There are hundreds, maybe thousands of articles written on what homebuyers want. Have you ever read one on what homebuyers regret the most? By understanding what buyers regret, real estate agents, builders, lenders and even architects can do a better job. Chase conducted a survey of new homeowners and asked what they would do differently if they could have a “do-over” with their home purchase.
Here are the top five things homeowners would do differently:
They would understand their mortgage and financing options better. 90% said they believed they understood their financing options pretty well at the time of the purchase, in hindsight, they would have been better off to understand the entire process more thoroughly.
They would evaluate the size of their new home more carefully. Many in the survey suggested they would buy either a larger or smaller home if given the chance. Sometimes people don’t realize how much “stuff” they have until they try to fit it into their new space and realize it won’t fit.
They would purchase a home at a different price point. 39% of the homebuyers said they would likely purchase a home at a different price. Chase reports that many realize after the initial honeymoon period wears off they simply paid too much for the home. This of course is simple buyer’s remorse as any salesperson will tell you. It’s all in their head; in today’s market with tough appraisals and lending standards no one overpays!
They would not expect a speedy process. About 40% of the homebuyers believed it would take less time than it did to go through the entire process, from looking at potential homes to going through the closing process. Clearly the salesperson and lender should give realistic time frames.
They would get clear about the costs of maintenance and moving. 80% believed their new home was move-in ready, but quickly realized that repairs or renovations were needed. Just over half also reported being unpleasantly surprised by the costs of maintaining their new home.
These points all indicate that even with all the information available on the internet, a real estate agent or builder sales agent that takes the time to find the right house and educate the buyer is priceless! Buying a home is a huge decision and buyers obviously need help.
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