Psychology “Maya graduated from medical school, went through her…

Question Answered step-by-step Psychology “Maya graduated from medical school, went through her… Psychology”Maya graduated from medical school, went through her residency program in the Northeast, and then moved directly back South to Charlotte, North Carolina. She works in the Carolinas Medical Center, a top-ranked hos-pital in the city. She has been living in an apartment for a couple of years. Her parents live a few hours away in Georgia, and she visits them often during weekends when she is not on-call. She went home during the Fourth of July weekend. During the cook-out, the conversation turned to home buying.The conversation centered around the benefits of liv-ing in a house vs. an apartment. Her family and friends gathered for the party had differing points of view. Some-times the discussion got heated, but it was all in good fun as the discussants’ biases for and against each type of housing came to the fore. Although Maya found some of the information contradictory in nature, she became con-vinced that in the long run, living in a house had greater financial and domestic benefits.Not knowing much about buying a house, Maya stayed out of the conversations and absorbed as much of the information as possible. However, it got her seriously thinking about her housing situation. She had been rent-ing. It was fine since she was single. Once she paid the monthly rent, she had no worries. If something needed fixing, all she had to do was call or text the maintenance number, and it was taken care of by the time she returned from work.The more she thought about buying a house, the more she was intrigued. She grew up in a nice home that had a lot of space and amenities. Being a rational deci-sion maker, she began researching the housing market in general, and in the particular Charlotte market. From the news and reports, she got a sense that the local mar-ket seemed to favor the buyer at that point in time. She began talking to her colleagues in earnest, especially with those who bought homes recently. These were discus-sions about their reasons for buying, the localities, what to look for, etc. Maya knew that buying a house is the biggest purchase decision most consumers will make in their life, and thus, the stakes are high. Unlike other pur-chases, there were not returns or refunds. With such a big purchase being final, this is a risky decision. Doing her homework was pretty important.One thing she knew for sure is that she wanted to be in the same general locality as her current apartment. She likes the area that has all the amenities, such as stores and restaurants, that she needs and provides good access to her hospital via the highway. This narrowed her search, and she figured she can concentrate on the house-related attributes. The next few times she went back home on weekends, she began looking at the house she lived in and began discussing the criteria to consider. Every time she brought up the topic, her family and friends had various and often contradictory opinions. She was fine with it since she had the same experience when she was in the market to buy her first new car. Yet she knew that buying a house was a higher order purchase requiring her to be diligent. Since she had the apartment lease for another six months, she knew she had time to research and make a good decision.As she researched, she began listing all the things she liked about the house she grew up in as well as the things she did not like. She grew up in a very large house, and she particularly liked the space she had: her big bed-room, the basement with a theater, the storage space, and the three-car garage. At the same time, she did not care much for an unused bedroom, an overly large lawn that required a lot of attention, and the island in what she thought was a small kitchen for the size of the house. She began to make mental notes of her needs and wants in a house, and also started jotting down criteria.Being financially savvy, she visited sites such as,, and to determine how much house she could afford given her salary. She could ask her parents for assistance, but that was her last resort. She remembered her parents’ advice to always live below her means. She took this advice to heart; she always bought wisely and never gave into impulse buying or peer pressure. She paid her credit card balances in full every month, and her purchases were more functional in nature and need-based.As she delved into costs and affordability; she also began seeing targeted ads for mortgage rates and real-tor sites. Given the economic conditions, the mortgage rates hovered about 3.8 percent which experts said was” “very favorable. With her good credit score, this was good news, and so she continued with her research. As she researched various sites for houses for sale in her sur-rounding area, she found that there were a few listed in the 300,000 to $350,000 range. This was affordable given her salary, and she determined that she might need to borrow only a small amount from her parents to make the 20 percent down payment and to fund the closing costs. She realized that she had several years of trying to pay down her medical school loans, and she very much appreciated the help of her parents.Although she had not visited any open houses, she began making a list of ‘must-haves,’ ‘good-to-haves,’ and features she rather would not have in the house. Her must-haves included features such as a larger kitchen with a good-sized island, a high-ceiling, a formal living room, a minimum of three bedrooms, and a smaller-sized lawn. Although not a deal breaker, she thought it would be nice to buy a house that had an entertainment/theater area for her 85-inch TV, a two-car garage, and a base-ment. She also knew she did not want a house with three floors like the house she grew up in. She figured she will be adding to these lists as she visited open houses and talked to friends and family.Being web and social media savvy, Maya wanted to complete most of the real estate search online before meeting with an agent. Even though she had tough days at the hospital, she looked forward to house-related, online activities in the evening. She surfed various real estate agent sites each night. She visited the sites of the newer types of realtors such as Redfin, Offer Pad, Zillow, Allre, Trulia, etc. In the process of all this, she began pay-ing more attention to real estate ads.Both her parents and her friends told her about shopping for lenders. While there were many recom-mendations ranging from traditional banks, credit unions, and online lenders, she decided to simplify the financing process and go through Costco for home mortgage lend-ing options. While growing up, her family had shopped at Costco almost every week for groceries, electronics, and other household items. They had purchased two cars through the Costco Auto Program and had a few household repairs completed through Costco. Maya felt confident that she can trust Costco’s certified mortgage” “While Maya knew that the researching online and lining up the financing was the easy part, she was timid about hiring an agent and visiting open houses; however, these were her next steps”1.Among the different consumer decision-making approaches, how would you describe the decision that Maya has to make? What are the financial and non-financial risks associated with it? Please explain thoroughly.Which perspective on consumer decision making is represented by Maya’s situation? Is it possible that her decision transcends multiple perspectives? Please explain thoroughly.What types of search behaviors are being exhibited in the case? Discuss this with regard to internal vs. external search, amount of search, etc. Please explain thoroughly..List and explain the various evaluative criteria the customer is utilizing in her decision making. Is her criteria selection influenced by other factors? Does she have a determinant criterion for buying a house? Please explain thoroughly.Which of the decision rules is Maya applying in her decision-making process? Please explain thoroughly. Are the various stages of the consumer decision making process represented in the case? If you were to step into Maya’s shoes, how would you complete the buying process? Please explain thoroughly.”  Social Science Psychology PSY 272 Share QuestionEmailCopy link Comments (0)

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