Kitchener- Waterloo Real Estate…
I was talking to a friend of mine the other day about location and how it effects where people buy and how much they’re willing to pay.
Here’s an outline of our conversation…
Location Has a Price Tag
Two thirds of future first time home owners* would consider paying more than the asking price for a home based on its location- Bank Of Montreal (BMO) survey
A recent BMO Bank of Montreal survey revealed that among current and future first-time home owners, location is the main reason they would consider offering more than the asking price for a home. The survey also highlighted notable differences of opinion between men and women when it comes to home buying.
The survey found that:
• 70 per cent of current home owners would consider offering more for a home based on its location
• 63 per cent of future first-time home owners would consider offering more for a home based on its location.
• Future first-time home owners who are men are more likely (70 per cent) than their female counterparts (57 per cent) to consider offering more for a home based on its location.
“Especially in today’s heated market, it’s easy to get caught up in the emotions of a home purchase,” said Jane Yuen, Senior Manager of Mortgages, BMO Bank of Montreal. “It’s hard to walk away from a home you believe is ‘the one’ but homebuyers need to avoid getting caught in a bidding war that pushes their mortgage payments outside their comfort zone. In short, you need to know your limit and stay within it.”
If you have any questions about the market in Kitchener-Waterloo, please call me! 519-745-7000 or drop me an email andrew@fielding.com
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