It’s 2023 – Can we learn from the Pandemic Housing Market?

The Stats:

According to the 2022 Hippo Housepower report, nearly 75% of home buyers are feeling remorse regarding their recent home purchase. Here are some top reasons as noted by a separate survey by Clever Real Estate:

• 30% feel they overspent in a competitive market
• 26% feel they rushed the home buying process
• 25% underestimated the cost of maintaining a home
• 24% regret buying a fixer-upper
• 21% felt pressure to buy
• 17% bought sight unseen
• 15% aren’t happy with the location
• 15% don’t like their neighbors
• 13% don’t like the home they purchased

The Result:

A staggering 64% of buyers wish they’d selected a different home and 63% said they wished they’d waited longer to make a decision.

The Conclusion:

Home buyers were taking advantage of low rates while playing a game of high-stakes poker with limited inventory in a tough seller’s market. So what did we learn?

• Marry the house, date the rate. Buy the home you love, you can always refi!
• Take time to get educated on the home-buying process.
• Do the math, perhaps a larger or older home isn’t really in your budget.
• Consider the cost of labor in your budget, even a handy homeowner has their limits!
• Don’t buy until you’re ready!
• If you “must” buy sight unseen, get a FaceTime tour or ask a friend or family to tour the home on your behalf.
• Get to know the area! Drive around at different times of day to learn more.
• You can’t choose your neighbors, sometimes you do the best you can with what you have!
• Pandemic Market showings were 20-30 minutes and you had to decide if that house was “the one”. Go through 2-3 times and get to know the home!