Is Buying a Home Like Buying a Car in Terms of Style?

If you are in a position where you are wanting to move because of all the usual reasons for considering a move such as marriage, a new member to the family, job reloc...

Is Buying a Home Like Buying a Car in Terms of Style? Close
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Is Buying a Home Like Buying a Car in Terms of Style?

Posted by Gary Ashton: RE/MAX ADMIN on Monday, November 15th, 2010 at 11:55am.

If you are in a position where you are wanting to move because of all the usual reasons for considering a move such as marriage, a new member to the family, job relocation, divorce, a promotion with more money, downsizing, wanting to be in a cool area or closer to family etc. then there is no time like the present to move! But what kind of home will you be looking for?

The common consensus is that the market is a buyers market right now which means that buyers are getting the message that it's a great time to be buying a home. The mortgage rates are very low, but slowly creeping upwards, and the properties for sale are at a great price. The more that this message is played through the media the more it will create a demand for buyers to get off the fence and start actively looking for a home.

The one good thing is that buyers looking for a home typically all see a good deal at the same time when they are looking. That means that they see the most desirable home in a neighborhood, and can see that this home has more curb appeal, is well maintained, has been updated, is well priced etc.

People like to show their personality and style preferences when buying a car and buying a  house has a lot of similar characteristic. Depending on the stage of the buyers life, they may may more for location, ie a downtown condo close all the nightlife, could be equated to buying a cool sports car. The look and performance of the car are really appealing but when you really look at the practical side, ie. only 2 seats and now place to put large suitcases etc. If the buyer then has a family and kids then the sports car has to be traded in for a family saloon/sedan or a 4 door car. As the kids get older and need more space then the mini van becomes a viable option.

The same can be seen if the life cycle and buying characteristics of the requirements of a home. As the kids grow more rooms are needed, as they get bigger more space is needed, as they get even older then you need more rooms for living and separate bedrooms...and even more garage space.

As the kids start to go to college and eventually get jobs and buy their own apartments and homes the need for all that extra space is gone. The parents can now look at moving out of the home with unused space and bedrooms, oversized yard or acreage that needs attending, and downsize to a more manageable size and even better location based on the change in lifestyle. The cars will change too...gone is the old mini van and back comes the cool sports car once again or perhaps an RV for traveling in the golden years!

As with cars, housing tends to come full circle, and you can see that after downsizing and re evaluating the need for  home in the country, the appeal of a downtown condo to be part of the active social scene in the city becomes a good option again as a main home or a second residence along with a vacation home n that favorite spot in the USA or even abroad!

 

Gary Ashton

The Ashton Real Estate Group of RE/MAX Advantage

The #1 Real Estate Team in Tennessee and #4 RE/MAX team in the world!

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