TODAY’S housing market can be a challenge for first-time buyers with inventory and affordability not in their favor. This is not at all surprising since buying a home is one of the single biggest investments one will make in his life, so naturally the process can be a little daunting.
A significant percentage of first-time homebuyers are millennials, aged 34 years and younger. In a 2018 survey completed by NerdWallet, an American personal finance company, shows that 49 percent of millennials plan to buy a house in the next five years. A first-time homebuyer is defined as a buyer who has not bought a home over the past three years. In that sense, bounce-back buyers, those who had a short sale or foreclosure, are also entering the marketplace.
Normally, a few buyers will look for years, but buyers who do that aren’t particularly motivated. A motivated buyer will generally find a home within two weeks. In some cases, a number of buyers find a home within two days. Good brokers will listen to one’s wants and needs and arrange to show only those homes that fit the particular parameters.
In an average market, the typical number of homes agents show to a buyer in one day is three to five, depending on the houses’ proximity to one another. Anymore and the buyer’s brain will be on overload. As such, one should not expect to see 10 or 15 homes in one day or one weekend.
Too often, first-time homebuyers succumb to emotions and become attached to a less than desirable property. Spending the time to research the local market trends and making one’s finances suitable for a home purchase will result in a significantly more agreeable situation. Unless there are extenuating circumstances, purchasing a property should never be a rushed process. First-time homebuyers are typically in the initial stages of their careers, so diligently researching and utilizing the advice from real estate professionals can either set the foundation for prosperity, or create a detrimental fiscal situation for years to follow.
P.A. Properties, the country’s largest developer of affordable housing south of Manila, offers high-quality, durable, stylish, yet affordable housing options to Filipinos and their families who dream of having their own homes. The company continues to offer low- to medium-cost housing units with easy payment options for first-time homebuyers, with lot areas ranging from 36 to 100 square areas and floor areas from 25 square meters and above, at prices as low as P1.1 million.
“Our strategy of building houses within the range of start-up families, average wage earners and low-to-middle income families and arranging funding mechanisms to finance such homes appeal to most Filipinos who are searching for high-quality yet affordable residential properties that are easily a stone’s throw away from the comforts and conveniences of modern-day living,” said Reynaldo Ascaño, P.A. Properties senior executive vice president. (PR)