Real Estate Insider Blog
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According to NAR statistics, Buyers looked at a median of 10 homes before purchasing in 2012 where it has remained for the last five years.
Over three decades, the number of homes viewed during buyers’ home search process has decreased while the number of weeks that buyers search has increased. The Profile of Home Buyers and Sellers has collected data since 1987 on the length of the home search process and the number of homes viewed. This year, NAR celebrated its 35th anniversary of the profile report and to commemorate we take a look back at the data to compare how searching for a home has changed over time.
There has been a gradual move towards the midpoint in the home search process. Meaning, tightened inventory in recent years means there are less homes on the market and buyers must search longer for the right home. With fewer homes available, buyers also look a fewer homes that suit their needs.
In 1987, buyers searched for a median of seven weeks and looked at a median of 12 homes before ultimately purchasing a home. This is the shortest period of time buyers reported searching for a home, other than in 2001 when the length of the search was also a median of seven weeks. Throughout the late 1980’s, 1990’s, and early 2000’s, buyers searched for a steady median of eight weeks. In 2008, the number of weeks that buyers searched for a home bumped up to 10 weeks and up again to 12 weeks in 2009 where it remained until 2013. The ...
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