May 19, 2021

Millennials Buyer's Remorse

6 out of 10 Millennial home buyers are expressing remorse after moving into their homes according to recent surveys for all sorts of reasons.  Some think the location they purchased in was bad; remember location, location, location as the most important element of home value.  If you buy crap you will own crap.  Since this is a seller's markets and some buyers are desperate to purchase a home, in some cases they are making bad decisions.  You never compromise on location because it cannot be changed. 

Some millennials believe the homes they bought are either too big or too small.  This is happening because there are so few homes on the market in many areas.  My suggestion would be to buy as much as you can afford because most people grow into the space.  At least 3 bedrooms, an office and two or three bathrooms with a two or three car garage should be the first purchase, if affordable. 

Many millennials believe they overpaid for the homes they purchased and they are probably right.  It is a sellers market.  Home are selling at crazy prices in bidding wars even above list price.  Some millennials are shocked by the cost to maintain a home.  Of course, they were paying for maintenance when they paid rent one way or another; but home ownership means writing separate checks over and above a mortgage payment.  So all of a sudden, the cost can seem very high. 

At Paragon Home Resources we work with clients to sell and buy homes anywhere in the country.  We can help separate needs from wants in assisting with life decisions.  Ideally, our goal is that our clients would not have buyer's remorse as a result of our consulting assistance.  Spending a little time upfront is the way to be happy about the decision making process after move in.