Home buyers today have several concerns when navigating the ever-changing real estate market. Let’s explore some of the top worries:
- Interest Rates and Market Timing: Some buyers worry about purchasing a home now at a premium when mortgage rates remain above 7%. However, balancing affordability and timing is crucial. In a time when buyers are closely monitoring interest rates and market trends to try to figure out the right time, you could miss out on your perfect house.
- Finding a Home Within Budget: With national home prices skyrocketing, it’s no surprise that 41% of buyers surveyed find it challenging to discover a home that fits their budget. If you’re worried about going over budget, consider using a mortgage calculator to determine how much house you can afford based on your saved funds for a down payment. This is also a time when having an experienced Realtor matters, they can help guide you to the right home and through the lending process.
- Overpaying for a Home: Approximately 38% of buyers express concern about paying more for a home than it’s truly worth. While current market conditions may lead to higher prices, it’s essential to avoid overpaying. Consult with a knowledgeable real estate agent who can assess whether a price is fair or not. Additionally, researching recently sold homes in the area can provide valuable insights.
- Finding a Home in an Appealing Neighborhood: 37% of buyers worry about locating a home in a desirable neighborhood. Given limited inventory, consider expanding your search scope and researching multiple neighborhoods. This is also a time when having an experienced Realtor matters, they can help guide you to a neighborhood that meets your needs but maybe under your radar.
