FILE - In this Jan. 6, 2012, file photo, Lennar homes are advertised for sale in San Jose, Calif. Lennar Corp. will spend $643 million to acquire luxury homebuilder WCI Communities Inc., tying up two of the largest home construction companies in Florida as the U.S. real estate market continues to heat up, the companies announced Thursday, Sept. 22, 2016. (AP Photo/Paul Sakuma, File)

Paul Sakuma

Because there's a shortage of homes listed for sale, most would-be buyers fail on their initial bid. Just 46 percent of buyers succeeded in getting the first home on which they made an offer. The failed offers are a reason why a typical home search now takes an average of 4.2 months.

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