Survey: Buyers taking 6 months to find a home

Survey: Buyers taking 6 months to find a home

Survey: Buyers taking 6 months to find a home
A short-supply of homes on the market is resulting in limited choices for buyers but that still isn’t shortening the length of time it takes to find a suitable home. According to a new study conducted by Better Homes & Gardens about the purchasing habits and preferences of home buyers, 68 percent of recent buyers state that the process to find a new home was completed within six months.

On average, those looking for a new place to live view 9 homes during their search. While this may sound like too many for some buyers who know exactly what their looking for, others claim that only viewing 9 homes is too few when considering such a big purchase. For others, the number of homes they see is involuntary, created by losing out to bidding wars or a change of heart following poor home inspections.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.