Active Buyers Taking Their Time to Search for the Right Home

Filed in Economics, Housing Trends by on December 13, 2018 0 Comments

The latest research data from NAHB indicates that active home buyers are taking a significant amount of time to search for their dream house.

In the third quarter of 2018, 13% of adults in NAHB’s Housing Trends Report* poll report planning to purchase a home in the next 12 months.

Of that group, 46% are not only planning a purchase but are actively engaged in the search for the right home to buy. And they are spending significant amounts of time looking.  In fact, 54% of those actively engaged in the home-buying process have been trying to find the right home for three months or longer.

Share Looking for a Home for 3 Months or Longer
(Percent of Active Home Buyers)

Why is their search taking this long? The No. 1 reason active home buyers gave in the third quarter of 2018 is they can’t find a home at a price they can afford (49%), followed by not being able to find a home with the desired set of features (40%). Not far behind, 38% can’t find a home in the right neighborhood.

Reason Active Buyers Have Been Unsuccessful Finding a Home to Buy for 3+ Months
(Percent of Active Home Buyers)

NAHB economist Rose Quint provides more analysis in this Eye on Housing blog post.

* The Housing Trends Report is a research product created by the NAHB Economics team with the goal of measuring prospective home buyers’ perceptions about the availability and affordability of homes for-sale in their markets. The HTR is produced quarterly to track changes in buyers’ perceptions over time. 

Facebooktwitterlinkedinmail

Tags:

Leave a Reply

Your email address will not be published. Required fields are marked *