With soaring prices, hordes of competition, and a dearth of properties for sale, snagging the right home for the right price is no easy task. And it’s even worse for first-time buyers.
Of the buyers in the market this past spring, about 42% were shopping for a home for the first time. And their search took longer than ever.
About a quarter of those first-time buyers were looking for more than a year, compared with just 11% two years ago. Meanwhile, nearly a third were in the market for more than six months, compared with only 18% two years earlier.
The results are based on a realtor.com® survey of 879 first-time buyers between March and June.