There’s a survey from a major Canadian bank BMO on the psychology of house hunting that examines the emotions and motivations of Buyers. It comes as no surprise that it finds that most people experience some real highs and lows when purchasing a home, especially first time Buyers, who report feeling stressed and anxious about the process. Getting to the end of that process likely involves looking at a number of homes before buying. This survey revealed that most Canadians check out an average of 10 homes before making a purchasing decision and spend about 5 months shopping the real estate market looking for that perfect home.
It turns out that most of the time, it’s love at first sight for 80% of prospective Buyers who say they knew it was the right home as soon as they entered it. Sure proves the old saying, first impressions count! Apparently 68% of those surveyed also said they would be willing to settle for a home even if it wasn’t perfect. That’s not unusual, as sometimes clients will tell me that they like a particular home for how it makes them feel – even if there are some minor flaws. Overall, what people mentioned as their biggest worry about buying a home was finding out something was wrong with it – after the sale. That’s why it’s so essential to have a home inspection by a qualified inspector in order to help ensure some peace of mind. Canada’s “most trusted contractor” Mike Holmes has lots to say on the importance of home inspections.
Finally, consumers – 44% of those surveyed – said that their primary motivation for jumping off the fence and into home ownership was seeing the home as an investment in their future. A slightly smaller number at 37% said that the timing was right and motivating 23% of the other Buyers was the desire to move into a new neighbourhood.
Of course it’s important to take a logical approach when looking for a home; know what you can afford; have realistic expectations etc. but this survey really showed that people tend to put their hearts before their heads. I think it’s because most of us want to buy a home rather than a house and when we find it, an emotional connection occurs. Working with a Realtor can help keep you grounded as you compare properties and prices, so when the perfect home does come along, you can put your best Buyer’s foot forward.