Jenny Wolfes: Economic instability has plagued several businesses, forcing companies to shut down or suffer major losses. But a surprising outcome of this negativity is the sudden rise of the once gloomy real estate sector. Although a portion of society greatly suffered from what had happened with the global financial system, a greater population was able to benefit from the abundance of foreclosures and short sales. With marked down residential real estate’s up for grabs, there were a lot more people willing to buy homes.
Statistics reveal that the age of buyers is commonly around 32 and often, they belong to the median income bracket. This means most purchasers live at $57,200. Instinctively, they set aside approximately 15-30% of their earnings as monthly payments when considering buying a house. And although real estate agents are available to help them out, interested buyers usually use the internet to get needed residential real estate information. Studies actually confirm that 9 out of 10 people use the web to search for properties. And that they always address their concerns and questions to the website, in response to advertising.
According to the National Association of Realtors, buyers typically just spend 8 weeks in research before jumping in the decision of making a purchase. In this time span, they already collectively consider their need for a larger space, their affinity to their working place or school, or the transit, and above all, their aesthetic and financial preferences. But although two months seems like a fairly long time to spend making a decision, it actually runs out without the buyers noticing. And in the end, they are left with the predicament of narrowing their options and making a decision.
This is where mistakes usually come in. Panicked by the dragging process and the wasted time and energy, purchasers just hastily come to a conclusion on what they will buy. To avoid making confused and pressured choices, always question what you prioritize in the purchase. The secret to making satisfying residential real estate acquisitions is to view it from both a logical and emotional standpoint. Balance the needs and the wants. Owning a real estate property has huge benefits and consequences. So put everything first into perspective.
Most realtors would advise you to buy the property you feel most comfortable living and that you shouldn’t obsessively worry about the expenses. Yes, you should not compromise your budget. But if you stick with a mortgage plan that requires only that allotted 15-30% of your monthly wage for payment, you’ll already be on good grounds with buying a residential real estate property. If that’s impossible, then you can stick to securing a place that you find safe and completely satisfying to your taste and explore multiple payment options later. If you become too logical and practical about your purchase, you’ll eventually experience “buyer’s remorse”, as you are stuck with a viewless, cramped, unfit house. So much to say that one should really be ready to engage in a lifetime commitment with the residential real estate they buy. If not, at least they should consider staying married to it for a minimum of 6 years. Jenny Wolfes is a real restating expert who can help you.