Homebuyer Remorse...

Written by Posted On Friday, 25 July 2014 14:23

39% of buyers would choose another home or another area…42% felt their agent could have done a better job…19% lacked confidence during the offer process…22% didn’t fully understand the closing process…

Those are among the results of a Chase Mortgage survey of 807 recent home buyers about their attitudes following the purchase of a home, taking the temperature of how people are living with their real estate decision. What home buyers said that they would do differently if given the chance:

Get Smarter About Financing

While nine out of 10 buyers surveyed say they felt prepared at the time they bought their home, 56 percent say that in hindsight, they should have known more about financing. Specifically:

  • 22 percent say they weren’t as educated about the ins and outs of closings as they should have been.
  • 19 percent say they weren’t as well-versed on making an offer and negotiating.
  • 15 percent say they needed more guidance on the overall financing of a home.

Pick a Different-Size House/Area

Sometimes you don’t know whether a house suits your needs until you start living in it. That would seem to be the case for 39 percent of respondents, who say they would choose a house of a different size or a different price — or even in a different neighborhood — if they could redo their purchase.

Adjust Expectations

A significant number of buyers weren’t expecting the home-buying process to take as long as it did, with 40 percent saying it took longer than anticipated. 16 percent say they got a “pleasant surprise on timing,” according to the survey.

Maintenance is Always Required

34 four percent of respondents say that home-maintenance costs ended up being more than they expected. Among first-time home buyers, 51 percent say they “got that sinking feeling” when faced with maintenance costs. 80 percent of survey respondents say they considered their home move-in ready when they bought it, but 76 percent have since completed or planned renovations.

The single most important step to ensure home buyer confidence is the selection of a full time professional agent to represent them; there are 7 simple questions to ask any agent before hiring them. Home buyers must have a “clear definition of success” before they pull the trigger on a purchase; how does a home search end well if there is no clear objective? HMT home buyers are well prepared and that is demonstrated by home buyer reviews of the experience. Find out what you don’t know and act with confidence when it’s time to buy or sell a home.

- See more at: http://hankmillerteam.com/2014/05/01/too-many-home-buyers-want-a-do-over/#sthash.lvPtw5u6.dpuf

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Hank Miller, SRA

Hank Miller is an Associate Broker & Certified Appraiser in the north metro Atlanta area. Since 1989, real estate has been his full time profession. Hank´s clients benefit from his appraisal and sales experience; they act upon data, not baseless opinions. He is an outspoken critic of the lax standards in the agent community.

Hank remains an active certified appraiser and completes specialty work for FNMA, lenders and attorneys. He is a well-known blogger and continues to guest write for multiple industry publications as well as national outlets like the WSJ, NYT, RE Magazine, USA Today and others. He is a regular on public Q&A sites on Zillow, Trulia and many others.

Hank consistently ranks in the top 1% of all agents in the metro Atlanta area. He runs the Hank Miller Team and is known as much for his ability as he is for his opinions. He is especially outspoken about the lack of professional standards and expectations in the real estate industry.


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