Home Buyers: In the current real estate market, what are they looking for?
Since buyers are now a small group with enough options, they can afford to be selective about the properties they purchase. Many buyers today want to step into immediate equity in the home they are purchasing. There are opportunities to purchase short sales or foreclosed assets where the buyer will go into equity—it is in good condition to have the land. These forms of home transactions will require upgrades and/or maintenance much of the time.Learn more about us at Hertfordshire Home Buyers
In a home purchase, home buyers looking to acquire ‘instant equity’ need to plan themselves in two ways. Second, depending on the type of loan they apply for, a down payment of 5-20 percent would be expected. In order to gain mortgage permission, home buyers will need to make sure their credit scores are good enough.
Those buyers who want to buy assets that are not owned by the bank will want to make the transaction based on the existing value of the valuation. In pristine condition, a savvy home buyer will look for a house. Most likely, this type of buyer would plan to move in and not have to do any work on the house. For real estate transactions where individuals are downsizing from larger to smaller residences, these types of expectations are particularly valid.
While certain states do not mandate it, before buying, consumers may rely on home inspections. These small faults with a home are easily fixable. The attention of home purchasers is on the structural integrity of the home. This implies that there must be plumbing, electricity, heating, air conditioning and roofs in good condition. Such aspects of a home have an impact on the property’s reputation and involve time-consuming and expensive repairs.
Today, home buyers are unable to rely on owning a home and selling it a year or two later. A home buyer can intend for three years or longer to own the house, even if it has to be turned into a rental property. There are far more criteria for today’s real estate buyer than a buyer had three or more years ago.