A new national survey by Zillow suggests that buyers who submit five or six unsuccessful offers are in the minority, even in the intensely competitive housing market of the last 20 months.
The listings portal company surveyed over 2,000 successful homebuyers across the country from March to August of this year and found that the median buyer in its survey made only two offers on a home this year. That’s up from the single-offer median identified in the 2018, 2019 and 2020 surveys. First-time buyers were more likely to make more than one offer during their buying process, but the share of first-time buyers in the survey shrank from previous years: Only 37 percent of respondents were first-time buyers compared to 43 percent in 2020 and 46 percent in 2010.
Around two-thirds of buyers surveyed said they felt rushed to some degree, although only 25 percent of first-time buyers and 17 percent of repeat buyers described their timeline as “short.”
“Our 2021 survey of buyers found buying a home got more challenging in the past year, but many buyers were ultimately successful in landing a home without taking unnecessary risks,” Manny Garcia, a Zillow population scientist, said in a statement accompanying the survey’s release. “Most buyers continue to get inspections, and sellers appear to prioritize higher offers over waived inspections. Most buyers are ultimately achieving homeownership by doing their research, making trade-offs, and considering a diverse array of options.”
Forty percent of buyers surveyed lived in the South, 23 percent in the West, 23 percent in the Midwest and 14 percent in the Northeast. Forty-three percent made $100,000 or more, 33 percent made between $50,000 and $99,999 and 24 percent made less than $50,000. Most respondents – 37 percent – were Millennials, 25 percent were Gen Xers, 25 percent were Baby Boomers, 7 percent were Gen Zers and 6 percent were members of the Silent Generation.