It’s September 11,2013 and you’ve decided today is the day you’ll being your online home search. You’ve dabbled with the idea of buying a new home but you’re ready to go online and see what homes are for sale right now. I’m writing this because as of 2013 online home searches are up 253% over the past four years and 90% of the people buying today begin their search online.
Twenty years ago no one would have thought of doing an online home search for their new home. Today it’s how people search for homes. Most buyers only rely upon the Realtor to show them the homes and give their opinion. The majority of home buyers know which houses to see the entire time because of their online home searches.
Buyers that are just starting to do online home searches are on average 18 months away from buying. It will take them 18 months to get their ducks in a row, make a decision, have money in place, obtain a pre-qualification letter, and finally see a home in person. They’ll contact a Realtor well before the 18 months is close to being up to begin seeing homes. Over the course of the 18 months they’ll find a website or two to join that will allow them to search for homes at their leisure. They’ll also save their favorite homes for seeing in person when the 18 months is close to being up.
The problem with online home searches is this: The market is fast and with a lack of inventory so those thirty homes you saved over the past 18 months won’t even exist when you’re ready to start looking. Interest rates will more than likely have risen from the start of your online home search to when you’re ready to see something in person which means you might not even qualify for the homes you originally wanted to see. Prices will have increased, because of lack of inventory, which means that what was selling $230,000 18 months ago is now selling for 240,000 or more.
Online home searches are not going away. Online home searches will continue to become more advanced, faster, smarter, and much more accurate with information. It’s important for buyers to be aware that doing their online home search is only the first step and it usually takes place a year before they are ready. There is nothing wrong with this. It’s important to understand what an online home search will do for you and how your search won’t overly matter 18 months from today when you’re ready to go from online to in the car.
Whether you’re ready to buy this very moment or in 18 months we’d like to encourage you to begin your online home search with us at The Colorado Dream House Team. We’ll be a resource for you over the next 18 months as you begin to dabble with your online home search until you’re ready to see homes in person. Let us be a resource for you.