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Biggest Home-Buying Fears

Posted by Aliza Xandria Arellano on Oct 07, 2015 05:00 AM EDT
August Existing Home Sales Drop To Lowest Level In 7 Months more big
CHICAGO, IL - SEPTEMBER 21: A home is offered for sale in the Bucktown neighborhood on September 21, 2015 in Chicago, Illinois. Sales of previously owned homes fell more than expected nationwide in August following three months of gains. The slump has been attributed to lack of inventory and rising home prices. (Photo : Photo by Scott Olson/Getty Images)

Home buying comes with apprehensions and fears. It is natural since homebuyers are facing a dilemma of using their resources to purchase a home and the possibility of a bad purchase is an imminent possibility. The home buying fears are common in all markets such as in the United States, United Kingdome and even in the Asian Market.

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What makes homebuyers fearful? Investopedia writes, "Many people who would like to own homes have fears that prevent them from buying and rightfully so, as buying a home is usually the largest purchase a person ever makes."

What are the known home buying fears? One fear that homebuyers are commonly having is experienced during home inspection. According to Zillow, "Renovating, fixing and repairing are on few buyers' wish lists and when faced with the home of their dreams, they fear the inspection."

However, inspecting the homes before a purchase is made is beneficial for the purchaser. When the inspector provides the building problems after the inspection, it doesn't rmean that it requires repairs and remodeling immediately.

The second fear that homebuyers are experiencing or having is the fear of losing their money or losing their deposit. Zillow revealed, "Buyers typically put in an earnest money deposit with a signed contract, and this is 3 percent of the purchase price." However that fear should not linger since the seller does not cash the check but the money remains in an escrow account and can't be withdrawn without the signature of both parties.

The third common fear of homebuyers is losing the ideal home. Zillow points out that in the competitive markets, many homes sell before the first open house to quick acting and super-motivated buyers. Which is why homebuyers need to act fast to purchase the home of their dreams.

Another fear is the mindset that the buyer's agent is not prioritizing the best interest of the purchaser. Some agents might not be ideal agents in aiding the home purchase but there are still good agents out there that can offer the best properties and protecting the purchaser's best interest at all times.

One thing to consider in purchasing a home is not rushing the buying process. Fears are inevitable but the fears might hinder the good outcome, which is why dealing with the fears and proper planning can aid in overcoming the hurdles of home buying.

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