Home buying is exciting, yet it also brings with it anxiety. The Home Buying Institute did a survey of recent homebuyers to determine to identify what the top 3 stressors are for home buyers. Here are the top 3 and my thoughts:
- Having a mortgage payment that is too big. Many buyers worry about committing to a house payment, yet most don’t think about the fact they have already been making payments for housing for years, in the form of rent. Renters have absorbed increasing costs for year because since 1960 rent has increased by 5.18% annually so the escalation of renting far out paces the cost of a fixed mortgage.
- Paying more than its worth.Do your homework! Your buyers’ agent should prepare you with market data that identifies the sold value of comparable properties. This tells you if you are paying market value. Worried about the market changing? If you are buying a home to live in and enjoy over the long term it concern should not keep you up at night. Historically, real estate appreciates between 3% and 5% annually.
- Losing your job. If you think your job is in peril, don’t buy. However, if you are confident that your job is solid and that your skills will enable you to find another job if things change, make the move. We are in a fast moving, appreciating market so take the plunge.
When it’s time to buy, give us a call and we can help you understand the entire process.
Terry Roberts, Broker/Owner