90% of Home Buyers REGRET Buying Their Home

The dream of homeownership has turned sour for many, especially millennials, who find themselves trapped in undesirable locations, burdened by soaring interest rates, and grappling with the unforeseen challenges of owning a home.

In this video I explore the myriad reasons behind this widespread buyer's remorse based on information from a report done by Real Estate Witch. I also share what today's home buyers expect when entering the market in 2024. Some of these expectations are unsettling to say the least. But of course as always I share my thoughts on how to avoid having these same regrets.

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[Beatricegove]

Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.

[Riggsnic_co]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[TheSteve]

It’s not that millennials “wont” put 20% down it’s that they “can’t”. Most first time home buyer millennials dont have $80k set aside, only people selling an existing home have that kind of down payment.

[tatianastarcic]

I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire liquidity value to my stock portfolio?

[gbb]

I had a coworker who was a realtor in her past life. She always said to me that it’s better to buy the worst house in the best neighborhood than the best house in the worst neighborhood.

[loumartinez]

Something I see a lot is people not realizing how their property taxes is gonna affect their future monthly payments after buying these overpriced homes.

[misslinda]

I purchased a townhouse in an excellent location with a low interest rate. Then refinanced for a 15 year mortgage. After having lived with my parents, paying off my school loans, saved money, and paid cash for my car. It was a simple life, no designer, clothes or handbags, but worth it!

[ImeCasta]

Within three months of our purchase I regretted our purchase. I couldn’t sleep thinking about how I influenced our decision. I selected a better location/ smaller home; instead of larger in a location next to a freeway. We outgrew our place and I regretted not getting the larger home & then I came to realization that no place will ever be perfect. There will always be something that we don’t like. Now I’m grateful that I have a space to call my own, even if it’s small.

[mangoqueen]

Living next to bad neighbors is my #1 fear! That would be so awful to feel so stuck. 😓

[joshtainter]

People are broke, and the cost of literally EVERYTHING is way up. We’re in a lot m a lot more trouble than most realize.

[kevinjohnson]

We had a home inspection and the neighbor got so mad at us just being their that he called my wife and female realtor unspeakable things and when I confronted him he threatened me and then he called the police on me who ended up arresting him and telling us he was known for this behavior. We lost out on the appraisal fee but it was worth not spending the next 30 years next to a psychopath. He still lives there and the houses surrounding him are constantly going back up for sale, so definitely find out about the neighbors!

[bigcahuna]

I would also add that a corrupt HOA is a primary reason why home buyers in these communities have regrets

[Celestriona]

I feel like this also boils down to people resenting the fact that they can't afford their dream house.

[mg]

Stop focusing on the interior cosmetics and see how the neighborhood looks. Too many home buyers focusing on how the kitchen and bathroom looks and not picking up red flags in the location/neighborhood.

[l.h.]

Crazy to buy a bigger house because owners are sick of tripping over their kid’s toys. Get a toy chest and teach kids to put their toys away. Boomers started out in much smaller houses, which they paid off, and thus were able to afford larger houses a few decades down the road. In the 1970’s, the average US house was 850 sq ft.

[MrFrank]

I ended up buying the house that I rented from my landlord. This is a pretty good strategy to get to know the house and area before you commit the rest of your life to a mortgage.

[Catch-dont-fish]

People regret buying houses because realtors convince them that the EXTREMELY OVERINFLATED price of the house they are interested in is a GOOD DEAL.

I hope all the realtors and their agents held on to most of the money they swindled people out of the last few years, because, ALOT of them are about to be unemployed.

[JohnDaniels]

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless." - Thomas Jefferson

[petebusch]

Reality check coming from a home inspector. Almost every used house needs around 50k to 100k minimum to bring it up to what you think it should be and that does not include remodeling, just repairing or replacing existing components. People do not maintain home like they should and all of that gets passed on to the next buyers and so on and so on. This brings on a ton of regret and is also a depressing way to live.

[Charlie-zjhw]

My grandparents raised four kids in an 800 square foot row home in Philly and I grew up in a 950 sq ft rancher.. The reason why real estate so expensive because people refuse to live in smaller houses .. actually houses are way too big these days