Here’s a Reality Check on What People’s Home Searches Are Like Right Now
House-hunting is stressful at the most normal times — but is there ever a “normal” time? From crowded markets to an ever-shifting landscape of prices and interest rates, it can get hairy out there. Staying informed helps.
In that spirit, we surveyed more than 600 Apartment Therapy readers who either just bought a home or are currently in the market for one. We asked how long their search took, the challenges they encountered, and the surprises they discovered. Then we collected their answers into the State of Home Buying, presented in partnership with Homes.com. Wherever you are in your search — and wherever you are in the country – Homes.com goes above and beyond to provide home-shoppers the most in-depth information in a beautifully streamlined design, and always connects you to the listing agent who can answer any questions you may have. These readers can too!
Time and Tools
House-hunting is a marathon, not a sprint: Recent home buyers said their search took about 7.5 months on average, and prospective buyers have been at it for an average of 8.5 months. Folks made an average of two offers and saw 11 houses before buying.
Online listings are an essential part of the home-buying process, with most people (59 percent) looking at online listings multiple times a day. With Homes.com, you can go beyond the listings, with in-depth school reviews, safety and walkability information, and sale trends in your area. With a clear picture of your target area, you can focus your search better and save time. You can also search smarter, with the ability to save geographical search areas and get notifications of new houses entering the market: the top two most helpful aspects of online searching, according to our recent buyers.
Challenges and Surprises
The top challenges that prospective buyers reported meet at the intersection of price and preference: high home prices (64 percent), high interest rates (55 percent), and plain old finding a home they like (39 percent).
We also asked real estate experts to weigh in on the biggest surprises they see buyers face during the search, and the answer was clear: money. Of experts surveyed, 80 percent said that people aren’t aware how much money you need in addition to a down payment. (They recommended about 7 percent of the purchase price, on average.) Most experts (67 percent) also said buyers aren’t knowledgeable about how agent fees work. Your agent can help answer any specific questions you may have.
Must-Haves and Deal-Breakers
We all know that we won’t find everything on our list, but at the same time, it’s good to know what you won’t let go of. The top five features that our buyers didn’t want to go without are laundry or laundry hookup, parking, outdoor space, good natural light, and a walkable neighborhood. When it came to deal-breakers, the biggest was a place that needed too much work — especially costly updates like windows and HVAC. Busy streets, lack of parking, high HOA fees, and no laundry or laundry hookup rounded out their top five nonnegotiables.