Buying a home is one of the most significant financial decisions most people will make. Homes not only serve the family while they live there but also provide a long-term investment that people may use when it comes time for retirement or other major life transitions. Unfortunately, as many as 70% of home buyers report having at least one regret about their experiences and decisions during the home buying process. Popular markets in states such as Phoenix and California reportedly have higher rates of buyer’s remorse.
As a real estate agent, your goal is to help your clients feel more confident with their decisions and not have any buyers’ remorse. While you can’t predict what they will feel after the purchase, you can manage their expectations during the buying process. Let’s explore some homebuyers’ regrets and how you can help.
Common Sources of Home Buyer’s Remorse
Based on a survey taken by HomeLight, the “Buyer and Seller Insights Report for 2022” identified a few leading factors of home buyers’ regret. Let’s review the most common sources of this regret.
- 22% of buyers felt that they overpaid for their homes. After stepping away from the bidding wars, and finally moving into their new homes, these clients feel that they might have paid too much.
- 22% of buyers underestimated how much they would need to invest in home maintenance. The amount of time and effort required to maintain a home and all of its appliances can be a surprise for new homeowners.
- 20% thought that they had decided too quickly which home to buy. They might have wondered if they would have found a better choice if they had been more selective.
- 18% reported they misunderstood the total costs of owning a home. When calculating home costs, buyers need to look beyond the mortgage and consider the property taxes, insurance costs, maintenance, and costs of upkeep.
- 13% found that the home’s layout did not fit their expectations once they had moved in. Once they got…