Purchasing a home is probably one of the most expensive decisions you're going to make. The buyer's journey is a process one goes through before making a purchase. There are three stages of this journey: awareness, consideration and lastly, the decision. Below, we've outlined what the three stages might look like when buying a home.
Awareness stage
In the awareness stage, you become aware of a problem or opportunity and you are looking for a solution. In this stage you are looking for information, resources, getting educated and are starting to explore your options.
For example, your problem might be that you need a new place to live as your family has outgrown your current home.
Questions you might ask yourself in the awareness stage:
· Is now a good time to buy?
· What neighbourhood do I want to live in?
· What type of home do I want?
· How far of a commute do I want?
· Do I want to live near a school? If so, which one?
You'll most likely be looking online for information and talking with family and friends as well as speaking with local resources to get advice in the this stage.
Consideration stage
Also known as the evaluation stage, the consideration stage is when you are looking for a solution to the problem or opportunity identified in the awareness stage. You're doing research, exploring solutions and comparing options. During this stage, you've decided to buy a home or you are seriously considering it. Since you are further along in the process, you'll be gathering information and making decisions at this stage too.
For example, you are now looking at larger homes in your desired neighbourhood that will suit your family's needs.
Questions you might ask yourself in the consideration stage:
· What community do I want to buy a property in?
· What amenities am I looking for in a neighbourhood?
· What style of home is best for my family over the next few years?
· What key features are important to have in my future home and floor plan?
This stage is where you'll likely spend the majority of your time in the process.
Decision stage
The decision stage, also known as the purchase stage, is where you decide on a solution to the problem or opportunity identified in the awareness stage. Although you're progressing towards the end of the cycle, you still have important questions you'll need to answer in order to wrap up the process.
For example, you've found a few homes you are interested in and are ready to take the next step and connect with a real estate agent to make an offer.
Questions you might ask yourself in the decision stage:
· What real estate agent should I work with?
· How much of a down payment do I have available?
· What kind of mortgage is best for me?
· What time frame do I have to work with?
Each stage of the home buyer's journey takes time. Understanding the journey and its stages can help you prepare for making a large purchase such as a new home.
Have questions about the home buyer's journey? Contact us today for a no-obligation conversation.