Are you planning to buy real estate in the near future? If so, have you been looking at one or more of the following types of real estate for sale?
- Luxury condos
- Luxury real estate
- New construction
- Single family homes
According to the National Association of Realtors, 5,250,000 previously-constructed homes were sold in 2015. In the same year, the U.S. Census Bureau reported that 510,000 newly-constructed homes were sold.
If you are planning to purchase your first, second, or even your third home, the Federal Reserve’s Survey of Consumer Finances found that in 2013, 65.2% of families owned their primary residence.
Are you planning to finance your home purchase? When individuals or families that financed their homes were surveyed, it was found that they tended to finance 90% of their home’s cost.
Interesting to note is that many recent home buyers tend to purchase new homes within approximately 14 miles of their former homes. If you are planning to purchase real estate within the vicinity of where you currently live, you may have already noted a variety of properties for sale.
Even though you may be planning to purchase a property close to your existing home, you may still benefit from conducting an online home search. A recent survey found that 92% of individuals looking for a home used the Internet to do so.
While online home searches are conducted every day, these searches increase over the weekend. This is often when most people have more time available. Approximately 60% of weekend mobile and tablet usage is for the express purpose of locating homes for sale.
If you’re already conducting online home searches, how many homes have you looked at? In general, the typical buyer will look at ten homes over a ten-week period.
If you’re planning to finance your new home rather than pay cash, it’s important to understand all of the
terms and details of your mortgage as well as other related transactions. When surveyed, 59% of homeowners stated that they didn’t understand these terms as well as they could, and wished that it were otherwise.
When you find the right real estate agent, as well as the right lender, be sure to prepare a list of questions. A dedicated realtor will assist you with understand these terms to the best of your ability. Helpful info also found here.
