How Many Homes On Average Do Buyers View Before Making A Purchase?
Looking for a new home can be exciting and tiresome at the same time. There's quite a bit involved in the process, and getting through it all can take time and patience. According to Zillow, it takes about four months to find the perfect home, and that does not include the additional weeks it takes to close on a deal.
Buying a home involves several steps. Before you get started, you need to find a lender and get pre-approved for a mortgage. Along with having your money in order, you'll also need to know your market, which means finding a real estate agent and getting out there and looking at houses. Even when you find your dream home, you'll have to go through the process of making an offer and handling any negotiations that may entail. After that, you'll need to finalize plans that involve escrow, inspections, or loans. Finally, after what may seem like a long process, you finally get to sign the paperwork and get the keys to your new home.
The number of houses buyers look at has dropped
According to a report by the National Association of Realtors (NAR), the number of homes buyers looked at in 2021 dropped to eight, which is the lowest number on record since NAR started collecting data. The organization refers to low inventory as the primary reason, noting that there were only 1.1 million homes for sale — which is why it's harder to buy a house than ever. This is a 13% decline in the market from the previous year. In contrast, the highest number of homes buyers looked at was 12 in 2009 and 2011. Interestingly, it only took eight weeks for buyers to decide on making a purchase in 2021, compared to the 12 weeks it took for shoppers to find a home from 2009 to 2013.
Technology plays a role when it comes to home shopping. Of the homes eight home buyers looked at, three were viewed online through virtual tours and videos. The report notes that 95% of buyers used the internet to search for homes with 51% finding the home they buy online.