November 20, 2020

How Many Homes Should I Look at Before Making an Offer?

There are 3 types of home buyers: The Research Ready Buyers, The Shopper Buyers and the Focused Buyers. Which one are you?

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This is a question that we get asked all the time! House Hunting can feel overwhelming when you look at house after house but none seem to be the right fit. The house with the kitchen that’s too small, the house with the location that isn’t right, the house with the ugly wallpaper everywhere, and the list goes on.

So if you’re wondering how many houses you should look at before finding the one, you might have to first find out what kind of buyer you are.

I’m going to tell you about 3 types of home buyers to help you understand that there isn’t 1 set answer to how many homes you should look at before writing an offer. Sometimes a buyer looks at one home and knows that is the one. Other times, it takes a buyer several houses to find the right fit. Let’s talk about the difference and what you can do to make sure you are taking the right steps so that you can confidently write an offer on the house you find and love!

THE RESEARCH READY BUYERS

  • These buyers do extensive research. They filter through and eliminate listings that won’t match their criteria by looking thoroughly online, driving by, learning a lot about the area they want to live in and exactly what will or won’t work for them.
  • They usually have a pretty clear idea of what it is they want in their new home so most listings can be easily eliminated from the list of homes they are going to physically look at.
  • They typically won’t look at very many homes in person before writing an offer but the length of time it takes them to find the right house could be longer depending on what’s available.

THE SHOPPER BUYERS

• These buyers have to shop around in order to get a grasp on what exactly they want.
• They might know the basics of what they’re looking for but until they’re out and about in different homes and neighborhoods is when they’ll really zero in on their wants and needs.
• These buyers will typically look at the most houses in person and have a hard time filtering through listings online.

THE FOCUSED BUYERS

According to research by the National Association of REALTORS®, the average homebuyer views 10 homes before making an offer and the search process takes 10 weeks.

  • This doesn’t mean that once you decide to start the home search process that you should pick 10 listings to go out and see and from there decide which one you’re going to write an offer on. That’s more like HGTV’s House Hunters and not realistic.
  • The reason this is the average is because these buyers have worked with their agent to really dive into some specific questions that will help them focus on what they’re looking for.
  • The first 5 homes you go out to see will help give you an idea of what you want vs what you don’t want and from there you’ll look at only those that match the more specific criteria you’ve figured out. From there you’ll know which subdivision is too far from work or realize you really do want a private backyard. Then you won’t have to look at too many more but instead wait for the more specific matches to come up and then go look at those!

THE HOW-TO: Not sure where you’d fit? Here are some things to keep in mind so that when you do write an offer, you are confident in your decision:

  • Do thorough research online to narrow your options. Use Google Maps to look up different subdivisions you are considering. Go out and get your feet wet! Look at 5 houses that match your basic criteria to at least get out there and start getting some ideas on what you like and don’t like!
  • Hire a buyer’s agent (like one of us at Insiders Realty). They will work with you on figuring out your specific home search criteria and help make recommendations that you might not think of yourself.

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