The experience of Sandra Foley, who purchased a co-op in Bronx after her Harlem apartment was rendered uninhabitable by fire, highlights the challenges and motivations of older first-time homebuyers. At 60, Foley recognized the need for financial security for herself and her daughter and took decisive action by purchasing her home in cash. However, statistics show that older first-time buyers are rare, with many hesitating due to comfortable rental situations, financial constraints, or reluctance to change. Real estate experts like Kathy Braddock shed light on these hesitations, emphasizing the complexities faced by this demographic.
Ms. Foley emphasizes the importance of owning property as she mentioned, "I wanted to make sure I had something for myself later in life or when I retired."
Kathy Braddock notes, "Hesitant older buyers have all sorts of reasons to explain their hesitation, like paying unbeatable rent or not wanting to move."
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