While Most buyers expect to live in their homes an average of 14 years, the typical time is closer to 9 years. That means an average buyer will go through the process of buying home about once a decade. The real estate landscape is always changing and here are a few tips to help you navigate the market.
- Give me a call! I can help you with all aspects of the buying process
- Get a lender on board right from the beginning. A lender will explain your financing options, help you get a pre-approval and help you estimate the right price range for your budget. Let me know if you need a referral.
- Manage your expectations. Try to narrow down the list of homes to consider that are in your price range and desired area and try to stay focused on that.
- Read the fine print and stay informed. Is the home a condo? what are the fees? what do they cover? are you allowed to pay off your mortgage early or is there a penalty? Will you pay land transfer fees? how much are lawyer fees? Try to gather all the information before you make an offer.
- How about a home inspection? It’s ideal to have one and as professionals we always recommend one. It’s one more way of gathering information about a home.
- Think about long term investment and resale potential. Factors to look for are neighborhoods, proximity to parks, court locations. It’s important to talk your realtor about what affects resale value.
- Plan for Renovations even if they’re minor. Keep a list of possible renovations you ‘d like to do if you buy the home then once you buy, prioritize your list. I can also refer a variety of professionals.
Some Stats to consider:
- medium age of all buyers: 29
- 45% of homebuyers in 2015 were first time home buyers
- buyers visited or considered 9 homes before buying
- first time buyers financed an average of 81% of their home purchase