Wrong size home
Nearly 20% of millennial buyers and 20% of Generation X buyers said they regretted they didn’t buy a bigger house. However, waiting for the ‘perfect’ home is not always an option. See next slide!
Waiting for the ‘perfect’ home
Millennials buying a home for the first time are up against some hurdles, including the deposit and settlement costs. With home prices having spiked, these hurdles become boulders.
“To play in the market, one must get in the market by buying (and hopefully getting a good deal on) a home that is within their immediate financial striking range,” says real estate agent Mia Simon. “This is difficult for some, as they want the three bedroom/two bathroom home where they can envision raising their children. The problem is that by the time they’ve saved the deposit to afford this house, it has appreciated to the point where it is now unaffordable.”
Discover how to make your home look more expensive inexpensively!
Not hiring an agent
“When shopping for homes on online listing services, you’re not really getting the full picture or price,” says a real estate agent. “The home might have smells, sounds or sights that you’re not seeing while looking at the photos on the listing. Not only that, if you’re interested in a home and reach out to the listing agent, they’re not going to have your best interests at heart. They’re legally bound to the seller, so you may not get the best deal.”
Working with a local real estate agent in person allows them to know more about your needs and wants, and gives them the opportunity to work for you to find your future home. You can also appoint a buyer’s agent if you are thinking of buying at auction. They can also find suitable properties, complete background checks and negotiate with the seller – reducing some of your stress.