Can 75% of new homebuyers really be regretting the purchase of their new home?….143

#realestateagent #homebuyer #remorse

Deerwood Realty and Friends Podcast

Zillow put out a press release that said 75% of new homebuyers regret the purchase of their new home. What is up with that?

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Thoughts:

1. Top regret is that they purchased a home that needs more work or maintenance than expected. This is why you don’t buy a house as is without inspections! Seriously. Every house is going to have issues, but asking your family member over to take a look before a purchase and not getting a professional inspector is crazy. Which is worse, paying 500 bucks to get an inspection to find out that there are thousands of dollars worth of repairs needed or not getting an inspection and paying thousands of dollars for repairs?

2. Nearly 40% wish they had taken more time searching for a home or weighing their options.
a. This isn’t wrong. I see this all the time. You hire a buyers agent and you have no idea if they are any good…they show you 2 or three houses that look pretty in the photos and you buy it. You trust the agent. Nothing wrong with that, but contrast that with the way I usually work.
b. We look at lots of houses. And when we are looking, we talk about why one home is priced differently than another. We get a sense of value for location. We learn that if a house is going for 300k in one location with the following amenities, then if a house that comes up in the same location probably will go for the same. We don’t focus a search strictly on a price. Say, 300k in all of St. Louis, St. Louis City, Jeffco and St Charles county. That would be an easy way to screw up the home buying process and have regrets
c. I prefer to show houses when they are first listed…this strategy allows for my buyers to have at least one or two nights to think about if they really want to purchase a home. You’d be surprised…often I will show a house to buyers and they are ready to write an offer, and then the next day they decide the house really isn’t right for them.
d. I am loathe to schedule a showing on a Sunday night at 6 when offers are due the same night at 8 pm. Easy way to get buyers remorse.
e. Buyers have to realize that they are in charge. If they stopped buying houses tomorrow, the market would go down. Buyers and their agents are driving the frenzy….it’s important to understand that.
e. It is my job as an agent to help educate you on the market so that you can buy a house without remorse

3. Most recent shoppers faced buyer burnout, pausing their home search at least once during the process.
a. Buyer burnout is real and it is a problem during the home search.
1. Some buyers just give up and decide to buy the next thing that comes on the market…they just don’t care anymore
2. Some buyers stop the home search, and I swear, it’s always at the worst time. For example, they leave the city for a holiday and the perfect house comes up for sale for them. Or they get down because they lost out when they offered a lot on one house and they don’t get back out there and start looking..choosing to wallow around in sadness. That’s definitely not going to get you a home in a hot market.

4. 31% regret buying a home that is too small. This can happen in a number of ways
a. You looked at total living area versus square footage. So, if you look at just first floor square footage in a ranch, that’s going to be a pretty accurate indicator. When you add in the basement, that is going to make the house look twice as big when it’s not really that big.
b. If you bought a fix and flip, and the refrigerator wasn’t in the kitchen when you walked through, you would immediately know your error when you move in and add a refrigerator to the kitchen. They take up a lot of space.
c. Some buyers…I have no idea what they are looking at…one of the worst things is to look at the professional staging in a house and buy the house because you liked the staging! Stagers are professionals! They know how to make rooms look bigger than they are.

5. The vast majority of successful home buyers had to make at least one compromise(81%) ..This is a dumb statistic…it should be 100% Who among us has never had to compromise on the purchase of their new home. That’s part of it.

Source: https://zillow.mediaroom.com/2022-02-08-75-of-recent-home-buyers-have-regrets-about-their-new-home

https://www.prnewswire.com/news-releases/75-of-recent-home-buyers-have-regrets-about-their-new-home-301477283.html

media@deerwoodrealtystl.com

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