Home Buyer Remorse
So you bought a house and now you aren’t happy, well that my friend is called buyer’s remorse and that is what we are talking about today.
Buyers remorse…yeah this one is tough and it is definitely more common in today’s market. This market is very competitive and buyers are feeling the pressure to get the house, get their offer seen and beat out the other buyers.
This can become overly emotional and buyers focus on the win rather than finding the right house. NAR took a poll of 1400 homeowners from different generations recently and 43% of homeowners had at least one regret. Millennials take the lead with 64% regretting purchasing a home. Reasons were not being prepared for home maintenance and other costs associated with homeownership.
I had buyer’s remorse with a home purchase in New Hampshire. We bought a money pit on a beautiful property, but in a location that didn’t fit our personality or lifestyle. That regret lasted for 5 years.
I never want any homebuyer to endure what I experienced…
So today I’m going to give you 4 tips to follow to help you avoid home buyer regret.
This market has some buyers adding $10k to $30k and sometimes more over the list price to compete with the other offers. Many buyers are using the majority of their savings to offer a bigger down-payment to compensate between the listing price and mortgage payments. But really ask yourself:
Is this house worth overpaying for? Do you have to buy this house right now?
And if you DO have to have THIS house right NOW but have to put every penny you have in the purchase, that will leave you with no funds to take care of any repairs and maintenance necessary after you close…Not to mention cosmetic updates, furniture shopping, and shopping sprees at Lowes.
With low inventory many buyers are settling for homes that do not meet their dream criteria. Maybe it’s smaller or lacks that extra room they need for an office. Maybe the location is not quite right for their commute or lifestyle.
I’ll tell you right now, this one will come back and haunt you. You will never be happy with that house if it was never the right house to begin with, so please take your time and make sure you are not settling.
Don’t’ Waive Your Inspections
Please do your due diligence. Many buyers are waiving their inspection contingency to make their offer more attractive. It is ALWAYS worth having an inspector go through the house to ensure you are not getting into something that is going to need a lot of repairs or even overpaying for a shoddy “flip”. You can make an “As-Is” offer which will appeal to sellers but will also protect you with the right to cancel.
DO work with a trusted Realtor
Hook up with a realtor that can really help you with the process, not one that is just interested in the sale. A good Realtor will help to keep you focused on the home itself and not the emotions of competing in this market.
Your Realtor will guide you to the best neighborhood and property type for your budget and lifestyle. They can help you weigh the pros and cons of a property and also understand the aggregate fees [like monthly mortgage, HOA dues, and renovation costs] to make sure you don’t overstretch yourself down the road.
I know how stressful this market is for buyers right now, and I do not want your emotions to trump common sense. My goal as your Realtor is to call these moments out and make sure you are making a clear and educated decision.
So there you have it, a few tips and questions to ask yourself as you navigate this market as a homebuyer.
If you are searching for a home in the area, fill out my PERFECT HOME FINDER form and let me help you customize your search.
I hope you found these tips helpful and if you did you may want to watch this next video right here.
Thanks so much for tuning in and I will catch you on the next one.