Real Estate Oracle: How Much Time Will You Take to Buy Your Dream Home

Posted by Rapti Gupta on Nov 03, 2014 06:25 AM EST
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Real Estate Oracle: How Much Time Will You Take to Buy Your Dream Home (Photo : pallspera .com / Mark Moz / flickr Creative Commons)

Astrology may be abstract but the margin of errors in surveys is a lot lower. So if you have ever tried getting a tarot reading to find when you will buy your dream home, consider this latest survey by BMO Harris Bank that sheds light into home buying trends.

When?

The survey, which interviewed about 2,500 Americans, found that a first-time home buyer signs his first property deed before he/she turns 30.

About 51 percent of the buyers believe it will take at least six months for them to find the dream home and 77 percent of the respondents said they will know instantly when they have found their dream home.

But many of the potential buyers say that finding a dream home at a dream price was next to impossible and they may have to settle for something less than perfect. A little more than half - 52 percent - of the respondents think they will find their dream home at the right price range.

The Home Hunt

The research also found that a buyer will look at a minimum of 10 homes before finally zeroing in on a property.

Home hunters experienced a mix of feels when they were home hunting with "excitement" topping the list of emotions. Forty seven percent of the first-time home buyers said they felt excited and 44 percent of all homeowners reported feeling that way. Hope, cautiousness, optimism, happiness and anxiety followed in respectively.

The "Z" Style

A prior study cited by The Wall Street Journal, last year showed that while viewing a listing, a home hunter's eyes followed the "Z" pattern on the screen. The potential buyer also viewed the first listing photo for just 20 seconds.

Check out this interesting infographic that shows the basic profile of an average U.S. homeowner.

More Americans are poised to buy homes in the coming year. More recently, Country Financial surveyed 1,000 Americans of which 89 percent said owning a house was a major part of the American dream. Also, 64 percent of the respondents thought that owning a home was an attainable goal in the near future. The figure was just 41 percent in 2013.

"We're very encouraged that so many Americans feel optimistic about home ownership and view it as a realistic and achievable goal," Joe Buhrmann, manager of financial security support at Country Financial, said in a statement.

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