According to a survey conducted in the second quarter of 2018 by the National Association of Home Builders, 53% of buyers had been looking for over three months. This is up 2% from the Quarter 1, but down 9% from Quarter 4 of 2017. The primary reasons for such long search times are not finding a home with the right features and being unable to afford the homes on the market. These two reasons accounted for 45% and 43% of responses respectively.
Buyers are definitely adamant about finding a home, though. Only 16% said they would quit looking if they couldn’t find anything soon. Instead, 55% would continue to search for their ideal home. Many would compromise: 34% said they may be willing to expand their search area, 24% may look for a slightly less ideal property, and 19% may try to stretch their budget.