Real Talk!

Recently, a major real estate company engaged a third-party research firm, International Communications Research (ICR) that surveyed 1,000 individuals to discover how men and women differ in the home-buying process.

Questions included "How long did it take for you to know that the last home you purchased was right for you?" and "If you found the home of your dreams but had concerns about its security, would you still be interested?" There were also some more personal questions such as "Who wears the pants in the relationship?" when it comes to making major financial decisions.

A consumer expert with the real estate company says, “Both men and women are increasingly concerned with having a space to work in their homes -- something we would not have seen 40 years ago." She continued, "We also found that feeling insecure about a home's safety is a deal-breaker for most people, regardless of gender."

The results don’t really surprise me. Women are quicker to recognize a house they like- and will often decide at the first visit. Security concerns can be a deal breaker for about 60% of buyers. 20% more of the women put proximity to family ahead of proximity to work. Four times as many men would use a spare room for entertainment- women opting for an actual guest bedroom. 70% of those surveyed said they share the pants in the family when it comes to financial decisions.

23% of women vs. 20% of men felt that they wore the pants. & In my experience, women generally have the last say when it comes to home purchases, which could explain why more of them believe they have the upper hand.

Generally speaking (which is always dangerous)… I find that women have an easier time imagining themselves in a new space. They often jump into furniture placement- pointing to particular floor areas and suggesting it is the perfect place for “the antique clock” or “Aunt Maggie’s piano”. On the other hand… in my experience, men have a harder time letting go of their castle.

Sometimes, buyers become so emotionally embroiled in a particular property- or worse, a particular aspect of a property that they become blind to other significant issues. Sometimes they cave to their partner who really loves the view or really loves the workbench in the garage. In other words, rational thinking gets thrown out a window- except, of course, to justify reasons to go for it.

& It’s not a bad idea to make an offer immediately, once you find the right spot- a good house at a good price may be scooped up by someone else if you hesitate for too long- in fact, this is the most common way that people miss out…. But brace yourself… there’s a funny thing that happens to many of us, right after making an offer. It is known as buyer's remorse. It’s that queasy, “I’ve just done something extremely stupid” feeling and it often occurs right after you sign your name and hand over the deposit. Remember, “buyers’ remorse” is a natural human emotion and prepare for it.

I advocate the “Pros & Cons” approach- making up a written list of advantages and disadvantages for the house as part of the decision-making process- particular when I see clients labouring over a decision…. and I keep the list, in my client files- so they can review it, if they get cold feet or “buyer’s remorse”.

The purchase of a home is one of the most complicated financial transactions in life. The first time you buy, the complexity of the transaction can be particularly frustrating because there are a number of unknown rules and procedures that many people have had to learn through "the school of hard knocks." Never mind the battle with the banks, lawyers, and loan officers.

I believe the most important decision that a buyer must make is selecting a qualified Realtor® to represent them. The advantages are numerous… experience with the area, knowledge of market values and access to a large and varied selection.