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'I just can't wait to get out': Nearly three-quarters of pandemic homebuyers hav...

 1 year ago
source link: https://finance.yahoo.com/news/just-cant-wait-nearly-three-210000181.html
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'I just can't wait to get out': Nearly three-quarters of pandemic homebuyers have regrets — here's what you need to know before you put in that offer

Serah Louis
Sat, October 1, 2022, 6:00 AM·6 min read
'I just can't wait to get out': Nearly three-quarters of pandemic homebuyers have regrets — here's what you need to know before you put in that offer
'I just can't wait to get out': Nearly three-quarters of pandemic homebuyers have regrets — here's what you need to know before you put in that offer

Kay Kingsman bought her very first home in the summer of 2021 — but now wishes she hadn’t.

Kingsman, a travel blogger based in Portland, Oregon, says she decided to buy since she had plenty of money saved up from not traveling during the pandemic and mortgage rates were extremely low.

She and many other pandemic homebuyers rushed into making a purchase that didn’t fully align with their needs — and they’re currently contending with the ramifications.

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Kingsman recounts finding beard shavings in the bathroom and the carpet smelling of cat urine when the previous owners vacated. The water pressure was weak and the air conditioning was busted.

She also discovered she had no parking privileges thanks to a messy lawsuit they left behind.

“It's just been a complete headache,” she says.

Many homebuyers either overpaid or made compromises on what they wanted

Nearly three-fourths of Americans who purchased homes in 2021 and 2022 have regrets, according to Anytime Estimate’s American Home Buyer Survey, which was released in September.

“Pandemic-era buyers really faced these unprecedented conditions,” says Amanda Pendleton, home trends expert at Zillow.

“This combination of rising prices, few options to choose from and that extreme time pressure meant that some buyers really ended up at a home that was less than ideal.”

The survey showed that respondents paid a median amount of $495,000 for their home — with almost a third paying over asking.

Eighty percent of buyers also compromised on their priorities, such as finding the right location. Some bought fixer-uppers, while others made offers without even seeing the properties in person.

Like Kingsman, 70% of buyers were purchasing a home for the first time. After seeing a previous listing snapped up within a day, she was determined to not fall behind.


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