Welcome to the Seattle real estate market. It can be a daunting to find the perfect home and you’ve got to act fast once you do. With that pressure to act fast,  buyers remorse is a very real thing.

When more than 2000 buyers responded to a recent NerdWallet survey, it turned out that many of them — millennials included — are now coping with buyer’s remorse. What do they regret most? How can you learn from them?

More than a fourth of millennials surveyed wished they’d saved up more money before buying. Even among those who felt they’d secured affordable mortgage terms, many a first-time buyer was concerned about depleting their savings. And 15% of millennials wish they’d learned more about home buying before doing it.

What Millennials Hope to Get When Buying a Home

  • Millennials are especially likely to think of a home as an investment. And sometimes they’re right. Buying can be a sound financial move, especially if the monthly payment on mortgage is cheaper than continued rent payments would be. Just be sure to consider the costs associated with closing on a house, moving in, furnishing the space, and keeping everything working. Millennials tend to underestimate the expenses involved in home ownership. Moreover, a home might not rise in price as much as other investments. Gains in housing prices are, in large part, the effect of inflation. To keep a home from depreciating over the years, you may have to spend a good deal on replacing appliances and making other improvements.
  • Millennials often want their new homes to be a blend of urban and suburban living. We certainly see this trend in Seattle area. Our home buyers are looking in Eastlake, Ballard, Fremont, Green Lake, Wedgwood, Queen Anne, and Phinney Ridge. Seattle neighborhoods are the perfect blend of city life and natural beauty. We have made a video tour of some of Seattle’s hottest neighborhoods, so check out our video tours. We think you’ll see many reasons why many of our clients stay happy with their home purchases.
  • Millennials want green features that are both environmentally focused and cost-conscious. We have great influences here, such as the Northwest EcoBuilding Guild. Our community appreciates building practices that reduce carbon emissions and encourage healthful living. To our region, “green building” is simply a part of all-around good building practice.

Take the Video Tour

We’re in a great area to avoid buyer’s remorse. But millennials should be prepared to live in their new homes at least ten years for optimal financial benefits. In fact, sometimes we feel good when a person decides not to buy. A major life event could lead to changes and moving plans much too soon after you buy. Maybe you’re starting a new business, or you’d just be better off investing money in other assets. We’re here to share the results of our knowledge and research — never to push you.

That’s why we’ve created a video guide to take you through the local home-buying adventure, from the stage when you’re first thinking about buying all the way to the day you have the house keys in hand.

 

Make Your First Home Purchase Awesome

Negotiating your best deal in a competitive market isn’t easy, especially if this is your first time. But, even as ms millennials’ real estate preferences reshape the industry, one thing stays the same. A good local agent can offer the expertise and the sensitivity to make that first home purchase the best decision you’ve ever made.

 

The Awesome Nossum Group has a passion for the Seattle area. Ready to schedule an initial consultation with us? You may also call or text us at (206) 949-3048. We’re available seven days a week, 7:30am-10pm, and we’d love to answer your questions.

http://awesomenossum.com/3155-2/