Home News Should you buy a house right now? Most recent buyers have regrets

Should you buy a house right now? Most recent buyers have regrets

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The past two and a half years of home-buying experience nothing but extraordinarybut not all homeowners are happy with this process.

Nearly three in four Americans have at least one regret about their new home or home-buying process, according to a new survey. Investigation from Get a quote anytimeis a homebuying website based on 2021-2022 homebuyer experiences.

What buyers regret most overpayment of property, 30% of Americans said they did. According to the study, the median amount a buyer paid over the original asking price of a new home was $65,000.

Between an increase in demand and a decrease in inventory, It was especially hard for first-time homebuyers: They offered $77,500 more than the asking price, while the repeat buyer offered $60,000.

This may be because first-time home buyers felt they had to do whatever it took to win the offer. Compete with cash offerssays Joey Jewell, a Wisconsin-based real estate agent. Repeat buyers, on the other hand, may already own a home and not feel pressured to move out right away.

Still, the study found that 35% of Americans said they compromised their priorities of finding an affordable home, which drained nearly a third of buyers’ budgets. .

“Given the market conditions these days, it felt like a lot of people needed to buy a home and either bought a house in a hurry or bought something because they had the opportunity,” Jewel said. increase.

and he is right. He said one in four recent homebuyers surveyed regretted buying too soon. More than half of Americans say it took him less than two months to find a new home, and 40% said he spent less than four weeks viewing a potential property.

However, this can even be considered a long time for some buyers.

“I had people to tour the house.

Other buyers didn’t even take the time to view the home in person before making a purchase. Did.

Instead, some relied on online photos, tours, or just the opinion of realtors.

The study found that first-time homebuyers were more likely to take this risk than repeat buyers, with 40% saying they submitted home offers they had never visited in person. But this is never a good idea, as photos may not accurately reflect the home’s current condition, Jewel says.

However, direct tours cannot guarantee that the home will be ready for move-in. Nearly one in four homebuyers, he says, regret doing too much maintenance in their new home the most. More than half of buyers have purchased fixer uppers, and about one-quarter of them regret this decision.

“Given how long we’ve been [having at least one regret] It was almost inevitable,” says Jewell. “But we weren’t necessarily making a mistake. It’s a matter of buying or holding back, and many people chose to buy.”

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