Some Homebuyers Are Regretting Their Decisions, but You Can Avoid It

The last thing you want to do is regret buying a house. It’s typically the largest purchase you make, and something you have to live with (and in) for some time.

But people regret buying houses so often, it has a fancy term that gets thrown around—“buyer’s remorse.” Whether it’s that they feel like they spent too much money, they bought in the wrong neighborhood, bought the wrong house, or worry that the house is too small, it’s common for people to regret buying the house they bought.

It happens in any market, not just a fast-paced one like we’ve seen recently driven by the pandemic, low inventory, and low mortgage rates. But this market certainly hasn’t made it easy to avoid buyer’s remorse as The New York Times points out in this article.

The problem is, many buyers just don’t prepare themselves to be well-informed, confident buyers in whatever market they happen to be buying.

Fortunately, you can avoid buyer’s remorse, and not just in a “hot” market. Here are some things you should do to avoid it:

Know your numbers — Know how much of a mortgage payment you can afford to comfortably spend per month, considering all of your expenses. Then simply make sure that whatever house you buy will cost you no more than you’ve already figured out you can handle per month. Half the battle is being comfortable with how much you’re spending per month, which sounds basic. But many buyers just don’t think it through enough upfront and end up figuring it out once they’ve bought a house and it’s too late. This also helps keep you in check from over-bidding when you’re up against other buyers or in a fast-paced market.
Know your mortgage options — Getting pre-approved for a mortgage is an important first step many buyers actually don’t do until they “find the right house.” That’s a huge mistake. You should really get pre-approved before you even start looking at houses because without doing so, it’s almost impossible to “know your numbers” as stated above. But beyond that, take the time to know the different types of loans you qualify for, and hone in on the best type of mortgage for your short and long-term financial goals when owning a house.
Know your wants and needs — Make a list of the things you absolutely need to have in a house and a list of things you want. Though it may seem like a fine line, there’s a difference, and having a handle on what you need (versus what you want) will help you during your search—and long after you’ve bought the house. Don’t just toss it in the trash once you’ve bought your house; use it to refer back to if you’re ever feeling like you regret buying your house. As long as you stay true to your list, you shouldn’t have any regrets. Sure, you may have had to bend a little here and there, but knowing what you needed and wanted is helpful in staying focused on getting as much of it as possible…and appreciating it.
Know the market — You need to know and understand the market to make sure your needs are reasonable and achievable, and how likely it will be to find what’s on your “wants” list in a house within your price range. You don’t need a degree in statistics and probability, but it’ll help you to see if what you’re hoping for is in line with what you can expect to find.
Know a good agent — While you can certainly do a decent amount of research online nowadays, there’s no substitute for having a good, local agent—one who knows the market and can help you digest the data and assess if what you want and need is reasonable. A good agent will also help keep you in check mentally, emotionally, and financially throughout the process.
Know what you’ve got — Once you’ve bought a house, stop looking at other houses! Appreciate the one you bought and focus on everything it does have, rather than what it does not.
The Takeaway:
It can be hard to keep yourself in check mentally and emotionally. Find and work with a real estate agent who:

Will educate you thoroughly about the market and refer you to mortgage experts who can guide you on your mortgage options.
Is patient and will help you remain calm and objective and certainly not push you to make rash decisions.
Will tell it like it is. While you don’t want a pushy agent, you also don’t want one who won’t give you the truth or a nudge when needed.
Will be there for you even after you’ve closed on your home to listen to any regrets you may be feeling and help you manage your emotions and see things clearly.

Source: Some Homebuyers Are Regretting Their Decisions, but You Can Avoid It

Planning to Sell Your Home This Year? Start Getting Ready Now With These Steps.

The winter isn’t the most popular time to sell your home. But if you’re planning on selling in 2022, there are things you’ll want to take care of now so that your home is ready to list when the temperature starts rising—and the market starts heating up.

But what, exactly, are those things?

