
How many houses should buyers see in a day?
With words like “competitive” and “inventory crunch” in the news lately, home buyers may be feeling the pressure to look at as many listings as they can. The National Association of Realtors (NAR) reported it takes an average of 10 weeks for home buyers to find the right home, down from the average of 12 weeks five years ago. While it’s always a good idea to keep your options open, real estate agents caution against viewing too many homes in one day. Overdoing it with home tours may cause you to forget details about specific houses and mix properties up.
Acclaimed real estate columnist, Lew Sichelman, interviewed Realtors and real estate agents around the country to estimate how many homes buyers should see in one day. Most set their daily limit around six to eight homes per day, depending on the market. Some would not go on more than four tours in one day.
Compare and Contrast
When you’re viewing multiple listings in one day, compare each tour to the last one. It might help to make lists of their respective “pros and cons.” Ask yourself, “what does this home have that the previous home does not?” or “what does this home lack that the previous home had?” Treat it like an eye exam. First or second? First or third?
Make the Most of Your Time
Especially if you are moving to a new location, and have limited time to search. Consider splitting the home tours over the course of the weekend and not seeing every listing in one day. Seeing five houses each day for two days, versus ten houses in one day allows you to take longer with each separate listing.
When You Know You Know
The NAR estimates that home buyers tour at least 10 houses before making an offer. This number varies based on the market, how busy it is, and how many homes are for sale.
The first thing you should do, before touring homes, is get preapproved for mortgage financing. Mortgage preapproval will help you set a budget and narrow down your search.