Are you in the process of buying a new house or selling your home? If so, you are involved in one of the most exciting, and financially important times in your life. Whether you are making the decision to purchase a home for the very first time or are selling your home so your family can upsize to a larger property, the decisions you make during this process will impact your life for years to come.
Buyers and sellers who have the most success in the home real estate market are those who thoughtfully consider the selection of realtors, attend a home buyer seminar, and even take the time to visit new homes for sale to see what the latest home and building trends are.
As recently as 2014, 38% of home buyers were first-time home buyers and were new to the real estate market. Selling your home to a first time buyer is often a fast way to have a less complicated sale. Since they are likely coming from a rental property or a shared living arrangement, first time home buyers do not have to make their offer or purchase contingent on the sale of a previous home. The other 60% of buyers, however, are often part of a couple of contracts that depend on them selling their first home before they can make a purchase from you.
The typical home purchased in 2013 was just less than 2,000 square feet in size, was built in 1992. These typical 2013 purchases were homes with three bedrooms and two bathrooms. Among those who financed their 2013 home purchase, they typically financed 90% of the home price.
As you prepare to buy or sell you home in a market where the typical house is only on the market for one month, it is important to know what you want and be ready to act quickly when you find a great home or a great buyer. In addition to being prepared to make fast decisions, it is also important to make the best use of internet real estate marketing sites. In fact, for 43% of home buyers, the first step in the process of home-buying is looking online for properties. The majority, 92%, of buyers use the internet in some way during their home search process.
Whether you are the typical 53 year old home seller (2013), or you are a young college graduate who has the opportunity to purchase a home instead of having to pay apartment rent, the real estate market is an exciting part of today’s economy. The decisions you make, especially as a buyer, will impact your financial life for the next 15 to 30 years.