A recent video from realtor.com outlined key steps homeowners should take now to get their home ready to sell in 2022, including:

Tackle any necessary updates. Home prices are higher than ever—and, for many buyers, their expectations are just as high. In today’s market, many buyers are looking for a move-in ready home—so if you have any house projects you haven’t gotten around to (for example, repainting your cabinets or updating your light fixtures), now is the time to do it. Not only will it make your property more appealing to buyers, but it may help you fetch a higher price for your home!
Declutter. No one wants a messy, cluttered home—and if your home looks messy or cluttered to buyers, it could make them think twice about putting in an offer. Before you start showing your home, go through your things and get rid of anything you don’t want, use, or need. By decluttering and paring down your stuff, you’ll be able to better showcase how spacious your home is—which is a major selling point for buyers.
Focus on your landscaping. Curb appeal is incredibly important. You only get to make a first impression once—and if the first impression buyers get when they see your home is that your yard is out of control, it’s going to be hard to recover. Make sure you give yourself plenty of time to take care of any landscaping needs (like trimming bushes, replacing mulch, or replanting grass) before you put your home on the market.

My Real Estate Blog
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Racing the Rates- Should You Sell Your House Now?

Typically it’s buyers who are most concerned about rising mortgage interest rates and for good reason. A small jump in rates will cost them a few more bucks per month for the same house than it would’ve if they hadn’t waited to make an offer and lock in a rate. Add a few of those rate hikes together before they buy, and the added cost can be really aggravating. Mortgage rates constantly go up and down, which is why they’re almost always in the news. It’s something to write about. Right now they happen to be going up again, as CNBC pointed out in this article about how rates jumped again and how it affects buyers. To summarize the big news, rates went up 0.35% in a week. Overall, not a huge deal. At least not enough to really change home values overnight.

But then they dig in a little more and added, “For a median-priced home, currently about $350,000, buyers putting down 20% will now see a monthly payment $125 higher than they would have just three weeks ago.” They’re going back three weeks to basically say that the monthly payment would be $125 more per month for the average buyer. That isn’t due to the one-week bump; that’s due to a few bumps over time. But it starts to add up, and buyers start to notice and feel it a little more.

Does this mean there’s going to be an absolute halt to the buying frenzy? No, at least not overnight. The market (and your home’s value) won’t turn on a dime and turn your dollars into dimes. But if the trend continues, and the news continues to point it out and alarm buyers, it could cause them to at least be less aggressive in how much they’re willing to pay in the near future. Or, perhaps they’ll just be less willing to get involved in a bidding war. Also worth noting: it could also come to a point, if rates rise significantly, where buyers simply won’t be willing to pay the prices they have been for a house.

After all, the value of homes is in large part based upon how much buyers can afford to pay per month, and what they want and will agree to buy for that much per month. So, if they get to a point where the rates are increasing their monthly payment too much, it will likely cause them to lower the amount they are willing to pay for your house.

There’s really no crystal ball to say whether or not rates are on an upward trend for good, or how high they’ll go. All you can deal with is the here and now, along with a little “what-if” assessment.

So, to sum up, if you’re even remotely thinking about selling, here’s a good two-step game plan:

  1. Get a firm grasp on what your house is currently worth in the market right now.
  2. Assess whether or not it makes sense for you to capitalize on the current value and sell now, or let it ride and see if the rates keep hovering and values continue to rise (or at least stay about the same).

Racing the Rates- Should You Sell Your House Now?

Home Inspector

Finding a Certified Kansas Home Inspector

Home inspections are a critical part of the home buying and selling process. Failure to obtain a home inspection could potentially cost you a great deal of money and hassles in the long run. [NAR]

Home Inspection is NOT a licensed profession in Kansas. Therefore it is very important to work with a “certified” Home Inspector. Click on the picture below to find a certified Home Inspector in Kansas, or nationwide. Should you have any questions please feel free to contact me at (785) 307-0703 or Sabine@NextHomeUnlimited.com

Listing of Certified Home Inspectors in Kansas

*InterNACHI School is accredited as a postsecondary education institution by the national accrediting agency of the U.S. Department of Education to provide tuition-free online training, examination, certification, and continuing education to InterNACHI® members in Kansas.

 

Below is a great article and video on questions you should ask when choosing your Home Inspector.

Questions to ask a Home Inspector

Home Inspector

 

Are you thinking about buying or selling a home?

I would love the opportunity to assist you in making the best decision for you and your loved ones.

Have an amazing day!

Sabine