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Showing Original Post only (View all)three quarters of recent home buyers expressed some regret [View all]
They Rushed to Buy in the Pandemic. Heres What They Would Change.A frenzied sellers market led some people to make harried decisions when buying their homes that they now regret.
Surveys by the WAV Group and Zillow found about three quarters of recent buyers expressed some regret. In the Zillow survey, released on Feb. 4, the findings paint a picture of homeowners second-guessing the choices they made and wishing theyd had more time, more patience or considered living somewhere else. About a third of respondents regret buying a house that needed more work than they anticipated, 31 percent wish the home they bought was bigger and 21 percent thought they overpaid.
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Recent buyers those who are remorseful and others who are content with their homes have some sage advice about how they would do it differently if they had to do it all over again.
The farmhouse in Lake Wales, Fla., was picturesque, but Ms. Mohan and Mr. Flynn had to leave it behind. They plan to turn it into an AirBnB.Credit...Todd Anderson for The New York Times
Almost immediately, the couple regretted their decision. The property felt eerily quiet and isolated, and maintaining five acres and two cows was more work than they anticipated. You see these people on Instagram with their farm life, Ms. Mohan said. Nobody tells you what actual hard work that is and how time consuming it is.
Ms. DiSantis bought a spacious home for $1.45 million, which exceeded her maximum budget. She now feels financially tethered to the home.Credit...Ruth Fremson/The New York Times
The house gave her more space, but at a significant financial cost. In 2021, her priorities shifted, and she suddenly felt the burden of a huge mortgage. I got super burned out at work, she said. I remember thinking, Man, if I was still in that townhouse, I could just quit my job for a year and be fine. The mortgage was so low, I could take a year off, I could relax, I could refuel and now I really cant.
https://www.nytimes.com/2022/02/04/realestate/home-buying-regret.html
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properties were selling within a day or two after listing giving buyer little time to decide
Demovictory9
Feb 2022
#6
Thanks, makes sense that labor shortage might result in such 'weird' (to me) behavior.
elleng
Feb 2022
#11
Even when interests rates rise again, it will cause a long hangover in housing
Amishman
Feb 2022
#34
This is why I am suspicious of those who think housing prices will collapse.
cinematicdiversions
Feb 2022
#50
Another issue is all the properties that left the market in the foreclosures
Sherman A1
Feb 2022
#17
Same with me, I bought in 2003 near the height of the market and it's been a long time to get equity
TheBlackAdder
Feb 2022
#55
Inspection is a complete waste of time. I don't even bother. Most of those who call themselves
Demsrule86
Feb 2022
#29
Sounds like you had a crap inspector. My inspector, on both my property purchases,
Scrivener7
Feb 2022
#32
It is a waste of time...you can check most things you can see yourself before you make an offer.
Demsrule86
Feb 2022
#35
Well to each their own. I have not found inspections useful unless you are trying to get the price
Demsrule86
Feb 2022
#38
That depends on the Warranty. I negotiated one with the Wisconsin House when we bought it
Demsrule86
Feb 2022
#44
I completely disagree...most of the folks I know including family members had inspections...
Demsrule86
Feb 2022
#37
It is based on years of experience. Most people don't buy and sell as many houses as I have.
Demsrule86
Feb 2022
#46
most people do not have an expert family friend or know what they are looking at themselves.
uncle ray
Feb 2022
#49
Those upside down buyers if they don't need to sell are usually fine...Real-estate is up since 2008
Demsrule86
Feb 2022
#30
I am not sure these -percentages are all that much different in any particular year.
cinematicdiversions
Feb 2022
#15
In 2007/2008 the same thing happened. There was a bubble, people paid too much and
Vinca
Feb 2022
#24
Exactly right, and why my partner in crime (house flipping) made more money than he ever made
Demsrule86
Feb 2022
#28
That is fairly common...so common there is a name for it...buyers remorse. I have bought
Demsrule86
Feb 2022
#26
And I will say, we still have very little inventory here...so it continues. I take everything
Demsrule86
Feb 2022
#27
As a child who was expected to help out on Grandpa's farm I get that. I would never buy a
Demsrule86
Feb 2022
#48
Good for you. Your new house sounds great. I suggestn square foot gardening and you can also
Demsrule86
Feb 2022
#60