Average Buyer invests 124 hours Looking for a House

Posted May 29, 2019 07:00

Buying a house may be the most important purchase that any of us makes, but that does not mean that everyone commits to the visits at the same time. While most homebuyers in North America spent between 61 and 120 minutes in the home they purchased, 5% of buyers were convinced in 15 minutes or less. The survey of the Vancouver-based real estate listings site, Zolo.ca, reveals that the average buyer spends 124 hours searching for their home. This includes 32 hours online, 27 hours by car, 19 hours with real estate experts and 25 hours inside the houses. The average buyer also loses 21 hours of sleep during the process of buying a house! Zolo discovered that 30% of buyers, the largest single share, visited the house they bought 3 times before buying, while 10% only visited once and 9% visited 5 times. It is perhaps not surprising that younger buyers are more likely to make multiple visits to a home they are thinking of buying: Buyers from 21 to 29 years old, saw a place 3 to 4 times before making an offer. Buyers aged 30 to 39 saw a place only twice before making an offer. 1% of respondents bought a view of their house without being seen - (using listings and photos online) The survey also reveals what buyers ended up buying after all those hours of research and home visits. More than half (52%) bought a single-family home, 8% bought a townhouse, 11% bought a house and 8% bought a condominium. The remaining buyers bought a row house (1%), a cottage / vacation property (4%) or an investment property with multiple units (4 units or less - 10%, 5 units or more - 6%). Thinking about buying your first property? Contact me and I will offer you the best advice and opportunities in the market!