Photo: jenni waterloo/Flickr
According to a survey conducted by Angus Reid Forum for the Real Estate Council of Ontario (RECO), 51 per cent of home buyers in the province admit they have been influenced by emotion when buying their new property. We like to imagine the remaining 49 per cent just swallow their feelings and franticly push buttons on an adding machine when considering a purchase.
Yes, it’s easy to get swayed by sentimental feelings when you’re looking for a place to call home. But the 18 to 34 set appears more susceptible – 64 per cent of owners in the age range admitted to being influenced by emotion.
“Despite the fact 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 Joe Richer, Registrar of RECO, in the news release.
About 43 per cent of home owners found closing costs were higher than they expected, a number that rose to 54 per cent among the 18 to 34 demographic.
With both home prices and passions running high, a number of Ontarians are breaking their budgets. Overall, 15 per cent admitted going over their set limit and bidding over asking price to secure their dream home. Among 18 to 34 olds, that number rose to 25 per cent.
There are also different approaches to bidding inside and outside of the GTA, a region infamous for its steep competition. About 53 per cent of the region’s residents surveyed said they’d make an offer below the asking price, while Ontario-wide, that number shot up to 66 per cent.
About 67 per cent of the men surveyed said they’d offer below the asking price to leave room for negotiation while only 54 per cent of women said the same. However, at 36 per cent, women were more likely to offer the asking price, while only 27 per cent of men said they would.