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Buyer’s Remorse In This Hot Market

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As more people rush to snap up homes and take advantage of super-low mortgage rates, inventory is shrinking and homebuyers are compromising on their dream-home expectations.

The problem? Zillow scrolling and homeownership FOMO could lead to flat-out regrets.

Nearly 1 in 4 American homebuyers experienced buyer’s remorse after closing on their new home. But you can’t simply “return” a house like you would a new pair of jeans that doesn’t fit.

So ahead of home shopping, follow these tips for avoiding buyer’s remorse.

Get pre-approved

Before you even step foot in an open house, take 30 minutes to call a bank or credit union and ask for a pre-approval.

Create a budget

Overspending can lead to buyer’s remorse, so get familiar with all the expenses that come with homeownership.

Keep calm in a bidding war

We’re in a competitive seller’s market, which means you might have to exceed the list price to secure the home.

So if you were pre-approved for $500,000, for example, then you might want to look at homes priced around $475,000. That gives you some wiggle room to offer more than the listing price. But don’t get caught up in a bidding war; make sure the house is worth the higher offer.

Don’t skip the inspection

An inspection can reveal major problems that you just can’t see during a quick tour with an untrained eye.

Get offline altogether

Knowing your neighborhood inside and out will help you see if it’s a good fit. Drive through the area during the day, at night, and over the weekend. Pull crime statistics, talk to neighbors and check home price trends. Check out the amenities, including public transit, parks, stores, restaurants, day care options, and gyms.

Think about your future plans

Don’t sacrifice the long-term requirements for the short-term gain.

Keep in mind: Buyer’s remorse is normal, even if you do all of the above. The good news is that it usually passes when you focus on making the house your home.

Call me now to find your dream home.

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