Turns out there is an actual process that the majority of home buyers go through before they buy a home. According to recent data from the California Association of Realtors, the home buyers search begins long before they actually contact a Real Estate Agent.
Folks start thinking about buying a home on an average of 6 months before taking any real action-this is longer than last year by about 3 months. This means that buyers are taking their time, doing investigations into homes and neighborhoods before contacting an agent to get started actually viewing properties.
The time it takes to begin actively working with an agent has also increased from 9 weeks last year, to 9.8 weeks this year. This longer consideration time and home search may be due to the low inventory of homes for sale and also the increasing prices. Buyers seem to be weighing their options more carefully and not taking the plunge so quickly.
Interestingly, when they were finally ready to buy, buyers tended to stay close to their current home-the median distance from their previous residence and the new home was just 27 miles.
More than 85% of buyers had to make offers on multiple homes before getting an accepted offer, and 33% claimed that they had to settle for the best option due to the lack of supply of homes.
TOP 3 REASONS BUYERS PURCHASED:
- Price decreases
- Desire to live in a better location
- Favorable financing terms
It's always a good idea to work with a local, knowledgeable Realtor-since they know the market and are experienced with the ins-and-outs of the market, they can bring invaluable assistance to buy the right home, at the right price!
Leonard Newman is the owner/broker of Newman Realty, located right downtown San Juan Capistrano, across from the Mission. Contact him at 949.233.9311.