Looking for a perfect
home can be an emotional roller-coaster, but a new study suggests finding the
right property often comes down to love at first sight.
In its report titled Psychology
of House Hunting, the Bank of Montreal found that 80% of prospective homebuyers
know if a house is the right one for them the moment they step inside.
But it’s usually a long
journey before they get to that point.
The study found that on
average, house hunters visit 10 homes before they decide to buy a home, while
68% say they’re willing to settle for a property that’s not “perfect.”
Thirty-three percent say
they feel rushed into making a purchase, with that figure rising to 39% among
first-time homebuyers.
Those looking for a new
home also express a wide variety of emotions, from 48% saying they’re excited,
41% saying they feel cautious and 31% saying they’re optimistic. Twenty-five
percent of those polled say they’re stressed through the process, while 21% say
they feel anxious.
First-time homebuyers are
also more likely to feel stressed and anxious, compared to those who have owned
a property before.
“It’s important to take a
practical approach when house hunting and have a clear idea of where you stand
financially to ensure you make a responsible home buying decision,” said Laura
Parsons.
“Doing research ahead of
time and setting realistic expectations can help you avoid making an uninformed
or rushed purchase.”
The study also looked at
the motivations behind a home purchase. It found 44% buy because they felt it
was a good investment and 37% say it was a good time to jump into the market.
Twenty-three percent say
exploring a new neighbourhood was one of the reasons why they bought a new
home, while 18% say it was because they were expecting a baby.
The survey was conducted
by Pollara using online interviews with a random sample of 2,000 Canadians 18
years of age and over conducted between Feb. 25 and March 5.
The polling industry’s
professional body, the Marketing Research and Intelligence Association, says
online surveys cannot be assigned a margin of error because they do not
randomly sample the population.
I am the GUY that will make a difference!
I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.
Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605 O 250.768.8001
http://www.connectwithkaren.com/
