{"id":226589,"date":"2022-11-09T14:28:04","date_gmt":"2022-11-09T19:28:04","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=226589"},"modified":"2022-11-09T22:56:00","modified_gmt":"2022-11-10T03:56:00","slug":"first-time-home-buyer-2022-online-listings","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/news\/first-time-home-buyer-2022-online-listings","title":{"rendered":"Typical 2022 buyer checks online listings 12 times a day"},"content":{"rendered":"<h4 id='pressboard-ad-sponsorship-tag' style='margin-bottom: 35px;'><\/h4><p><span data-contrast=\"auto\">It\u2019s been a year since the frenzied market of 2021, and first-time buyers are struggling with costs, high interest rates and the ever-shrinking inventory of <\/span><a href=\"https:\/\/www.livabl.com\/articles\/2022\/10\/starter-homes-american-cities.html\"><span data-contrast=\"none\">starter homes<\/span><\/a><span data-contrast=\"auto\">. But if there\u2019s anything we\u2019ve learned from the pandemic, it\u2019s that first-time buyers are resilient.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">New data from Opendoor shows that even the most stressed-out and battle-scarred first-time buyer hasn\u2019t given up on their dream of homeownership even as the market continually shifts under their feet.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<div id=\"attachment_226591\" style=\"width: 1010px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/11\/pexels-anna-shvets-4226218-e1668021648401.jpg\" rel=\"lightbox[226589]\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-226591\" class=\"size-full wp-image-226591\" src=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/11\/pexels-anna-shvets-4226218-e1668021648401.jpg\" alt=\"first-time buyers are more stressed out than ever\" width=\"1000\" height=\"667\" \/><\/a><p id=\"caption-attachment-226591\" class=\"wp-caption-text\">Being a first-time homebuyer is stressful, but vigilance seems to be a key to their success. (Image via <a href=\"https:\/\/www.pexels.com\/photo\/stressed-woman-looking-at-a-laptop-4226218\/\" class=\"external\" target=\"_blank\">Pexels<\/a>)<\/p><\/div>\n<p><b><span data-contrast=\"auto\">As markets get tighter, buyers are spending more time hunting down houses<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">First-time homebuyers in today\u2019s market are more vigilant and persistent than ever before. On average, buyers are spending more time checking online listings and touring homes \u2013 essentially jumping on every new opportunity that hits the market.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">More than 41% of first-time homebuyers say they checked home listings sites several times in a week looking for new homes. Compared to last year when only 25% were checking regularly, that\u2019s a dramatic increase.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">But it looks like vigilance is a key to success. Those who purchased a home in the past month say they checked online listings an average of 12 times per day \u2013 nearly double the amount of time spent by those who purchased a home in the last 6-12 months.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In addition to the extra time spent browsing online, first-time buyers spent more time taking home tours.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The average number of in-person or virtual home tours that first-time buyers went to jumped from 15 in 2021 to 24 in 2022.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Thirty-three per cent of first-time buyers toured more than 20 homes, meaning a large chunk of them were more eager to look at any home that was available. Others were slightly more selective, with 25% of first-time buyers touring less than five homes.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">All the time dedicated to the house hunt can feel like a second job \u2013 and for many, it nearly was.\u00a0 Sixty-five percent of homebuyers say they skipped out on work due to the homebuying process. On average, they lost 15 hours of office time \u2013 nearly two full workdays.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Millennial buyers were more willing to compromise\u00a0<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Usually, a home tour is an opportunity to see if you like a home enough to make an offer. But what about when you tour a home and don\u2019t love it? Millennial buyers tended to throw their hats in anyways.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In 2022, first-time buyers made an average of 12 offers before purchasing a home. But that doesn\u2019t necessarily mean they found the home of their dreams 12 times.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Nearly 2 in 3 first-time buyers admit to bidding for a home they didn\u2019t really want \u2013 70% of whom were parents. Forty-three percent confessed they did this more than once.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Millennials were the most willing to throw away their personal tastes, with 20% of them saying they made over five offers for homes they didn\u2019t actually want.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Financial strain posed a challenge for many\u00a0<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Many homebuyers got by with a little help from their friends \u2013 or their parents, partners, and even strangers.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Co-signers were incredibly popular with first-time buyers, with family members and spouses being the most popular options.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Fifty-six percent of buyers relied on the contributions of their partner or spouse, while 16% bought homes with their parents, and 8% bought homes with their siblings. Most first-time buyers who purchased a home with their family were Gen Z.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Twenty-three percent of first-time buyers purchased a home with someone else who wasn\u2019t a family member, including friends (15%), colleagues (8%), and even people they met online (7%).\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Only 17% purchased a home by themselves.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">While budgets remain tight for many first-time buyers, 90% of them say they found ways to save money on fees during the process. These savvy consumers report doing their own research, asking more questions and negotiating on the price of the fees.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<div id=\"attachment_226592\" style=\"width: 1010px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/11\/pexels-yan-krukov-5793919-e1668021874152.jpg\" rel=\"lightbox[226589]\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-226592\" class=\"wp-image-226592 size-full\" src=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/11\/pexels-yan-krukov-5793919-e1668021874152.jpg\" alt=\"Some first-time buyers had help from their friends in the home-buying process.\" width=\"1000\" height=\"667\" \/><\/a><p id=\"caption-attachment-226592\" class=\"wp-caption-text\">Some first-time buyers purchased homes with friends or family to lessen the financial strain. (Image via <a href=\"https:\/\/www.pexels.com\/photo\/3-women-sitting-on-white-couch-5793919\/\" class=\"external\" target=\"_blank\">Pexels<\/a>)<\/p><\/div>\n<p><b><span data-contrast=\"auto\">Successful buyers felt confident in their choices<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Being a first-time buyer is not easy, but the majority of those who did end up buying a house this year say they felt empowered by the experience.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Nearly 70% of buyers felt confident that they had found the best home for them on the market, including 92% of Boomers and 72% of Millennials, who were most willing to compromise on the homes they placed bids for.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">While the majority of buyers feel they found a home that suits their needs, many say that\u2019s the hardest part.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Despite all the time spent hunting for the perfect home, 43% of buyers felt the most difficult of the process was finding a home that was right for them.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">If you\u2019re looking to buy your first home, check out our <\/span><a href=\"https:\/\/www.livabl.com\/articles\/2022\/09\/how-to-buy-your-first-home.html#first\"><span data-contrast=\"none\">first-time homebuyer guide<\/span><\/a><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<div id='pressboard-ad-sponsorship-msg'><\/div>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s been a year since the frenzied market of 2021, and first-time buyers are struggling with costs, high interest rates and the ever-shrinking inventory of&#8230;<\/p>\n","protected":false},"author":52,"featured_media":226590,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2022-11-09T19:28:11Z","apple_news_api_id":"1727bccc-43d3-458b-b70c-79e2c79d70e4","apple_news_api_modified_at":"2022-11-10T03:56:06Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAA==","apple_news_api_share_url":"https:\/\/apple.news\/AFye8zEPTRYu3DHnix51w5A","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":["https:\/\/u48r14.digitalhub.com\/sections\/09b86915-7d2b-3acd-915b-b215002d01b7"],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11108],"tags":[11221,11163,11198],"coauthors":[10598],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Typical first-time buyers check online listings 12 times a day<\/title>\n<meta name=\"description\" content=\"First-time buyers are struggling to find the perfect home. 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