1. Overall economy/ economic conditions: How well the present, overall, economy, is performing, in both, actual terms, as well as perceived ones, is a significant factor, in the performance, and activity, of housing, etc! In addition, what is predicted, in the near future, as well as how, buyers, believe, and feel, it will perform, are, often, significant influences.
2. Job/ employment security: Those, who believe, they have job security, are far more, apt, to buy a house, than, others! When, many people have this confidence, this often, creates greater competition, for the houses, available, for sale, at the time. Since, pricing, often, depends on Supply and Demand, when there are more sellers than buyers, it creates a Buyers Market, and when the number of potential buyers, exceeds, houses, for sale, it often, leads to a Sellers Market.
3, Mortgage Interest Rate: We are currently, experiencing, historically, low, mortgage interest rates. This translates, generally, to rising home prices, because, when rates are low, potential homeowners, are able, to purchase, more expensive homes, and pay an affordable (for them) monthly payment.
4. Fears: Our fears are often, a major influence, in whether, we are willing, to make a significant decision, in a wise, well – considered, timely manner. Especially in a Buyers Market, timeliness, is often, a determining factor, in whether one, can purchase, a specific house, especially, when there are multiple, potential competitors!
5. Priorities: When one begins his housing search, he should create a personal priorities list, differentiating between, one’s wish – list, and true needs, etc! Considerations must include: lot size; rooms configurations and sizes, number of bedrooms, kitchen features, etc.
6. Supply and Demand: Real estate prices, often, are largely dependent upon, the principles, of Supply and Demand. This determines pricing, availability, choices/ options, etc.
7. Costs: Often, the process, becomes, all about the pricing. The total costs, including down – payments, real estate taxes, mortgage payments, necessary reserves, and associated costs, etc, are essential, significant factors.
If you, really, want, and hope to buy a home, of your own, you should thoroughly, consider, and examine, a number of relevant factors! Since, for most of us, the value of our home, represents our single – largest, financial asset, doesn’t that make sense?
Richard has owned businesses, been a COO, CEO, Director of Development, consultant, professionally run events, consulted to thousands, conducted personal development seminars, for 4 decades, and a RE Licensed Salesperson, for 15+ years. Rich has written three books and thousands of articles. Website: http://PortWashingtonLongIslandHouses.com and LIKE the Facebook page for real estate: http://facebook.com/PortWashRE
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