The recently released results of a national survey of U.S. homeowners show that one in four suffer from buyer’s remorse when it comes to the home they currently own, and wish they could have a do-over. That’s right, 25 percent of Americans admit to making a bad home purchase decision due to inexperience, market pressures and the misfortune of working with an indifferent or inexperienced real estate agent.
The survey results provide valuable insight for homebuyers and realtors to identify obstacles that might trip up home buyers without the advantage of hindsight.
Finding the right agent is a critical first step in avoiding buyer’s remorse, but too often people don’t spend the time they should to find a realtor who is genuinely motivated to work in their best interest.
Your real estate agent needs to be someone you can trust to guide you away from the “wrong” house (even if you think you have fallen in love it) and toward the home that provides the best investment for your money and your lifestyle.
The national survey, conducted by Harris Poll among 2,000 U.S. homeowners, found that homebuyers who felt the strongest levels of remorse over their real estate purchase never felt a strong level of commitment or guidance from the real estate agent they chose. Eight percent felt their agent was one of their worst choices in the home buying or selling process.
Without an experienced, knowledgeable and dedicated realtor guiding the way, homebuyers and sellers are playing Russian roulette with their financial security. Pricing your home out of its true market value, or choosing a home to buy despite red flags that should have been addressed in advance can destroy a person’s wealth. When you select a real estate agent, you should feel confident that he or she would be focused on your best interests throughout the process.
Carbutti & Company Realtors have a solid reputation for customer care and satisfaction. We understand that a home is probably the largest purchase you will make in a lifetime, and we are committed to helping clients make the best possible decision every time. In fact, we know that your success is our success.
Real estate agents can and should be your best advocates when it comes to guiding homebuyers and home sellers through the process.
The Harris Poll survey found some interesting elements in the feedback of buyers who experienced regret in their choices, including:
Gender and Family: Women and homeowners with children under 18 in the home expressed higher levels of buyer’s remorse than others surveyed (27 percent and 28 percent respectively.)
Age: Eight-five percent of buyers aged 65 and over reported that they were happy with their home purchase decision, while 72 percent of homebuyers aged 18-64 reported the same satisfaction with their choices.
Household Income and Education: Households earning $100,000 or more expressed more satisfaction with their homes (86 percent) than those earning less than $100,000 (70 percent.) College degree holders also reported higher home satisfaction levels (82 percent) than those with less education (72 percent.)
Regional differences: Buyer’s remorse among homeowners was acknowledged more frequently by those in the Midwest (28 percent) than those in the Northeast (27 percent,) in the South (25 percent) and in the West (20 percent.)
Homebuyers and sellers without a solid understanding of the real estate market count on their agents to provide professional expertise and guidance in order to make the best decisions.