Industry News

Homebuyers narrow home search with technology

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RISMedia | Jessica Lautz

Homebuyers who successfully purchased a home last year only viewed a median of eight homes before purchasing. For some buyers who put down multiple contracts and repeatedly lost bidding wars, this may seem like very few, however for others who found limited housing inventory in their area, it may seem like a wide selection.

Looking at the number of homes viewed historically provides a better perspective. NAR Research hasĀ tracked the number of homes viewed since 1987. Viewing eight homes before purchasing is the lowest number reported. At the height, buyers viewed 12 homes before purchasing in 2009 and 2011 as inventory was plentiful, following the Great Recession. During the housing boom years, 2004 to 2006, homes were moving at a rapid pace, but typically nine homes were viewed. Limited housing inventory has likely played a key role here. If there are few homes for sale in a price bracket, there are few homes to see. From the November 2021 existing-home sales data, there are just 1.1 million units for sale, a 13.3 percent decline from a year ago. However, one important change has happened since 2006: technology.

Read more: HOMEBUYERS NARROW HOME SEARCH WITH TECHNOLOGY

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