Did you know that a 1% increase in an interest rate can affect your buying power by about $20,000. Are you on the fence about purchasing. Rates are rising and so are home prices.
How Much Time Do Most People Take Looking For A Home
Often when I am showing homes to clients they will ask me, "Do most people look at this many homes?"....worried they are spending too much time or "Is it crazy to buy the second home we have seen?" In reality, it seems like it is different for everyone. Some people tend to feel uncomfortable making an offer before seeing several homes, and others want to grab a home they love before someone else gets it first! I have had several buyers buy the second home they have seen! With the internet and the ability to look through homes olnline it is a great way to save time and discover your likes or dislikes. You also will get a good idea of what type of home will fit within your budget without even leaving the house! Because of this, most home buyers tend to be informed and know what to compare with before they even start walking through homes. Really, there is no right or wrong.....just make a decision that feels right to you. Usually, if the home is right for you.....it just feels good!
I recently saw an article written by the National Association of Realtors with a chart (below) where they surveyed to find the average length of time or number of homes people look at before they decide to purchase. However, no worries if you don't fit in the average.....my goal is to be sure my clients are happy with their home and find the perfect place to create lasting memories! Just be sure you find the home that makes you happy!
The National Association of Realtors
Over three decades, the number of homes viewed during buyersâ€™ 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.
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.
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