Nearly 3 in 4 homebuyers have at least one regret when it comes to the home buying process, according to a survey* by anytime estimates. Here are some of the things I’m seeing people come to me with concerns about.
First, some people overpaid for their new home, but they got an incredibly low interest rate. I remind them that if they stay in the house and pay the mortgage each month, that house will be owned outright in 15-30 years. I don’t know what real estate prices will do in a year, but I firmly believe that in 10+ years it will be higher than today.
Second, if you are in the process of buying a home now, realize that the market has changed. As a buyer, you have more leverage than a year ago. Don’t overpay and don’t get into a situation where you are asked to make a spur-of-the-moment emotional decision. If you miss out on that house for whatever reason, you can always find another one.
Third, rates on primary residences are higher than a year ago. You can always refi later when and if rates go back down.
In the end, your house is where you spend most of your time. Buy something you like and plan to stay there for the long term. It’s not a speculation vehicle. For most people, a primary residence is a place to build long-term equity and wealth.
*https://anytimeestimate.com/research/american-home-buyers-2022/