Tips For Preparing to Buy Your First Home
Home buyers are a diverse and loyal group. Home buyers consist of every age, race, income level, and geographic location. The average home buying price is up slightly from the year before. Home buyers are young and old.
The youngest home buyers in this market are millennial, aged twenty-three to thirty-seven years old. Baby Boomers age group ranks second in the percentage of the residential buying market today. These baby boomers, at sixty to eighty, range in age from fifty-one to seventy. They are mostly single and would pay more than what most would in a market like this.
In March of this year, according to the Zillow Home Buyer's Association, the average price for single adults was at $7000. After March were more likely to be home buyers, they were married and their household income was at least six figures. Single women buyers were at an average price of seven thousand dollars. The numbers may change slightly with the changing of the season. homeowners may be more willing to lower their asking price.
One of the greatest challenges for home buyers is finding a good real estate agent who will be willing to work with them. With many agents out there, the marketplace is flooded with unsolicited listings. Many FSBO sellers have put their property for sale and many times will not list it for sale to a buyer until they are convinced that a deal can be made. FSBO sellers may also want to sell their property because they need a down payment or have funds tied up that they need to use towards the down payment, therefore they will not list to the first buyer that asks. When scouting for a houe to buy it is better to involve a seller selling my home with no agents as it makes the buying process shorter.
The recent buyers that are coming to the market may have a different perspective of the home buying process and the home buying market than the previous home buyers. As a new home buyer you need to be a little more cautious and take your time. Most buyers will tell you that they found some bargains on the internet, but the problem is that if it is a FSBO property then there could be a lot of work that lies ahead. Be patient and know that the home buying process will take some time.
When you get into the market knowing what type of quick property buyers with cash you are and the amount you can afford should be a big factor when it comes to negotiating the asking price. Many people who purchase a home for the first time will not set a price that will allow them to purchase the home. The home buyers who purchase a home from an agent will set a price that is reasonable based on their income and the average mortgage rates in the area. If you have several properties that are being sold at the same time, you may want to bring them all into a single setting and set a price based on a combination of them. To get a detailed overview of this topic, see here: https://en.wikipedia.org/wiki/Real_estate.