Most Common Causes of Buyer's Remorse

Realtor Magazine posted a great article about the most common causes of buyer's remorse in the current market and we agree with them.  We hope this helps you out if you are a potential home buyer or currently looking for a new home.

1.  Get Smarter About Financing

9 out of 10 home buyers said they felt prepared going into the purchase of their new home.  However, 56 percent said they wish they had known more about financing.  22 percent said they weren't as educated about the details of a closing.  19 percent said they weren't confident about the process of making an offer and negotiating.  15 percent said they needed more guidance on the overall financing of a home.

2.  Pick a Different Size House/Area

39 percent of respondents said they would choose a different size house, a differently priced house, or even a different neighborhood.  While you don't know until actually live in the house, you can do more research and contemplation about what you require in a home (even things you just really prefer to have), your budget and what you like/hate about your current neighborhood.  Bottom line: If you feel like you're compromising, think a little more about the new potential home.

3. Adjust Expectations

This is one of the most common observations of both buyers and sellers.  In general, the home-buying/selling process takes longer than expected.  40 percent of respondents said the home-buying process took longer than they thought it would, while 16 percent said they were pleasantly surprised with the duration of the process.

4.  Be More Prepared to Spend on Maintenance

34 percent of respondents said home maintenance costs ended up being more than they expected.  This is a reality of home ownership that first time home buyers often don't appreciate, with 50 percent of home buyers feeling overwhelmed by maintenance costs.  Overall, 80 percent of respondents felt their home was move-in ready at the time of purchase, but then 76 percent already had plans or completed renovations.

Feel free to contact us with any questions or to discuss buying or selling a home... 207-251-4762 or contactus@alandrealty.com