As published earlier, 14% of adults responding to our poll in the second quarter of 2018 are planning to purchase a home in the next 12 months. A follow-up question asked that group if they were already actively trying to find a house or still just in the planning stage: 49% said they were already actively engaged in the search process, a share that was somewhat higher than in Qtr1’18 (42%) but still lower than in Qtr4’17 (67%).
More granular second quarter 2018 results show that half or nearly half of all prospective buyers planning a home purchase within the next year are already actively looking for a home, regardless of what generation they belong to (51% of Millennials, 49% or Gen X’ers, and 46% of Boomers).
And finally, a critical question for all involved in the housing industry: what are these veteran house hunters, who have already actively looked for at least three months, going to do if their dream house remains elusive in the months ahead? 55% will continue looking for the ‘right’ home in the same preferred location; 34% might expand the search area; 24% might accept a smaller/older home; 19% might buy a more expensive home.
One option that is not in the cards for most of them: giving up. Only 16% say that is likely their next step, suggesting that despite the difficulties and delays, most prospective buyers will press ahead undeterred in their homeownership goal.