There’s no doubt that the market is showing early signs of shifting, with buyers poking their heads out after a mortgage-rate driven hibernation and sellers looking to cash in on record equity this spring and summer.
But that doesn’t mean house hunters are without serious reservations, some of them warranted and some just based on perception or misinformation.
To that point, I saw a poll recently from a national real estate website that uncovered the top consumer concerns when it comes to buying a home these days.
To start with, consider that 10% of those polled had no major concerns. (Super, give me a call immediately and we can go out house hunting!) Also, 5% had “Other” concerns, like if the back porch was big enough for a jacuzzi and if the neighbors would blast music at 3am.
In order of least prevalent to most, here are the remaining top homebuyer concerns in this market:
These are merely passing reservations:
Now, we get into the slightly more pressing concerns:
Next up are the real serious issues, with more than 1 in 10 potential buyers reporting these concerns:
And finally, the single most reported concern in this poll of homebuyers, with almost 3 in 10 having this challenge:
Do you want to buy but have some of these concerns, too?
I’m talking to a whole lot of current homeowners who are sitting on a treasure chest of equity after years and years of a hot housing market. They realize that now is the time to sell and cash in, but they have some reservations about being a buyer in this market, too.
But I assure you that no matter what trepidation or concern you’re feeling, the best thing to do is to sit down and go through it together, talking facts and stats – not general fears.
Together with a great mortgage lender (I can recommend a few) we can pencil out the different scenarios of selling your home, what proceeds you’ll pocket, and what the home purchase may look like.
I think you’ll find that, while legitimate, most of these concerns are merely hurdles – not stop signs – on the way to buying a home and making the best financial decision of your life!
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