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This Is What Homebuyers Are Regretting Most In 2022
The majority of new homeowners who rushed into buying their houses are now feeling buyer’s remorse.
There is no question that being a homebuyer in today’s real estate market is hard. First, there is a massive shortage of homes listed for sale, which frequently leads to higher prices and stressful multi-offer situations. And now, potential buyers are rushing to purchase their homes before skyrocketing mortgage rates rise even more and make homeownership unobtainable for them. But amid all of these concerns and desperation to buy a house, homeowners have a new problem to contend with: regret.
An online real estate company called HomeLight surveyed 1,620 recent homebuyers and learned that 70% have at least one regret regarding their purchase. One in five homeowners felt that they didn’t choose the right home because they felt pressured to buy quickly. A similar survey conducted by Zillow in February 2022 reported similar results. Out of the 2,000 recent homebuyers in the study, 75% had at least one regret about purchasing their new house. Additionally, nearly 40% of new homeowners said they wished they had taken more time to search for the right home and weigh their options before actually buying their house.
With houses selling like hotcakes and mortgage rates rising by approximately 20% in just the last three months, it’s no surprise that homebuyers feel pressured to buy sooner rather than later. But now, buying a home too quickly is becoming one of the biggest sources of buyer’s remorse for new homeowners. The other most common regrets included buying a smaller or older home than they actually wanted, dissatisfaction with the home’s location, and a delayed realization that the home required much more maintenance or repairs than initially expected. While compromises are sometimes necessary when buying real estate, one has to wonder if some of these regrets could have been avoided if buyers had taken more time to consider their options instead of rushing to close a deal.
According to a recent CNBC article, the pressure that buyers are feeling to buy a home quickly may also be a sign that prospective homebuyers need to consider what they can actually afford. Instead of trying to beat the clock, new buyers need to figure out their financial limits and reset expectations if the type of home they want no longer fits their budget. Then, buyers can take their time to consider their options and what compromises they won’t come to regret later. After all, it’s better to spend extra time buying a house you’ll truly love than rushing to buy a home that isn’t quite right out of desperation or anxiety.
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