It's no secret that the COVID real estate market has been a wild ride for buyers! Are buyers who purchased homes in the past year now experiencing buyer regret? The answer for some is yes.When
COVID Home Buyer Regret...Does it Exist?
Dated: September 13 2021
It's no secret that the COVID real estate market has been a wild ride for buyers! Are buyers who purchased homes in the past year now experiencing buyer regret? The answer for some is yes.
When making an investment in the stock market for $750,000, you thoroughly evaluate your investment options and surely don't invest hastily. The same principle should be applied when making a home purchase. Unfortunately the dynamics of the market have forced some buyers into making spontaneous home purchases, feeling pressure to overpay to get the home immediately. Now I am seeing homes going back on the market in less than a year (including one of my own listings) and in many cases, the buyers weren't happy with their decision.
There are many reasons such as the buyer isn't happy with the location, their work from home status has changed, or they simply aren't happy with the home. For active buyers, here are steps that you can take to make sure your purchase is the right investment, and you don't have buyer regret:
- Research towns and neighborhoods ahead of time, so you can have a targeted search based on your needs (transportation options, flood zones, school locations, traffic patterns, etc).
- Understand your investment! While the next five to ten years can't be predicted (who would have predicted this?), make sure you are making an investment that you will position you for success. Real estate success is different for everyone and could be financial return, use and enjoyment or a combination of both.
- Have your mortgage pre-approval prepared prior to looking at homes.
- Speak with a local real estate agent to understand the risks of waiving home inspections and appraisals.
- Know your facts! Review the seller's disclosure, obtain property surveys, know the property taxes, etc. DO NOT rely on major real estate websites for data or estimates of property value. Rely on your experienced realtor to guide you with facts.
- Have a home inspection with a qualified licensed inspector. You need to know what you are buying.
If you have any questions about the local real estate market, contact Joe Eberle at 908-868-4800 or email at firstname.lastname@example.org.
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