Too many pandemic buyers regret at least one element of their newly purchased home.
Pandemic Homebuying Turned Sour for 75% of Buyers
According to a new survey just released by Zillow, an overwhelming 75% of pandemic homebuyers are not happy with at least one aspect of their newly purchased home.
Manny Garcia, a Zillow population scientist, said, “The pandemic-driven feeding frenzy in the for-sale market added challenges for buyers, especially those purchasing for the first time.”
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Garcia elaborated. “This research suggests many of those buyers ended up in a home that was less than ideal. It’s important to remember that even in a balanced market (not this highly skewed sellers’ market), most buyers have to make compromises to stay within their budget. However, to minimize regret, aspiring buyers would be wise to establish where they’re willing to compromise and what’s a deal-breaker before shopping.”
Most Common Regrets
– 31% of buyers regretted buying a house that was too small.
– 32% of buyers regretted buying a house that required more maintenance than they anticipated.
– 40% of buyers wished they’d taken more time before signing the contract to buy.
– Nearly 75% of buyers said they’d do at least one thing differently.
Advice to 2022 Buyers
2022 homebuyers are likely to face similar challenges as those faced by pandemic buyers.
Zillow has forecasted that home prices will rise another +16% in 2022 on top of the 20% rise in 2021. The National Association of REALTORS® (NAR) indicated that at the end of December, inventory dropped to a record low. Rising mortgage interest rates throughout 2022 will make homebuying even more expensive. And, rising rents may push more potential buyers into the market thus making competition even tighter.
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Here is some advice from pandemic buyers about how they would do it differently if they could do it all over again:
– Resist the impulse to buy despite feeling defeated after being outbid multiple times, despite being exhausted, despite being anxious.
– Spend more time evaluating your goals – if your goal is to buy in a younger, livelier community, don’t compromise that goal.
– Don’t get so worried about the competition.
– Fully recognize the burden of a huge mortgage and how that burden can limit your future options.
– Know that even minor repairs can take longer and cost more than anticipated.
– Research the life span of mechanicals like air conditioning to avoid unexpected bills.
– Know that the house you buy now doesn’t have to be your forever home…it doesn’t have to be perfect. It simply has to work for now.
Thanks to Inman and The New York Times.
