With how much the housing market has changed over the last 50 years, or even, over the last decade, it can be interesting to think about what the future of home buying could possibly look like. With uncertainty around all of the things that go into the housing market like the environment, economy, work life, entertainment, styles, and personal preferences, who knows what the process will look like in the future? But still, it can be fun to speculate.
Buying a house is a big deal no matter what. When it’s a first home, it can be overwhelming and even scary. We are here to help calm the anxiety and demystify the process.
Standards of luxury change with the times. Fifty years ago, a two-car garage, a double-sink vanity, or a bar in the rec-room would have seemed pretty special in some houses. Today, those features are common, and one would be hard-pressed to find a new-build without things like walk-in closets, a security system, or a master ensuite. Heated floors, outdoor living space, swimming pools, and spas have become so mainstream that they are no longer the signatures of luxury homes.
Originally published Friday, October 26th, 2018; Updated February 1st, 2022
There’s a lot on the line when figuring out what a home is worth. Setting the asking price too high might limit the number of offers and leave the house on the market a long time. Asking too little could mean leaving money on the table.
Foreclosed homes can be appealing to house flippers, investors, and ordinary homebuyers looking for a bargain. Once a lender takes possession of a foreclosed home, they will seek to sell it quickly. They are less concerned about making a profit and simply want to break even on the amount they lost due to non-payment of the mortgage.
People can have bad credit for all kinds of reasons. Does that mean they can’t own a home of their own? A bad credit score will make the process more challenging, but getting a loan and becoming a homeowner can happen.
Anyone who has sold a house can understand the appeal of selling a home “as-is.”
For a lot of people, a brand-new home is appealing. But there are others who seek out older homes. In addition to charm and character rarely found in a new build, old houses often feature solid construction and expert craftsmanship. They are often found in established neighborhoods with bigger lots and more mature trees.
A stat cited in a 2018 Washington Post article estimated that 73% of homebuyers place a great deal of importance on schools when searching for a home. Education options often outweighed other items on a buyer’s wishlist, such as a garage, updated kitchen/bath, a certain number of bedrooms, or a large yard.
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