In today’s real estate market, properties are moving fast.
This means buyers often only have the opportunity to look at a property once before they make an offer. A home purchase is one of the biggest financial investments someone makes in their life. So, it’s not surprising that some buyers have regrets about their home purchase. Millennials, in particular, have the most regrets of any generation, with 64% admitting they have some regrets about their home purchase, compared to 33% of baby boomers, according to a recent Bankrate survey.
Millennials’ biggest regret is that their maintenance costs are too much, said 21%, while 13% said their mortgage payment is too high and an additional 13% said they think they overpaid for their home. Not surprisingly, with record low mortgage rates, only 12% of millennials said they are unhappy with their rate, while 9% don’t think their property was a good investment. Generation X and baby boomers were most likely to agree that the maintenance was too much, compared to other regrets.
Some millennials had regrets about their home itself. Fifteen percent no longer liked the location, while 28% weren’t happy with the size, 14% said the house was too small and 14% said the house was too big. Millennials had more regrets than both Generation X and baby boomers about their actual homes. Both baby boomers and Generation X’s most common complaints was that their new homes were too small.
While you have to move quickly in today’s market, keep your clients happy by making sure they are confident in what they want before they start looking.