More homebuyers feeling remorseful after pandemic purchases

According to Zillow, 75% of those who bought during the pandemic felt remorse.

[SophiaChristian-soof]

I bought a house in 2020. The insurance and property taxes have doubled since then, and now costs more than I ever paid in rent in my life. I feel that I would be better off living in a studio apartment in a warehouse again and investing the money in anything else.

[kelvinjohnson]

This happened with the 2004 housing boom - home prices were greatly inflated, meaning people couldn't sell later because they owed more on the house than they could sell for. I know quite a few people who bought then, thinking they were making a good investment to sell later, but it's taken until the COVID housing boom for the prices to come back to those original amounts.

[mzliz]

Home prices right now are obscene. There’s no way I’m paying three times what the house is worth.

[sinforoso]

People were approaching a home purchase like an ebay auction for used DVD's. The media and real estate "professionals" spread FOMO like wildfire, especially with the influence social media now has. With rates over 7% and climbing, remorse is only going to grow as these FOMO buyers see their property go upside down in the coming months (at this point, anyone that bought the last year is already underwater when you account for sale fees). Couple that with the inevitable rise in unemployment rate and it's a combination for tough times. Lesson: never take an emotional approach toward any purchase, especially the most expensive purchase of your lifetime.

[rugbyslug]

Never "compete" for a home purchase... bad idea, IMO.

[Jazzy]

The no inspection thing was just ridiculous. An ethical realtor would have advised you against that. For everyone else, no need to have remorse, values will go back up if you keep it long-term just like 401k etc

[berk]

I am a plumber and I can say. Many of them learned the hard way. Skipped out on having pipes checked. SMH

[jasmynrenee]

No better for y’all! The way y’all acted with the toilet paper and the homes during the pandemic was sheer greed! Buying a home without seeing it, without an inspection, and thousands of dollars over asking price was absolutely nuts!

[justacinnamonbun]

I'll gladly take a home off their hands for 30% off what they paid. 🤑 Those homes are worth no where near what they paid.

[Jayla-djgj]

Hopefully they learned their lesson. Bidding way above list price and buying regardless of inspections because you had aFOMO was childish. Now with the downturn and housing starting to lower to sustainable prices people are upset.

[somewhereinoklahoma]

I bet Michael advised his clients to skip the inspection so they could get the house. Why people trust a realtor who’s only job is to close the sale is beyond me. They are on the sale level as car salespersons. They laughed all the way to the bank.

[MintakaSaiph]

I think that a lot of the remorse comes from people who wanted to buy a second home to rent out, resell at a profit and those who didn’t get it inspected and now have to shell out a lot of money on repairs.

But if you’re not any of the above and got like a 4% rate, I am so jealous of you right now.

[bmwlane]

If they are upset now, wait until the market crashes!

[MrMountain]

It's hard to feel bad for these people. If you waived an inspection you deserve to get screwed.

[Pinkfrosting]

Of course a realtor says you have equity so you can move, but doesn’t mention capital gains tax. Realtors are like insurance agents.

[thomascuvillier]

Who tf buys a house without an inspection... Seriously... You get what you deserve on this one... Should be made mandatory for any sale, it is sad but you gotta protect people from their own stupidity...

[jpii]

So glad to be part of the 25% who found the right place at the right price.

[KHLoverO]

Our first realtor was trying to get us to buy tiny houses for way over price, because of location, and said we HAD to wave inspection and offer $15, 000 in appraisal gap to stay competitive. Needless to say it heightened my anxiety about moving and made me super depressed. Luckily we held out, got an apartment for 5 months, and a new realtor and though it's not our dream home we're actually happy with our purchase in 2022.

[Apogge_kings]

Due to layoffs and job losses, We will see a storm of foreclosures next year

[tabbott]

FOMO usually causes regrets/ Low interest rates were the only reason the housing market did what it did. Im patiently waiting for the next foreclosure wave to buy at a discount like my current house i bought in 2009 for cash.