Buying a home can be a long or short process, and the reasons for that can vary. For over a year, many areas of the country, including Austin, Texas, saw high demand from buyers and very low supply from sellers. While market conditions, at least in Austin, have moved toward a more balanced market, home buyers are seeing more supply and are often taking more time to make a purchase. Regardless of market conditions, buying a home can be a very daunting process. For most, it is the single biggest purchase one makes in their lifetime. Making the decision to go ahead and make an offer and then close on a home can be driven by a ton of factors including market conditions, relocation status, necessity, and more. Unfortunately, many new homeowners have at least one regret about their purchase.
HomeLight recently conducted a survey and found that among recent home buyers, 70% had at least one regret. Zillow also conducted a similar survey and found that 75% of their participants had at least one regret. Some of the top regrets included:
Underestimating the total cost of buying a home (cited by almost 20% of those from HomeLight's survey).
38% wished they had spent more time searching for a home (from Zillow's survey).
Common answers from both surveys included:
Regrets about the home's location.
Felt they bought their home too quickly.
The unexpected cost of repairs or maintenance.
With the rise in interest rates in recent months having a significant impact on many buyer's bottom line, it is important for buyers to know what they can truly afford. Making sure to factor in things such as property taxes, HOA fees, insurance, repairs, closing costs, and not just the down payment and mortgage payment, can hopefully help future home buyers avoid having their own regrets.