-time buyers.
Home searches are taking longer
Prospective buyers say they’re spending considerably more time house hunting and most don’t see improvement in inventory. More than half have been trying to find the right home for three months or longer. The two main reasons for the longer home search were:
- Not being able to find a home with the features they want
- Having difficulty finding one at a price they could afford.
Buyers are not giving up
The majority of buyers agreed that they wouldn’t give up. Only 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 important to have the right REALTOR working to help you! You need someone with expertise in the San Diego market to help you find the right property for you, and cut down your house hunting time. If you have any questions about the local real estate market or what it takes to buy or sell home in today’s market, feel free to contact me.