A survey from earlier this year conducted by the Real Estate Council of Ontario found that home buyers are under the heavy influence of their emotions during the home buying process, especially younger ones.
“Despite the face that Ontarians are fairly home smart, we’re seeing more and more people – especially younger home buyers – getting swept up in the frenzied market, making emotional decisions they could later regret,” said the Registrar of RECO. “This is why we are launching Be Home Smart – a public education campaign to remind Ontarians of the tools, resources and protection available to help them make smart home buying and selling decisions.”
The survey found:
- Price is the biggest influencing factor when buying a home (96 per cent)
- Following price, functional fit (95 per cent), structural integrity (91 per cent) and quality of neighbourhood (91 per cent) are the next biggest factors.
- 51 per cent admit being influenced by emotions.
- 64 per cent of owners between the ages of 18 and 34 admit being influenced by emotions.
He continued, “Working with a registered real estate professional will help you understand your rights and prepare for the real costs of home buying. It’s all about being home smart versus acting with your heart – a message that’s particularly important for younger buyers who may feel increased pressure to overextend themselves financially to find their dream home.”