Tight Home Inventory Leads To Faster Closings In Pennsylvania

It took less than a month to find a home for nearly a quarter of new Pennsylvania homebuyers, according to the Welcome Home survey, conducted for the Pennsylvania Association of Realtors®.

“We’re continuing to see low inventory in most markets across the state, which is forcing buyers to make quick decisions,” said PAR President Todd Umbenhauer. “In order to be competitive in today’s market, we’re recommending that buyers be pre-approved for a mortgage so they’re ready to make an offer as soon as they find a house that meets their needs.”

Buyers over the age of 50 were even more likely to find a home in less than a month from starting a home search to closing on their new home. Thirty percent said it took less than 30 days to complete their home purchase.

Income levels appear to have an impact on the length of a home search. The survey showed that 31 percent of buyers with incomes between $75,000 to $150,000 spent more than six months in their home search, while only 23 percent reported the same in the first quarter.

While location remains the top reason for a new home purchase, with 37 percent saying that was the main reason for choosing their new home, 16 percent of new homebuyers picked interior features as their main reason.

“More new homebuyers with children indicated that a larger plot or more acreage was the reason they selected their home,” Umbenhauer said. “Only 4 percent of those buyers indicated that an affordable price was their main reason for purchasing their home. I think many homebuyers are willing to pay a little more if they find a house with the features they value.”