It’s still a seller’s market. Inventories are low. And homes that come on the market are going to contract quickly. According to the July 2018 Market Update for St. Lucie County, inventory of single-family home active listings is down 2.7% over a year ago and homes are going to contract in a mere 38 days. When buyers find a house, they need to act fast. But for some buyers, finding the right home is harder than ever.
Why It May be Taking Longer to Find Your Dream Home
From Florida Realtor® Magazine, according to a new poll by the National Association of Home Builders (NAHB), more than half of prospective buyers surveyed in a nationwide survey in the second quarter of 2018 said they’d been trying to find the right home for three months or longer.
When asked why the home search was taking so long:
- 45% of buyers said they couldn’t find a home with the features they want
- 43% of buyers said they couldn’t find a home they liked that they could afford
Despite the disappointment expressed by these buyers, only 16% said they were considering giving up their home search altogether. The rest:
- 55% said they would continue to look with the same criteria and location
- 34% expressed a willingness to expand their search area
- 24% said they may be willing to buy a smaller home
- 19% said they may be willing to increase their budget
Buyers Make Up their Minds Quickly
Some may think buyers are just being picky or indecisive. Not necessarily. According to a recent study, the average homebuyers makes up their mind to purchase a home within just 8 minutes of viewing the home.
Another fun fact? Six in ten buyers will rule out a property before even entering the front door.
Those are good things for sellers to keep in mind. First impressions do count.Return to the Blog