According to NerdWallet’s Home Buyer Reality Report 2017, nearly half of American homeowners (49%) would do something differently if they were to go through the home-buying process again. Roughly 3 in 5 millennial (57%) and Gen X (61%) homeowners indicated they had regrets, saying they would do things differently the next time around, in comparison to only 38% of baby boomers. So what was the main cause of buyer's remorse?
Most of the dissatisfaction stemmed from the financing part of the home purchase. “According to our research, borrowers who don’t understand the mortgage process or don’t know enough about their own credit history tend to hit obstacles or be rejected when applying for mortgages,” says Tim Manni, mortgage expert at NerdWallet. “They also tend to feel regret after their deal is done, even if they succeeded in buying a home,” Manni adds. “That tells me borrowers aren’t doing enough research — on themselves or the mortgage process — before applying for a home loan.” Out of those surveyed:
- 23% wished they had saved more money before buying a home
- 13% said they would do more research on the mortgage-lending process
- 14% said they would have shopped around more for a mortgage
- 13% would’ve researched the home-buying process more
So how do you prevent buyer's remorse? There are positive notes to take away from the survey: 32% said their real estate agent or mortgage broker (23%) made the home-buying process easy. The answer is to make sure you have experienced and knowledgeable real estate and mortgage professionals to work with. They will be able to guide you through the whole home-buying process, set realistic expectations, navigate any roadblocks, and provide any referrals needed.
Are you thinking about buying soon and have concerns or questions? We'd be happy to provide some guidance and refer a reputable lender to talk to. Feel free to call/text us at (540) 680-3444 or simply fill out the form below.