It’s easy to rush into a purchase. Make sure you’re finding the right home for you—and for the long haul.
Considering that a home likely is the most important purchase and biggest financial transaction you’ll ever make, it’s important that you be happy with that acquisition. Yet, alarmingly, results of a recent study by Redfin reveal that one in four U.S. homeowners who purchased the home they currently reside in would not buy the home again if they could do it all over again.
When asked what the most common causes of homebuyer’s remorse are, Marshall Park, real estate agent for Redfin Corp. in Washington, D.C., narrowed it down a few reasons.
“First, many feel they paid too much for their home, which can easily happen when they’re competing in a bidding war and prices are escalating,” Park said. “Second, many feel they bought the wrong house. With so little inventory on the market and bidding wars common, it’s easy to get swept up in the frenzy when five other people want the same house you’re looking at or when the limited options of homes to choose from gets frustrating.”
Third, many buyers feel pressure to purchase, which underscores the importance of choosing an agent you can trust to look out for your best interests and guide you through the process.
Zachary D. Schorr, a real estate attorney in Los Angeles, said other common culprits behind purchase regret include inadequate investigation of the physical characteristics and needs of the property; misunderstanding of the financial terms of the purchase; and failure to comprehend how expensive maintaining a home can be.
Carol Olrich, broker associate with Alain Pinel Realtors, Marin County, Calif., said the lesson to be learned here is to continually review priorities, ask plenty of questions of the seller and listing agent, and study the neighborhood carefully prior to writing the offer. Also, don’t let negative reactions from friends and family let you second-guess their decision.
“I ask my buyers to focus on what is right for them and try not to listen to unconstructive, negative dialogue,” Olrich said.