How Many Homes Does A Buyer See Before Finding The Right One?

by Gary and Lisa Schoeffler on November 2, 2014

in Latest News

On average, buyers will visit an average of 10 homes before finding the perfect match, according to a survey of about 2,500 Americans by BMO Harris Bank. For about 51 percent of buyers, it’ll take up to six months of searching before they find the home they want.

 

 

 

 

 

 

 

 

 

Home buyers surveyed describe a range of mixed feelings when house hunting. Here are their top six emotions:

  • • Excited: 44%
  • • Hopeful: 33%
  • • Cautious: 32%
  • • Optimistic: 28%
  • • Happy: 26%
  • • Anxious: 25%

Many associate their concerns with home buying with price.  However, the top concerns tend to be:

  • • They’ll find something wrong with the house after they move in: 79%
  • • Housing prices will drop after they purchase: 69%
  • • Not being able to afford the mortgage: 61%

Some of the stress in the home-buying process can be relieved by getting pre-approved for a mortgage, the survey found. Ninety-eight percent of first-time home buyers say they believe the pre-approval process would take the worry of financing out of shopping for a home. However, only 13 percent of first-time buyers surveyed say they’re currently pre-approved for a mortgage.

“Pre-qualification is something we encourage house hunters to do before looking for a new home,” says Kevin Christopher, head of mortgage sales at BMO Harris Bank. “It makes it easier to put in a serious offer when the time comes.”

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Post by Gary and Lisa Schoeffler

Gary and Lisa Schoeffler are Ventura Real Estate Professionals specializing in residential real estate. Their expertise in helping both buyers and sellers is widely recognized in Ventura County. How can they assist you today? Wondering what the market is like? Call them, they will be happy to talk with you about it. 805-320-4472

Gary and Lisa has written 371 articles.

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