A recent survey of homebuyers who purchased a home in 2021 and 2022 found that 72% had buyer’s remorse. Thirty-one percent paid over asking price, a median of $65,000; 36% made offers without seeing the home; and 43% made concessions to sellers such as waiving a home inspection.
If you’re planning to buy a home in 2023, how can you avoid buyer’s remorse syndrome?
Get prepared. Research neighborhoods and types of homes so you can find a home you’ll be happy with for years to come. You’ll need earnest money, a down payment, moving costs, utility deposits, unexpected repairs and replacements and more. Talk to your lender and get pre-approved for a loan, so you’ll know the ceiling of what you can comfortably afford. Be clear about your needs and dealbreakers so your Berkshire Hathaway HomeServices network professional can help you search for the right property.
Buy within your means. While you peruse homes online, shop within your budget. It does no good to look at homes you can’t afford or that aren’t the best fit for your household. If you need to consider fixer-uppers, make sure your mortgage loan can cover necessary improvements. Be aware of all the costs, including taxes, HOA fees, mortgage insurance, moving, etc.
Ask for seller concessions. Sellers in many markets are lowering their prices, agreeing to fix or replace expensive appliances or operating systems, paying the buyer’s closing costs, and other concessions. All you need to do is ask.