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Home Buying a Lengthy Decision for Most Consumers
It takes about four years for most consumers to find themselves in the home-buying mood, according to a national survey by Hebert Research for HouseValues Inc., and once they do decide that they need to move to a new home, it takes them an average of 16.4 months before they close on a deal.
First-time buyers spend even longer — 20.5 months — completing the home-buying process, the study found.
The survey was conducted to find data that will help shed light on the steps and thought processes of potential home buyers and sellers so that real estate professionals can have a better understanding of how to market to Internet-savvy customers, according to Ian Morris, chief executive officer of HouseValues.
Among other findings on home-buying timelines:
- Once buyers begin considering their next move in the housing market, they spend an average of 7.1 months in the pre-research phase, 5.5 months in the active research phase and 4.1 months in the active buying phase.
- Forty-four percent of buyers take more than six months considering desirable homes and neighborhoods before actually searching for listings. The average buyer then spends about four months searching for homes.
- Almost 62% of buyers select a real estate agent within just one to three days.
The survey also looked at timelines for sellers and found that it takes them an average of 9.3 months to sell — 5.5 months for pre-research, 1.4 months for active research and 2.4 months for the actual selling process.
Consumers use real estate agents for paperwork and legal work, negotiations and access to listings, the survey found. They choose them based on their experience, honesty and past relationships.
Real estate professionals can obtain a free summary of the survey by calling 866-952-5042.
Learn About Your Consumer’s Preferences
“Consumer Preferences Survey 2003-2004,” available through BuilderBooks.com, is an extensive study covering questions on technology, smart growth and environmental issues, as well as trade-offs in designs and features. The study marks the first time that NAHB has surveyed the preferences of consumers by race/ethnicity: White-Non-Hispanic, Black/African American, Hispanic/Latino and Asian. To view or purchase this publication online, click here, or call 800-223-2665.
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