I can't be more than agree with this survey showing that it's taking longer to find the right home.
It's becoming very difficult for prospective buyer to find a home.
After few months some buyers are discouraged and ready to give up, they say to me: " nobody old me it will be so hard to find a house", between the lack of inventory and the bid war for the properties they like.
For sure house hunters actively seeking a home to buy are spending significant amounts of time looking for that perfect house.
Prospective buyers are spending three months or longer to find the right place.
The two reasons why homebuyers said their search was taking so long was:
- not being able to find a home with the features they want
- having difficulty finding one at a price they could afford
Most of the prospective buyers said that if they can't find a suitable home in the next months they would:
- still continue to look for the "right" home in their same preferred location;
- expand their search area;
- increase their budget and buy a more expensive home.
Regardless how they handle it, however, most buyers don't plan to give up the hunt if they don't find the good home soon.