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The Difference Between Married and Single Homebuyers (Infographic)

Perhaps you heard that existing home sales rose 5.1% in May from April according to the National Association of Realtors. That’s the strongest pace for homebuyers since September 2009. It’s good news but don’t get too excited just yet. The housing recovery is happening but has been slow and uneven at best (sales were down in April).

The rise in home sales in May was attributed to first-time, younger homebuyers entering the market. These buyers have been cautious about purchasing a home having seen what the recent recession did to home values. Traditionally, first-time homebuyers have made up about 40% of the housing market. Right now that mark sits at 32% so we have a bit to go before the statistics return to normal.

Buying a home versus renting remains a difficult decision. So many variables come into play – from affordability, to employment security, to school systems, to size, to neighborhood – the list goes on and on.

My wife and I bought our first home after we had rented for two years. Job security prompted the purchase, as we were confident my career in education would keep us in one location for some time. We were first-time homebuyers at age 27 and bought a typical ranch-style starter home.

The biggest priority for our home purchase was affordability. We didn’t care about driving distance to work, location to activities or size of the property. We wanted something small but with enough room so we could expand our family (in other words – have children).

Married vs. Single Homebuyers

Had I been single and not looking to start a family, I doubt I would have bought a home in the suburbs at age 27. My priorities would have been on friends, activities and advancing my career. Anything but settling down.

It speaks to the difference that age and marital status have on the decision to buy a home. Where a person is at in life factors into when/if they buy and what they look for in a home. Today’s infographic from my friends at Choice Home Warranty highlights these differences between married and single homebuyers.

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Debunking a Few Home-Buying Misconceptions

The following is a guest post by Tali Wee of Zillow.com.

couple looking at a home to buyNavigating the home buying process as a first-time buyer can be confusing, risky or even defeating. Buying a home is one of the most expensive purchases buyers make in their lifetimes, so it’s vital they make informed decisions. Some common sense negotiating tactics don’t translate to the housing market, confusing even the savviest shoppers. Plus, risky strategies work well for some buyers’ circumstances but disadvantage others.

It’s important for buyers to do their own research before accepting rumors as truths. Here are a few common house-buying misconceptions.

Misconception #1: Buying a home is a quick process, especially in competitive markets.

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A Weekly Roundup: The Snowman Edition

Snowman 1I haven’t done one of these weekly roundups recently, but I had some extra time on my hands Wednesday through Friday due to the extreme weather in Atlanta. In case you missed the news, Atlanta received 2-3 inches of snow on Tuesday. It crippled the interstate system leaving many stranded overnight on the roads. There were even some kids who had to spend a night or two at school because they couldn’t make it home.

I wrote about how it created panic, excitement and pressure in my Wednesday post.

Consequently, we had three days off of school, due to the snow and extremely cold nighttime temperatures which turned all the melting snow into ice.  That allowed me to have some awesome time with the kids and also the wife who worked from home for two days. While Mrs. Luke1428 churned out tax returns, the kids and I played around the house, watched some movies and built the snowman pictured here.

Yes, we used real charcoal for the shirt buttons and Toll House chocolate chips to make the outline of the mouth. A few other added accessories like a white bow tie just above the scarf and voilà…a perfect snowman…Georgia style.

His name is Olaf or Bob depending on which child of mine you are talking with. My kids ask for your help in settling the “snowman-name-dispute” – would you name him Olaf or Bob? Share your vote in the comments section below.

In addition to our snowman construction (and multiple snowball fights), I had a little more time than normal to read this week. Here are some reads I found useful:

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