Most Ohio Home Buyers Become Happy Homeowners

RealSupport — Tue, 03 Mar 2020 07:27:10 +0000

How common is buyer’s remorse in Ohio? According to a new nationwide survey of 5,672 home buyers, most Ohioans are pretty happy with their home purchase. Out of 50 states, Ohio ranks #18 on the “Home Happiness Index.”

The Lawnstarter.com survey included 118 questions, boiling down to 7 main topics:

Quality of the home
Local job market
Neighborhood safety
Friendliness of neighbors
Whether it was good location to raise a family
Financial sacrifices made for home buying
Compromises made in home buying

Ohio home buyers are certainly in the glass “half-full” category, with responses falling within or better than the national average. Overall, 75% or more of Ohio buyers found their neighborhoods friendly, safe and a good place to raise kids.

Only 6.86% of Ohio buyers regretted their home purchase, compared to 13.84% nationally. About the same percentage of buyers said they would not buy the same home again given the opportunity. While the survey doesn’t clarify this further, one could speculate that dissatisfaction with home condition and/or location could be the driving factors behind the cases of buyer’s remorse.

Home ownership required financial sacrifice for some Ohio buyers. About 36% of Ohioans reported getting a second, part-time job in order to afford a home, compared to 38% of buyers nationally. About 14.29% of Ohio buyers stopped going out to eat completely in order to afford their home, compared to 22.30% of buyers nationally.

When choosing their new home, buyers in Ohio were most likely to comprise on their commute time to work, and least likely to compromise on the number of bedrooms in the home.

Home buyers who clearly define their home buying goals and priorities, and who prepare well for their home purchase, are most likely to avoid buyer’s remorse! You can do even better by giving yourself the advantage of an Exclusive Buyer’s Broker!

As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services, www.buyershome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

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First-Time Home Buyer Survey Shows Common Regrets

RealSupport — Thu, 07 Mar 2019 02:18:32 +0000

Buyer’s remorse can affect any home buyer. This was shown in a 2018 survey conducted by Porch.com, which sampled three generations about their first-time home buyer regrets.

Before we go further, it should be noted that about half of the 1,000 first-time buyers surveyed were “mostly satisfied” with their first home. One must keep in mind that home buying dollars stretch further in some areas than others. High-cost markets can make it difficult for first-time buyers to buy the type of home they would prefer.

Here’s the percentage of “mostly satisfied” buyers by generation:

Boomers: 47%
Gen-X: 53%
Millennials: 49%

Those who were disappointed by their first home said their top regret was “buying too small of a home.” Surprisingly, the Baby Boomer generation held the most dissatisfaction with their square footage, with 22% of them rating home size as their main complaint.

Generation-X and Millennials also cited buying too small of a home as their prime complaint, at 20% and 15%, respectively.

Overall, most buyer regrets involved being under-prepared for the costs of home buying and home ownership. Among all cohorts, “not saving enough money before buying a home” and “underestimating home buying costs” ranked in the top three regrets.

These first-time buyers also expressed surprise with immediate out-of-pocket expenses. On average, the surveyed buyers reported exceeding their budget by $3,615 during their first year of ownership. Most of the money went towards items like new appliances, new heating and air conditioning systems, roof repairs and landscaping.

48% of all surveyed first-time buyers said they did not have enough money put aside for their first year of ownership.

What this survey does not tell us, is what kind of home buyer representation these first-time buyers obtained, but we can take a guess! Typical real estate agents represent the home seller, even if they “work with buyers” or are so-called “buyer agents.” If agents or their brokerages represent home sellers, or list homes for sale, they are dual agents; essentially, transaction handlers who cannot give specific advice. First-time buyers are especially vulnerable under the limitations of dual agency!

Discover the buyer protections offered by an Exclusive Buyer’s Broker! Start by downloading our free e-book, “How to Buy a Home like a Pro!” It’s yours without any strings attached.

The post First-Time Home Buyer Survey Shows Common Regrets appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

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Most Ohio Home Buyers Become Happy Homeowners

First-Time Home Buyer Survey Shows Common Regrets