Considering the purchase of a home can be daunting, whether it is the first time or one of several. It is a complicated process and figuring out important questions like how to pick a good real estate agent is a challenge in and of itself. There may also be concern about the viability of the real estate market, due to the challenges faced by the waxing and waning economy in the past decade. Educating oneself to the specifics of choosing a real estate agent, the status of the real estate market and the facts of those who commonly invest in real estate can offer some peace of mind and encourage you forward in your journey to find the perfect home.
The Real Estate Market
The status of real estate is perhaps more optimistic than one might have anticipated, proving that there really has never been a better time to buy a house or invest in your dream property (beach property, perhaps?). Currently, there are over 115,000,000 occupied homes in the U.S. alone, an impressive number considering the overall population. This can only mean that lots of people are having success buying homes and finding good local real estate agents. Forbes estimates that 1,500,000 homes must be built per year to accommodate population growth. Selling these houses won?t be a problem; a growing economy, competitive mortgage rates, pent-up demand and affordable prices will keep the real estate business on a fast incline through 2015. As such, it?s the perfect time to learn how to pick a good real estate agent.
The Average Home Buyer
The average successful home buyer is no doubt much more identifiable than most people might have anticipated. In 2014, the average age of a first time buyer was 31, while repeat buyers averaged at around 53 years. That same year as many as 33% of buyers were doing so for the first time, a number that bodes well for young people considering the purchase of their first home. Reasons for home purchase varies, however; in 2014, 13% of buyers chose a multi-generational home to accommodate children over the age of 18 moving back in as well as aging parents in need of care, 24% did so out of general interest in owning a home, 9% did so out of necessity due to moving because of a job, 8% did so to change neighborhood and living situation.
The Real Estate Agent
Many people seek out the aid of a real estate agent when buying a home. Even so, it is natural to wonder whether or not they?re necessary and how to pick a good real estate agent. Thankfully, there?s a diverse pool of real estate agents to choose from: The Association of Real Estate License Law Officials (ARELLO) estimates a total of 2,000,000 active real estate licensees in the U.S. as a whole. The amount of people choosing to use an agent has increased 88% in 2014 from 69% in 2001 and were viewed as useful by 98% of buyers.
No matter how and where one chooses to buy a home, being amply informed is the key to success.
