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7 Key Factors Which Impact Real Estate Buying

 

7 Key Factors Which Impact Real Estate Buying


If you, really, want, and hope to buy a home, of your own, you should thoroughly, consider, and examine, a number of relevant factors! Since, for most of us, the value of our home, represents our single - largest, financial asset, doesn't that make sense?
The real estate, and housing markets, are, often, ever - changing! In my, over 15 years, as a Real Estate Licensed Salesperson, in the State of New York, I have experienced, various degrees of, both, Buyers, and Sellers, Markets, as well as neutral ones! Many factors, both, actual, and perceived ones, influence, buying houses, and commercial properties, but, the best approach, for every real estate professional, as well as potential buyer, is to understand, and appreciate, as many of these issues, etc, which might impact this marketplace! With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, 7 key factors, which may, significantly, affect buying habits, etc.

1. Overall economy/ economic conditions: How well the present, overall, economy, is performing, in both, actual terms, as well as perceived ones, is a significant factor, in the performance, and activity, of housing, etc! In addition, what is predicted, in the near future, as well as how, buyers, believe, and feel, it will perform, are, often, significant influences.

2. Job/ employment security: Those, who believe, they have job security, are far more, apt, to buy a house, than, others! When, many people have this confidence, this often, creates greater competition, for the houses, available, for sale, at the time. Since, pricing, often, depends on Supply and Demand, when there are more sellers than buyers, it creates a Buyers Market, and when the number of potential buyers, exceeds, houses, for sale, it often, leads to a Sellers Market.

3, Mortgage Interest Rate: We are currently, experiencing, historically, low, mortgage interest rates. This translates, generally, to rising home prices, because, when rates are low, potential homeowners, are able, to purchase, more expensive homes, and pay an affordable (for them) monthly payment.

4. Fears: Our fears are often, a major influence, in whether, we are willing, to make a significant decision, in a wise, well - considered, timely manner. Especially in a Buyers Market, timeliness, is often, a determining factor, in whether one, can purchase, a specific house, especially, when there are multiple, potential competitors!

5. Priorities: When one begins his housing search, he should create a personal priorities list, differentiating between, one's wish - list, and true needs, etc! Considerations must include: lot size; rooms configurations and sizes, number of bedrooms, kitchen features, etc.

6. Supply and Demand: Real estate prices, often, are largely dependent upon, the principles, of Supply and Demand. This determines pricing, availability, choices/ options, etc.

7. Costs: Often, the process, becomes, all about the pricing. The total costs, including down - payments, real estate taxes, mortgage payments, necessary reserves, and associated costs, etc, are essential, significant factors.

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