What Consumers say they will do if they can’t Find A House

graph showing home buyers search next steps

25% of those seeking a home said that if they don’t find a house that fits their search criteria, they will wait until next year or beyond.

“Home sales continue to surge in 2021, according to local realtors and new figures from SmartMLS, which represents more than 18,000 real estate professionals across Connecticut. Many buyers, however, are having a difficult time finding the right property at the right price in the right timeframe.” by Dan Corcoran Published March 31, 2021 Interactive: Where CT’s Real Estate Inventory is Shrinking Drastically

Housing Market Update

According to the National Association of Home Builders’ Housing Trends Report, Bidding Wars are the most common reason active buyers can’t make that purchase. 

The most common reason long-time searchers haven’t pulled the trigger is not because they can’t find a house at an affordable price (32%), but because they continue to lose out in bidding wars (45%).

When asked what they are most likely to do next if still unable to find a home in the next few months, 50% of active buyers searching for 3+ months will continue looking for the ‘right’ home in the same location – about the same as a year earlier. On the other hand, 42% will expand their search area, an increase from the 34% willing to take that step a year earlier.

Difficulties finding a home to buy will likely lead 25% of active buyers to give up until next year or later, up from 16% a year earlier. Historical data show a steadily rising trend in the share of long-term searchers likely to quit looking for a home until next year or later, as the latest increase marks the fifth year-over-year rise in this metric.

The best advice for those looking to move quickly if they find a house they want to purchase – get pre-qualified!

CT….HOT!   Make sure you get pre qualified for your home purchase before you want to bid on a home. This proves you can afford the property and are not wasting anyone’s time.

John Burke