On average house hunters visit 10 homes before finding their perfect match. For about 51 percent of buyers, it’ll take up to six months of searching before they find the home they’d like to purchase. These are national averages based on 2500 respondents.
In California, and particularly in Los Angeles, things move a little faster. For a serious buyer the average time frame is approx 2 months. It is very hard to say how many houses a buyer will see. Usually it only takes 3-4 showings for my buyer to make a decision on making an offer.
In national perspective 52 percent buyers believe they’ll find their dream home in their price range. However, 48 percent say that is impossible, and the majority of buyers realize they may have to settle for something less than perfect. With Los Angeles real estate being less than affordable, I’d say not more than quarter of buyers gets (almost) exactly what they want.
Home buyers surveyed describe a range of mixed feelings when house hunting. Here are their top six emotions:
- Excited: 44% (all home buyers); 47% (first-time buyers)
- Hopeful: 33% (all home buyers); 43% (first-time buyers)
- Cautious: 32% (all home buyers); 26% (first-time buyers)
- Optimistic: 28% (all home buyers); 26% (first-time buyers)
- Happy: 26% (all home buyers); 37% (first-time buyers)
- Anxious: 25% (all home buyers); 31% (first-time buyers)
They say their top concerns in the home-buying process are:
- They’ll find something wrong with the house after they move in: 79%
- Housing prices will drop after they purchase: 69%
- Not being able to afford the mortgage: 61%
Some of the stress in the home-buying process can be relieved by getting pre-approved for a mortgage, the survey found. Ninety-eight percent of first-time home buyers say they believe the pre-approval process would take the worry of financing out of shopping for a home. However, only 13 percent of first-time buyers surveyed say they’re currently pre-approved for a mortgage.
I don’t know about the other markets but in LA real estate market, without pre-approval letter from a lender your offer will go nowhere. Getting pre-approved not only lets you know exactly how much house can you afford but makes your offer look serious. In today’s sellers’ market, if buyer finds “good deal” he/she will lose out as he/she won’t be able to get pre-approved in time. Just to give you an example… 2 months ago I saw a great deal in Silver Lake under $600K. There received multiple offers within the same day the property hit the market and over 20 offers after a week. Another one… Echo Park duplex at $575K… 4 offers the first week the property became available for sale.
If you’re serious about buying a property, let’s get you pre-approved for a loan today. It doesn’t cost you anything but a few minutes to gather documents. If you’re worried about lender running a credit check (as you should be), get a free credit report here www.annualcreditreport.com and have it handy for your lender. This way you’ll avoid a “ding” to your FICO score.
Call me today and let’s get you ready to start looking for your dream home!