Introduction
If you're starting your home-buying process, you're probably wondering how long it'll take to find the right place for you and your family. The answer depends on a few things. Here are three factors that shape how many homes you'll tour before you buy.
The State of the Market
A buyer's market is when there aren't many houses for sale and the ones that are move fast. That creates higher demand — people scramble to buy what they can. If the area you're looking at is a buyer's market, you may be competing with multiple other buyers for the same house. If you hesitate because you think something better is out there, someone else may swoop in and sign a contract. That leaves you with fewer options and a longer search.
If you find yourself in this situation, you'll probably need to move quickly to secure a home.
Knowing What You Want
If you're specific about the type of house you want, it's usually much easier for your real estate agent to suggest properties worth touring. For example, if you insist on a backyard, they'll skip the high-rise condos. If you're open to different options, your playing field is bigger — but it may take longer to sort through the selection.
Before you start your search, take some time to really think about what you're looking for.
Your Willingness to Compromise
Most home buyers have a list of things they absolutely need in their future home. But all the features you want might not line up with the right location or fit your budget. For example, a three-bedroom house a short drive from downtown may cost thousands more than the same type of house further out. If you're willing to bend a little on what you want, you can find a home much quicker.
Final Thoughts
Finding the right house for you can take weeks, months, or even longer. To speed things up, get clear on what you want and be willing to compromise. Once you do, you'll find the home you've been dreaming of and start life as a homeowner.
