Home ownership has begun later in life for this generation of young adults. For years the media assumption was that Millennials were unmotivated by home buying and unready for the financial responsibility that went along with it. But when a study by Business Insider crunched the numbers, it demonstrated that economic headwinds, more than personal choice, delayed Millennial home ownership.

For example, about 70% of recent college graduates have approximately $30,000 in student loans outstanding, not counting interest. Millennials with advanced degrees may have over $75,000 in student debt. Monthly student loan payments can be enough to rival a car payment or a mortgage. The burden of student debt is much greater today than it was for prior generations.

Even as the cost of education increased, the price of single-family homes marched upward. Home prices are now 40% higher than what prior generations faced. The average price of a home reached $300,000 in the spring of 2019.

Millennials have also had to grapple with rising rent costs. Nationally, apartment rents have increased by 50% during the past three decades. At the same time, wages were largely stagnant.

This is all without the impact of the Great Recession itself, which arguably had an effect on Millennial earning power and economic opportunity.

Now for the good news: Millennials are among the most technically astute and financially adept of Columbus home buyers. They are now the largest home buying generation in America, accounting for the lion’s share of home purchases. They may not have rushed into the housing market as quickly as prior generations, but they have approached it with the lessons of the Great Recession in mind.

The market share of Millennial buyers is expected to grow for the next several years! And no matter what generation you are from, using an Exclusive Buyer’s Broker can help you prepare for a successful home purchase.

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!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

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

A new home buyer survey reported by CNBC shows that buyer’s remorse has been on the upswing. One reason is the limited inventory of affordable homes facing buyers around the country. With little to choose from for the money, some buyers purchased homes that they quickly outgrew. Others purchased homes that needed more repairs than expected.

Yet there is simple, significant reason for home buyer remorse: uninformed decisions.

For example, the survey found that 40% of buyers accepted the first mortgage offer they received, because they had no idea what options were available to them. This means they likely overpaid for mortgage fees, and could have possibly received a better interest rate elsewhere.

About two-thirds of surveyed buyers said they regretted not having a larger down payment. While it’s possible to obtain a mortgage with only 3% down, the resulting mortgage insurance premiums can be a pricey addition to the mortgage payment.

Not surprisingly, 52% of respondents said their total mortgage payment was too high for their budget.

Despite these issues, home ownership was still seen as a positive achievement by 59% of respondents, who identify home ownership as part of the “American dream.”

What the survey does not address is the quality – or lack thereof – in the home buyer’s representation! When you become a Buyer-Client of Buyer’s Resource Realty Services, you receive true fiduciary representation. This means we can help you screen your mortgage offers for the most advantageous financing. We also negotiate exclusively on your behalf for the best possible price and terms for your home purchase.

Typical real estate agents do not provide the level of home buying guidance and protections that we deliver. In short, the easiest way to avoid buyer’s remorse is to use 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!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

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

Mortgage Pre-Approval Remains Essential for Columbus Home Buyers

May 4, 2019

Quick! How much home can you afford to buy? The answer might seem simple, but it isn’t! Columbus home buyers need to understand the difference between a mortgage pre-approval, and a mortgage pre-qualification. A mortgage pre-qualification is an informal estimate of your home buying power, based on unverified information you give to the lender. Lenders […]

Read the full article →

Popular May Events in Central Ohio!

April 29, 2019

There’s plenty to do in Central Ohio during the beautiful month of May! Here’s a sampling of the special events taking place around the Metro Columbus area. Blooms & Butterflies, Franklin Park Conservatory – Columbus. May 1 – May 31. 10:00 a.m. – 5:00 p.m. daily. See hundreds of butterflies milling amongst the flowers in […]

Read the full article →

Home Buyers Should Compare 30-Year and 15-Year Mortgages

March 16, 2019

For most Columbus home buyers, the 30-year, fixed-rate mortgage is the loan of choice. The long repayment period makes home ownership more affordable, enabling you to buy more home for the money. But before you lock in 360 consecutive mortgage payments, you should give consideration to the 15-year term. A 15-year fixed-rate mortgage will save […]

Read the full article →

First-Time Home Buyer Survey Shows Common Regrets

March 6, 2019

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 […]

Read the full article →

Columbus Stands Among Best Cities for First-Time Home Buyers

February 27, 2019

A new study by LendingTree places Columbus in the top ten cities for first-time home buyers, ranking us #7 out of 50 major metros. Here’s what the study says about Columbus home buying opportunities! The study is based on LendingTree’s own opinions of what makes a city “friendly” to first-time buyers, backed by their own […]

Read the full article →

What Columbus Home Buyers Should Know About Mortgage Escrow Accounts

February 21, 2019

When you buy a home with less than 20% down, your mortgage company will usually require an escrow account for your property taxes and homeowner’s insurance. Your home is collateral for the mortgage debt, and your lender wants to avoid the risks associated with non-payment of these items. They collect the money from you in […]

Read the full article →

Columbus Home Buyers Should Consider Fixer-Uppers

February 6, 2019

Move-in ready homes are in high demand, and most Columbus home buyers are willing to pay a premium for them. But as home prices rise, it makes sense to give fixer-uppers a closer look. Here’s why! According to recent articles in Columbus Business First and the Columbus Dispatch, investors are stepping back from the Central […]

Read the full article →

Understanding the Seller’s Motive when Buying a Columbus Home

January 30, 2019

Columbus home buyers may have the impression that the highest offer is always the best offer, but this isn’t necessarily the case! Understanding the seller’s priorities and motives are often the key to making a winning offer. Before we explain further, it should be mentioned that making an extremely low offer isn’t a wise idea […]

Read the full article →