Study reveals how long it really takes for each step of the home buying process
On average, it takes just over half a year for a home buyer to move into their new home. The research that revealed this also broke down the time spent on individual steps — and pain points experienced — along the way to closing a deal.
The results are in; and a poll consisting of 2000 homebuyers has now determined that the average amount of time spent, from beginning a search to collecting the keys for a new home, is six months and 24 days.
In completing that process, the exchange of contracts was shown to be the longest step, taking an average of 5 months and ten days but ranging all the way up to 25 months in some unlucky instances.
The study, conducted by OnePoll, also found that, on average, homebuyers spend 20 hours looking at 16 homes online before even scheduling a visit. In what’s becoming an increasingly online experience, this finding emphasizes a trend where those marketing home listings are taking advantage of new opportunities to reach potential clients.
After narrowing down their choices online, the average homebuyer will view a home three times before putting in an offer. The time between a final visit and eventual offer comes out to around four-and-a-half days.
A recent article featuring the study notes that, in conducting the research, experts took into account various aspects of the home buying experience. This includes insight into common homebuyer expectations and frustrations.
The amount of time involved in the process led to 14 percent of respondents coming to a compromise on some aspect of their ideal home when ultimately choosing a property. House hunting can be tough and time-consuming, especially for those who are juggling working full time, families, and may not necessarily be living in the area in which they want to buy.”
According to the poll, three in 10 respondents reported finding a property with everything they were looking for to be the most difficult aspect while a fifth of home buyers found choosing a property to be the most time consuming.
One third of respondents said that, after finally buying a home, they found the process to have taken longer than they expected.
To make matters worse, one quarter experienced an unsuccessful offer on a home while 12 percent faced three or more such instances, prolonging their search.
This study offers not only an in-depth look into the timeline of the home buyer’s process but also insight into areas that are found to be the most burdensome parts of that process.
Real estate agents providing the most complete and informative experience for their clients are in the best position to be the resource today’s homebuyer values.
Article by Ryne Knudson , Matterport. Figures & stats recorded from a US market.
One recent project from Insight Media, where we completed a virtual tour for a 5 bed home, was sold within 3 weeks. The new owner actually only visiting the property once whilst finding the property on social media following posts from myself and the auctioneer. She complimented the virtual tour to a major part in her decision to place an offer on the property.
Another new development home was also sold to a buyer that actually lived in the US, and more importantly hasn’t visiting the development. Using the Virtual Tour from Insight Media to make her decision. Results speak for themselves.
If you are in the process of selling your home or leasing your property, get in touch with a member of our team today to get more information on how 3D Virtual Tours can help your advertising campaign and cut down on your time spent on viewings and staging.