The Length of the Home-Buying Process is Changing
One reason for this increase in time spent on the home buying process could be the amount of online property search sites. While these websites increase the options available, they also increase time spent searching. The loan process can also expand the search time. This is why real estate agents recommend getting preapproved for a mortgage.
Millennials Purchase if it's a Good Investment
The other reasons millennials reported buying a home were because it's a good way to put down roots (40 percent), it's part of being an adult (40 percent), and because it's a sign of being successful (31 percent). Agents recommended that buyers picture themselves as eventual sellers to maximize their investment.
Buyers Want Move-In-Ready Homes
With that said, eighty five percent of buyers stated that they ended up buying a home that needed some work. Real estate agents noted that projects like refinishing flooring, swapping out appliances, or painting shouldn't scare buyers away.
Kitchens Still Rule Buyers Hearts
According to the National Kitchen and Bath Association, the average cost to remodel a kitchen that's 150-350 square feet is $48,000. Top-of-the-line kitchens usually include features such as Wi-fi enabled appliances, an open floor plan, and custom cabinetry.