Home News Nearly 75% of pandemic homebuyers are now suffering remorse — don’t make these mistakes when you put in an offer

Nearly 75% of pandemic homebuyers are now suffering remorse — don’t make these mistakes when you put in an offer

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‘I didn’t want to wait too long’: Nearly 75% of pandemic homebuyers are struggling with regrets.

Kay Kingsman bought her first home in the summer of 2021 and now she’s glad it didn’t.

Kingsman, a travel blogger based in Portland, Oregon, said he made the purchase because he had a lot of money saved from not traveling during the pandemic and the mortgage interest rates were so low. .

She and many other pandemic homebuyers rushed to make purchases that didn’t quite match their needs — and they’re now battling the repercussions.

Kingsman says he found beard shavings in the bathroom and the carpet smelled of cat urine when the previous owner moved out. The water pressure was weak and the air conditioner was broken.

She also discovers she has no parking privileges thanks to the nasty lawsuit they left behind.

“It was a complete headache,” she says.

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Many Homebuyers Overpaid or Compromised What They Wanted

Nearly three-quarters of Americans who bought a home in 2021 and 2022 regret it, according to Anytime Estimate’s American Home Buyer Survey, released in September.

Amanda Pendleton, Home Trends Expert at Zillow, says:

“The combination of rising prices, limited options and extreme time pressure has resulted in some buyers ending up with less than ideal homes.”

The survey found that respondents paid a median of $495,000 for their home.

80% of buyers also compromised priorities such as finding the right location. Some bought fixer uppers, while others made offers without seeing the property in person.

Similar to Kingsman, 70% of buyers were first-time homebuyers. Seeing her previous listings skyrocketed within a day of her, she decided not to lag behind.

“[Homes] It sold above market value. I didn’t want to wait too long,” he explains Kingsman. “And I was hooked on this fast go-go-go motion.”

How not to regret buying a home?

Before you buy a home, make sure you’ve done your research and established your priorities.

Her only priority was finding a home close to work, but she said she wanted to consider other factors, such as new plumbing and proximity to green spaces and trails.

“It’s not that I bought a house that I regret, it’s that I didn’t give myself the time to choose the right one,” says Kingsman.

Pendleton offers 4 tips for home hunters before they buy a home.

“First, before you get into a home hunt, make sure you know where you’re willing to compromise and where you’re not,” she says. It is important to establish priorities and breakers, and to separate needs and wants in advance.

Her second suggestion is to focus on the right things, like location and layout. “You can update an outdated kitchen or rip out ugly carpet. I guess.

Pendleton’s third tip is to identify the hidden costs of maintaining a home to make sure you can afford it.

She advises against taking unnecessary risks, such as abandoning testing. This can be incredibly costly later on.

Giraud Research Homeowners indicate that they will end up paying about $750 a month, or more than $9,000 a year, just for basic repairs and maintenance.

“The fourth tip is to have a soundboard,” Pendleton advises. “As you know, you want to rely on a realtor you can trust.

read more: Should you wait for more housing crashes before buying a home? 3 reasons the end of 2022 is the perfect time to jump in

What if I regret it?

Kingsman isn’t entirely happy with his current home. Mainly because there is no designated parking lot and you have to rely on street parking.

A previous homeowner was involved in a dispute with the HOA, and one of the provisions of the resulting lawsuit was that future owners of the land also could not access designated parking.

“So now my neighbors are all very uncomfortable with me because of the drama that happened between the previous owner and my fate,” Kingsman adds.

She hopes to eventually sell or rent the house.

“I feel like a lot of people are getting very sentimental about their first home and things.

Just because you bought a house doesn’t mean you’ll never move again.

“Not all homes are forever homes,” Pendleton emphasizes. “If the house doesn’t meet your needs, you can always move out. And in today’s market, the price of your home will still be very high.”

You can also consider refurbish one that fits your needs.

“Your house may not look like it came out of HGTV tomorrow, but if you work on it, maybe in two years, it will be much closer,” she says.

open to any possibility tax credit or refund You can also argue for upgrades, such as improved energy efficiency.

Today’s homebuyers may be lucky

If current mortgage rates and prices are comfortable, you may be in a better position than the buyer of the last two years.

The housing market showed signs of cooling — Home sales fell for the seventh straight month, with prices falling for the first time in a decade.

“The light of hope [buyers] Less competition, less intense bidding wars, more options to choose from, and a little break. Make that decision,” says Pendleton.

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This article is for informational purposes only and should not be construed as advice. It is provided without warranty of any kind.

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