New Data Shows Home Buyers Spend 124 Hours, on Average, to Find a Home

New Data Shows Home Buyers Spend 124 Hours, on Average, to Find a Home

According to a new survey released by Zolo (Zolo.ca), a top-ranking real estate site where more than 6 million people start their home search each month, North American home buyers view an average of 19 homes and spend an average of 124 hours to find a home.

How much time is spent in the homes listed for sale? According to recent Zolo survey data, where more than 1,800 recent home buyers were asked about their most recent home buying experience:

How Long Buyers Take to Look for a Home

  • 5% spent 0 to 15 minutes viewing the home they bought
  • 16% spent 16 to 30 minutes
  • 17% spent 31 to 45 minutes
  • 24% spent 46 to 60 minutes
  • 28% spent 61 to 120 minutes
  • 5% spent 121 minutes to 240 minutes
  • 5% spent 240 + minutes viewing the home they bought.

That means if a home buyer bought a home based on the median sale price of $232,500, listed on Zillow as of February 2019, the cost per minute to view that home would range from approximately $968.75 to $15,500 USD.

Keep in mind, not all of these minutes were spent on one visit:

  • 10% of buyers made only 1 visit to the home they finally bought
  • 23% had 2 visits
  • 30% had 3 visits
  • 20% had 4 visits
  • 9% had 5 visits

Younger Buyers Spend More Time

Turns out younger buyers spend more time viewing a property before pulling the trigger to buy.

  • Buyers aged 21 to 29, saw a place 3 to 4 times before putting in an offer
  • Buyers aged 30 to 39 saw a place only twice before putting in an offer
  • 1% of respondents bought a home sight unseen — (using online listings and photos)

What did these home shoppers end up buying?

  • More than half (52%) bought a single-family detached home
  • 8% bought a semi-detached
  • 11% bought a townhouse
  • 8% bought a condo-apartment
  • The remaining buyers bought either a row-house (1%), cottage/vacation property (4%), or investment property with multiple units (4 units or less – 10%; 5 units or more – 6%).

These stats confirm how little time buyers have when shopping and viewing their most expensive asset, which is all the more reason for buyers to get help from experienced real estate professionals.

Since launching in 2012, Zolo Realty has become Canada’s largest real estate brokerage and the leading national online marketplace for houses, townhouses, condos and vacation properties in Canada. Learn more about Zolo at www.zolo.ca/about-us.

A ready-to-use with attribution infographic can be found here.

Study Methodology
The findings of the Zolo Homebuyers’ Survey 2019 are based on an online survey conducted by Zolo.ca between February 27 and March 27, 2019, of 1,854 survey respondents who live in North America. The estimated margin of error is +/- 2.28 percentage points, 19 times out of 20.

Leave a Comment
Avatar

After earning her bachelor’s degree in journalism at the University of Central Florida, Tracey set out in the real world at Florida Realtors in 1994 as a communication assistant, working her way up to editor in chief of Florida Realtor magazine. In 2004, she left the association to start her freelance writing and editing business. One of her first clients was REAL Trends, and she started working for the organization in 2005. In 2014, Tracey was promoted to editor in chief of publications for REAL Trends. She handles the writing and editing of all REAL Trends publications and marketing materials, including LORE Magazine, the REAL Trends newsletter and the blog. She is also the primary podcast interviewer where she conducts interviews with top real estate industry leaders and affiliated industry leaders. Tracey is married with two children.

 MARKET YOUR SUCCESS 

IN STYLE!

APPAREL
DRINKWARE
 SOCIAL TEMPLATES
VIEW PACKAGES
close-link
Show Buttons
Hide Buttons