Not too long ago, when the housing market was booming and homes sold in a day with multiple offers, over asking price, home buyers’ top priority was “to buy a home”. In that competitive market, home buyers often did little to no inspections on the home. In many instances, as evidenced by the millions of people who have lost their home since, home buyers got caught up in the buying frenzy bolstered by loose loan requirements.
On the heels of one of the worst housing downturns in history, and having seen many people lose their home, today’s home buyers are much more conservative. Their number one priority is to keep the monthly payment low and easily affordable, preferably close to what they currently pay in rent. While they may qualify for a larger loan, they don’t want to risk getting in over their heads.
Today’s home buyers are both victims and witnesses of the national housing crisis. For many young adults, buying a first home is part of the American dream. But current economic conditions give them cause to pause and consider whether or not owning a home makes financial sense. They’re also being more cautious in investigating the condition of the home, ordering inspections beyond the general physical inspection to better assure they’re not going to be hit with some large repair expense in the near future.
While the dream of home ownership remains strong amongst many would be home buyers, it’s important for sellers to be cognizant of this shift in attitudes. Selling a home is often an emotional time for the homeowners for many reasons. By being aware of the concerns and values of today’s home buying market, sellers can avoid stress by having a better understanding of what to expect when selling a home.
Tags: home ownership, homebuyers, homeownership, housing downturn, housing market, today's housing market
