Buying a House Things to Consider
Real estate is popular among people who are looking to buy a home or purchase a property. While real estate can go from tens of thousands of dollars, some buyers make the investment of buying property costing hundreds of thousands or millions of dollars. While a great deal depends on the pocketbooks of Americans who are buying, more is considered.
Today, the housing market has rebounded significantly from its 2007 low, when the housing market crashed due to the proliferation of sub-prime mortgages. Sub-prime means that buyers were buying entirely on credit with very low interest rates. When people stopped paying or were unable to pay, the market crashed.
With the housing market rebounding today, more and more Americans are looking to purchase a home. There can be many reasons for this. First, the housing market is high enough that selling their own home can either allow them to make money or at least break even on the home. This gives them assets to be able to purchase a new home.
For those looking to buy a house for the first time, there is ample opportunity to do so, given that fewer people are looking to buy houses than before, making this a buyer’s market. Also, the economy has rebounded since 2007, making it a prime time to spend what should be increased amounts of money for a house.
But buying a house, just like buying a property, is a significant investment. There are all sorts of financial things to consider. These include the amount of income that is coming in on a monthly or yearly basis. It includes the amount of debt a person currently has, including credit card debt. It includes their credit score, which affects the loan.
All of these things are significant issues, and a person must be able to navigate these issues either by themselves, with the help of a financial adviser, or with the bank. Either of those three can help a person sort out there finances and come to the conclusion if they have the money to own a house.
A person should keep in mind that a house is a significant investment. Like a car that needs to be paid off for a few years, a house needs to be paid off in 10 or sometimes 20 years, which makes it the largest investment many people will make in their entire lifetimes. There needs to be caution going into it.
One of the things a person should look out for when thinking about purchasing a house is the closeness of the house to different kinds of properties. These properties can include apartment complexes, large shopping centers, vacant land, and more. These properties will help determine the value of a house, either increasing it or decreasing it.
There are some statistics that are worth noting when it comes to houses and buying houses. They are:
- According to Zillow, nearly half (48%) of buyers look for homes that have never been lived in.
- 48% of buyers interested in brand new homes cite ?energy-efficiency? as their most desired feature.
- The top three reasons cited by millennials for buying a new home include getting married or moving in with a partner, becoming tired of their current living space, and planning to increase family size.
- On average, buyers spend 4.2 months shopping for a new home.
- According to Realtor.com’s Active Home Shopper Report, 24% of current buyers prefer townhouses, 56% prefer single-family homes, and 8% prefer condos.
- The top three goals among all current home buyers are privacy, family needs, and asset accumulation.
- Of current home buyers, 33% are older Millennials (ages 25 to 34).
There are terms that are worth noting when it comes to buying a house. They are homes for sale, houses for sale, luxury homes, luxury houses, luxury real estate, new houses, Drexel Hill homes for sale, Drexel Hill townhomes, new Drexel Hill homes for sale, new Drexel Hill townhomes, and more.
There are many reasons to purchase real estate. Real estate can make for an investment that gives to parents, children, and grandchildren. It can be a family asset for generations, accumulating wealth that will pay for college tuition for younger family members for years to come. It is a positive way to accumulate wealth.
There are more statistics available.