More buyers dragging out home searches

Real estate agents around the country note that many homebuyers are scrutinizing homes with a keener eye in search of the best deal, dragging out their relocations until they find a home they're most satisfied with.

It's an effect that has been caused by the overstuffed national housing inventory, according to officials with RE/MAX. In the past, a buyer might have looked at 15 to 20 homes before deciding which one they would be moving into. Today, it's more typical for one to look at around 40 homes before making a decision. There are more homes to choose from, and as a result, buyers are having a hard time saying "yes" unless they think they found a great deal.

"Buyers have read a lot about foreclosures, short sales and how desperate sellers are," said Chicago real estate agent Sarah Ritter. "They feel there is this fabulous deal out there, a mansion with all the bells and whistles, and they are going to get it for $210,000. They are convinced the next house they look at will be a better deal."

Agents suggest that buyers adjust their expectations to fit their local market, while trying not to become too tied up in prices. For instance, though foreclosures may come cheaper, they can also come in poorer condition than other homes.

Many buyers today are considering moving into foreclosures for their deep discounts. The National Association of Realtors reported distressed sales made up 35 percent of all existing home sales in September.
 

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