Consumers that are house hunting say it’s taking a significant amount of time to find the perfect property. In fact, some 51 percent of respondents in a recent survey said it’s taking them three months or more to find a home that meets their requirements.
That was the key takeaway from the latest Housing Trends Report conducted by the National Association of Home Builders, published this week.
According to the report, the main reason that buyers are taking so long to find a home is that they can’t find a property within their price range, cited by 53 percent of respondents. Other reasons include not being able to find a home in their desired location (43 percent) and being unable to find a property that has the features they want (39 percent).
The findings were not unexpected given the acute shortage of homes available for sale that has hampered this year’s selling season. However, most of those who’re looking to buy a home will continue with their search, though they may adjust their tactics slightly, the survey found.
Some 60 percent of those respondents who’ve been searching for a home for three months or more say they intend to continue their search until they find the “right” home in their desired located. However, some 43 percent also said they’re willing to expand their search area in response to the housing shortage.
Others have said they will buy a smaller or older home than they first intended, buy a more expensive home than they had planned, or will simply put off their search until next year.
Just 13 percent of respondents said they have decided to give up their home search altogether.