Millions of people visit sites like Realtor.com each month, but fewer than 500,000 homes are bought on average in any given month in the U.S.
That means that real buyers – or “serious buyers” are outnumbered by millions of casual lookers or perspective buyers who are a whole lot less likely to buy anytime soon.
So, what are the indications of being a serious buyer?
Serious buyers have been doing their homework : On average, these buyers have spent three to six months considering their needs, getting their financial houses in order and looking for ideal neighborhoods and homes.
Serious buyers have a definitive time frame in mind : Most of them intend to buy within a year. The journey to buy a home is no simple task; few people want to drag it out indefinitely. Also, the primary trigger for buying is often a calendar-related factor such as a change in household composition, the start of a new job or school, or the end of a lease.
Serious buyers have credit scores and down payments in line : They’re far less likely than others to say that they need to improve their credit score or save for a down payment. As a result, they are also less likely to report having a problem qualifying for a mortgage.
Serious buyers know they qualify for a mortgage : They are three times more likely than an average prospective buyer to get pre-approved for a mortgage.
Serious buyers hit open houses and make offers : They are 50% more likely to visit open houses and request information on properties listed online, but the real proof of how serious they are is that they are four times as likely to make offers.
Serious buyers have buyer’s agents : They are five times more likely to be formally represented by a buyer’s agent. Consumers who are just getting started can turn off these attributes of a serious buyer into a template for how to be successful in the journey to homeownership.
Be realistic : Be realistic about your time frame and give yourself plenty of time to deal with a tight market. From beginning to end, the journey is likely to last between three and 12 months.
