What's Happening?
The National Association of Realtors has reported that the average number of homes viewed by buyers before making an offer has decreased to seven in 2024. This figure has fluctuated between seven and twelve since 2001, with a steady decline from twelve in 2011. The decrease is attributed to fewer houses being available for sale, leading to less inventory for potential buyers to visit. Additionally, the growth of online listings offering virtual tours and floor plans has contributed to the reduction in physical home viewings. Real estate agents are adapting to these changes by showing fewer homes, with some buyers making offers after viewing only three to four properties.
Why It's Important?
The decline in home viewings reflects broader trends in the real estate market, including limited housing inventory and the increasing reliance on digital tools for home buying. This shift impacts both buyers and sellers, as buyers may have less opportunity to physically inspect properties, while sellers may face challenges in attracting potential buyers. The trend also highlights the importance of online real estate platforms in facilitating home purchases, potentially influencing future real estate marketing strategies and consumer behavior.
What's Next?
As more inventory becomes available, the number of home viewings may increase, providing buyers with more options and potentially slowing down the pace of home purchases. Real estate agents may need to adjust their strategies to accommodate these changes, focusing on enhancing the online viewing experience and leveraging digital tools to attract buyers. The market dynamics could also influence pricing and negotiation tactics as buyers gain more leverage with increased inventory.
