Too Many Americans Busting Budgets to Buy a Home | Columbus Ohio Real Estate | Buyer's Resource Realty Services

Too Many Americans Busting Budgets to Buy a Home

About one-third of buyers are exceeding their budgets when buying a home, according to a 2018 survey by Owners.com, published by USA Today. The survey sampled 1,214 home buyers of various age groups throughout the U.S, who purchased a home during the past 4 years.

The average amount over-spent by respondents was $16,510. When the results were broken down by generation, Millennials over-spent the most, compared to their older cohorts:

  • 40% of Millennials went over budget by an average of $24,545
  • 34% of Generation X went over budget by an average of $13,996
  • 19% of Baby Boomers went over budget by an average of $8,024

Perhaps the most telling element of the survey, is how each age group made their home buying decisions. The survey found that the Millennial respondents were the most reliant on the advice of their real estate agents! About 1 in 5 Millennial respondents, or 19%, admitted to being “indecisive at times.” They also said they “relied on their agent to tell them what homes they should be considering and touring.”

Since the vast majority of real estate agents serve the best interests of the home seller, and usually promote the listings of their own brokerages first, it’s easy to see how buyer over-spending can occur. This is because a typical agency has no fiduciary obligation to the home buyer, and does not protect the buyer’s best interests whatsoever!

There is nothing to stop such agents from steering you towards listings that represent their best interests and biggest commissions. Such agents are also prone to dispending bad “home buying advice” that serves every advantage of the seller.

Only an Exclusive Buyer Agent or Exclusive Buyer Broker provides you with 100% buyer loyalty and fiduciary representation, 100% of the time! Since we never represent sellers or accept listings, we have no vested interest in what home you choose to buy. We can show you homes For Sale by Owner and homes for sale directly by builders, as well as home listed through the Columbus Regional Multiple Listing Service. We also “tell it like it is” when it comes to home condition and the market value of the property!

Our Buyer-Clients are not encouraged to become “house poor”, or told to waive protective contingencies that provide critical legal protections! Buying smart is the best way to obtain the long-term benefits of successful home ownership. Learn more buy getting our free e-book, “How to Buy a Home like a Pro!”

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
Broker, CEBA-M, CNE, 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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