Saving up for a down payment, getting a mortgage, the nail-biting tension of the property appraisal: All of these items remain pain points for buyers in 2023, according to the most recent National Association of REALTORS® Profile of Home Buyers and Sellers.
But the biggest source of stress for homebuyers hasn't changed over the years. Finding the right property remains the biggest pain point for most buyers: 59% said that finding a home they loved was the hardest part of the process.
According to the report, buyers spent a median of 10 weeks looking for a home, more than the median of eight weeks in 2020 and 2021. Buyers still spend about two weeks looking for a home before they contact an agent.
Where did they finally find the home that they bid on and bought? Most buyers are finding their house on the internet, although more than one-quarter said they found their house through their real estate agent. Here's how the home search sources broke down:
- 52% of buyers found their home online
- 28% of buyers found their home through their real estate agent
- 8% of buyers found their home through a friend, relative, or neighbor
- 6% of buyers found their home through a home builder or builder's agent
- 4% of buyers found their home through a yard sign or open house sign
- 3% of buyers found their home directly through the sellers
The internet has become increasingly critical for buyers in their real estate search. While the percentage of buyers who use the internet in the home search process has hovered in the high 90th percentiles for several years, in 2023, 100% of buyers surveyed said that they used the internet in their home search process. Buyers split their time about 50/50 between desktop and mobile devices.
What does this mean for agents? If you don't have an online presence already, then it's past time to establish one. Buyers are spending two weeks looking at homes online before they start seriously considering which agent to hire. A strong website with elements that buyers value highly (such as photos, detailed information about properties for sale, floor plans, virtual tours, and more) can help elevate your online presence and increase your leads without having to spend four figures at a portal.
Don't have a website set up yet? Our database of platforms and providers can help you get started today.
