Statistics Every Home Buyer Needs to Know
If when you see numerical stats does your brain just shut down? If so, you are part of the majority! The human brain is already overloaded with information, so it is no wonder that it does not get thrilled over having additional numbers thrown in its direction. However, if you are shopping for a home there are some stats that you really should become familiar with; we promise that it won’t be as painful as you are imagining. Below are Homes Re-Imagined’s statistics every home buyer needs to know.
- Monthly Debt – When you apply for a mortgage the lender is going to take your monthly debt and add it all together. This number will get subtracted from your income to give you your debt-to-income ratio. This number can’t exceed 43% (and this includes the potential mortgage payment figured in).
- Agent or Not? – Are you tossing around the idea of not even using a real estate agent? Well, there is a reason 88% of buyers turn to a broker or real estate agent. Also, 73% have stated they would use their agent again – which tells you there are great agents out there. You just need to find the right one.
- Home Improvement Projects – Not sure if you can handle home improvement projects? Maybe you want a turnkey home, but you can’t find one. Well, don’t be afraid to strap on your handyman belt. More than 53% of home buyers tackle a project within the first 3 months.
- Average Market Time – The average home spends five weeks on the market. You can learn a lot about your market by watching comps. If it is a seller’s market and there is a home that has been listed for a long time this could be a red flag.
- Online Tools – Thanks to how advanced the internet has become, buying a home has never been easier. You can use an array of tools available online and narrow down your list of homes to explore.
- Look Five Years Into the Future – Sometimes, you have no control over when you will move again. However, you want to try to live in your newly purchased home at least five years for it to financially make sense.
Some of these stats may not mean much to you now, but as you get deeper into the home buying experience you will understand how important it is that you keep them in mind. As a home buyer, you will put yourself in the best position to succeed if you take the time and put in the work to educate yourself as much as possible.