Trends, Testimonials, War Stories & Other Real Estate Related Adventures

Archive for January, 2014

What is Buyer’s Remorse?

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The “holidays” are a magical time for many people – you probably won’t be surprised to know that many people make a resolution to move – to sell their current home and buy a bigger one, to buy their first home, to retire to a smaller home during the “Holiday Season” and the start of the new year. 

When the excitement of shopping for a house turns into the reality of committing to buy – well, that’s when you start second-guessing your decision and begin to have a fear of ‘What-if’..  It’s completely natural to do this, completely normal to have, what we term, a case of “Buyer’s Remorse.”

The buyer who suffers from remorse fears they may have made a bad financial decision. Even after they’ve analyzed the numbers, the 2nd-guessing begins, they now worry they may be paying too much or that they are being taken advantage of. They may worry that down the road something negative is going to happen: The What-If factor.

Buying real estate, especially the home where we plan to live, is not only a financial, business-like process, but an emotional one as well. A huge decision, so many factors to take into account – pricing, neighborhood, schools; so many speculative answers – no one can absolutely predict the future, right? Take schools for instance – you can buy a home in your preferred school district and 18 months later the county can re-district!

Fortunately, buying real estate is a step-by-step process. Many of your questions are answered before you submit an offer (you’ve checked out the area master plan, the schools, crime, commute, comparables.) The rest are answered as you go through the process – step 1, the offer & acceptance; step 2, the inspections, step 3, the appraisal, step 4, the title…. each satisfactorily completed step is designed to alleviate your stress and eliminate your remorse. By the time you reach the settlement table, excitement should be the emotion leading you into your future!

Provided by Maureen Nichols

 


10 Things Today’s Buyers Look for in a Home

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While David Letterman’s Top 10 lists generally culminate in a No. 1 ranking, the following list includes in no particular order 10 things that are important to buyers today, especially Millennials who represent a significant buyer niche in today’s market.

  1. Quality of the neighborhoodThe National Association of Realtor’s 2012 Profile of Buyers and Sellers revealed that neighborhoods are really important to buyers, but that neighborhood choice varies by household composition.  
  2. Convenience to job – Commuting is a necessary evil, but homes that are close to work enhance work-life balance, a growing priority for many Americans, especially Millennials. 
  3. Overall affordability of homes – With job markets tight and retirement funds depleted or eroded thanks to the great Recession, it has never been more important to keep housing related costs as low as possible, ideally no more than one third of your pre-tax income.
  4. Quality of schools – A recent survey by realtor.com revealed that nearly 45 percent of today’s buyers are willing to pay a premium for quality schools
  5. Homes suited for the next 15 years – Just five years ago, buyers were looking to stay in their home about 10 years.  Today, buyers expect to stay closer to 15, so it’s important to find a home that can support lifestyles as they evolve through that time period.
  6. A mortgage – In today’s tight credit environment, getting a mortgage can be a challenge. Buyers should be willing to consider homes below what they may quality for in order to bump up the loan to value ratio.
  7. Energy efficiency – The National Association of Homebuilders surveyed buyers to see what was most important to them in new home construction and energy efficiency topped the list.  Four of the top most wanted features involve saving energy: 94 percent of home buyers want energy-star rated appliances, 91 percent want an energy-star rating for the whole home, 89 percent want energy-star rated windows, and 88 percent want ceiling fans.
  8. Open floor plans – Spaces that are great for entertaining mean quality time with friends and family, something especially important to Gen Y.
  9. High ceilings – Taller ceilings are not only aesthetically pleasing in that they impart a grandness to the home, they also promote greater air circulation and more natural light than lower ceilings.
  10. Technology – Can you run your home from a cell phone? Then market to a Millennial, who prizes a homes’ technological amenities prized over curb appeal.

 

by (August 2013)


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