Why do people want to buy a condo for sale? This is a question many real estate agents and new buyers ask themselves when going out onto the market. With individuals starting new families, already existing families seeking out new pastures and students attempting to get their foot in the door, the reasons for buying condos are just as varied as they’ve ever been. As you can imagine, the methods for buying need to reflect this diversity. From location to safe neighborhoods to affordable pricing, there are many aspects to be aware of when seeking out a new home. Let’s take a look at what new buyers and old buyers should expect when searching.
New Buyers
Not everyone is a seasoned buyer. If you’re one of the people who are just now venturing into the field of real estate, never fear — new buyers comprise a significant percentage of people seeking out luxury condos or single family homes. The average buyer generally searched for 10 weeks and looked at a median of 10 homes before choosing, though this number can fluctuate depending on your unique situation. One of the most common issues faced by new homeowners, according to a recent survey, is a lack of understanding concerning the ins and outs of mortgage, financing and down payments.
Old Buyers
Now for the other side of the coin. If you’ve bought a home before, you’ve already got your toes wet concerning mortgage, smart pricing and feasible housing options. Among those who financed their home purchase, buyers generally financed up to 90% of the total home price. According to the U.S. Census Bureau, nearly 510,000 newly constructed home were sold back in 2015 — this has led to a total of five million existing homes, giving the real estate market some of the most impressive figures seen in over a decade.
Search Methods
Did you know over 90% of people now use the Internet to assist with seeking out a new home? Consumer use of online search has reached an all-time high of 92% for home-related search, cresting to almost 60% through mobile and tablet usage on weekends. Some of the most often cited positives to buying online include online browsing, clear photographs and easily accessible information. Likewise, recent studies have concluded that houses are less likely to find buyers if they lack the above basics when being put out to market.
Popular Locations
It never hurts to check out what old and new buyers alike are gravitating to. Chicago, for starters, remains one of the most popular locations for people seeking out a condo for sale. Nearly 40 million people visit this city on a yearly basis — it boasts more than 7,300 restaurants, 19 miles of lakefront bicycle paths and an impressive 15 swimming beaches spanning the length of 26 miles of shoreline within city limits. Overall, the Chicagoland area contains nearly 10 million people in three states and is the 22nd largest metropolitan area in the world.
Buying A Condo For Sale
A successful buying stint relies on a little preparation and a proactive attitude. According to the Federal Reserve’s Survey of Consumer Finances, over 65% of families owned their primary residence. There is generally only a median of 14 miles between the homes recent buyers purchased and the ones they’ve left, making location incredibly vital for many. If you’re concerned about finding the right single family homes or figuring out mortgage rates, hiring a real estate agent can smooth out the buying process and provide you peace-of-mind. When it comes to real estate for sale, it’s always been a buyer’s market.
