An analysis of listings data released by Realtor.com suggests that homes continued to turn over quickly in October, in defiance of seasonal patterns and in spite of price increases driven by inventory shortages in many markets.
The 1.9 million homes listed on realtor.com during October had been on the market for 94 days on average — up slightly from 93 days in September, but down 11.3 percent from a year ago, indicating demand for housing remains strong. Realtor.com rival Zillow reported a similar trend. Continue reading →
It’s always hard to predict how long it will take to find a home to buy. Given the current low-inventory environment, it may take you longer than it would in a balanced market that has enough homes for sale to satisfy the current buyer demand.
Patience needs to be a key component of your home search mentality. Even if a home you like a lot comes along quickly in your search, other buyers may have the same idea. You could end up in competition. If you aren’t the winning bidder, don’t let disappointment immobilize you.
To prepare yourself to buy in this market, plan to look at every new listing that comes close to satisfying your wish list. Accept that you won’t find everything on your wish list. Successful buyers make sacrifices. Just make sure to make intelligent compromises.