Here’s how to avoid homebuyer’s remorse in 2021, by Danon Burnside.

By Danon Burnside

Here’s how to avoid homebuyers remorse in 2021

It should always be a moment of excitement and joy to finally close on the buying documents and live in your dream home, but sometimes this is not always the case. Most homebuyers end up regretting a house purchase for various reasons. As published by a US homebuyer survey from Bank rate, in May 2021, 64 percent of home buyers experienced buyer’s remorse. San Bernardino, like most cities in the United States, has for a while experienced a house-buying frenzy fueled by the low mortgage rates. The median listing home price trended to 18 percent year over year to $450K and the median home sold price was $465K as per the Realtor.

Com July 2021.

In the name of seizing the current market situation, most people are impulsive buying homes to rush their dreams of becoming homeowners in San Bernardino. This is therefore leading to them regretting their decisions later as they are not prepared and flexible enough to go through the home buying process. It is with no doubt that most of the haste decisions made with no adequate preparations always end up in the regret box. This is not different when it comes to real estate. Homebuyer remorse is a result of numerous causes that are avoidable.

HOW TO AVOID HOME BUYERS REMORSE

For any prospective home buyer in San Bernardino, flexibility and Preparation are the key drivers to avoiding regrets after a home purchase. Do you want to smile as you sign the closing home buying documents? Enjoy every minute in your dream home? Here are the ways to make that happen;

Work with a realistic budget – “It is advisable to shop for a house that is

below your budget. “ Says Raven Reed, a realtor with Realty Executives Select Group. Homebuyers should set a certain maximum budget and stick to it no matter how tempting the housing market is. This is important to avoid overspending on home buying. Whenever a buyer blows their budget, it means changing their lifestyle in order to fit within the financial constraint they are in. This brings remorse to the buyer.

CHOOSE THE RIGHT MORTGAGE RATE

There are different types of mortgage rates available for buyers depending on their qualifications, credit scores, and financial capabilities. Buyers should therefore understand these types to enable them to choose the best for them. A buyer might choose a mortgage higher than their finances, and end up struggling to pay every month for it and this clearly leads to remorse.

PRIORITIZE NEEDS OVER WANTS

Everyone wants luxury in their homes but, are your finances enough for that? Can your budget cover your luxurious desires? Every buyer should ask themselves such questions before purchasing a house. It’s good to have a list of needs as it helps the buyer looking for a house that has only necessities and stays focused on only what they need in their homes, to avoid incurring extra costs of home luxuries.

INCLUDE CONTINGENCIES IN THE HOME BUYING CONTRACT

It is not a wonder for buyers to not include or remove contingencies in this hot sellers’ market. The inventory is low, and buyers are willing to make the best offers possible to sellers in order to get houses in San Bernardino. As much as the buyer wants to make the offer appealing, they should have a list of the mandatory contingencies so as to be protected if the conditions are not met by the seller. Excluding contingencies is a risky move that later brings remorse to the buyer.

WORK WITH A REALTOR

It’s likely for buyers to prefer buying a home without a real estate agent in the name of saving on the realtor fee but contrary, this might even cost them more later. It is always advantageous to work with a realtor as they act as buyer’s advocates and help them look for the ideal homes in conducive neighborhoods, negotiate with the seller and even work on the paperwork. It’s easy to get the best home deals with a realtor on board, which is a great way helps avoid buyer’s remorse. It’s quite a hard task to find an exact perfect house as you have always desired, hence most buyers tend to forego some of their wish list house features. Additionally, buyers tend to renovate the houses to meet their desired types which is costly. It is, therefore, a better idea for buyers to consider and appreciate the positive features of the houses to avoid feeling remorseful. It definitely is an awful feeling when you’re delighted about eventually living in your dream home in San Bernardino, but instead regret the choice especially because the circumstance was evitable. This unfortunately has been the recent trend in real estate since the shift to a seller’s market. Buyers making hasty decisions based on the market trends and later regretting it all. You don’t have to be a statistic in the list of remorse buyers! Contact Danon Burnside, a VIP Agent of The Power Is Now Media in San Bernardino, to help you through finding and buying your ideal home with no future regrets. Alternatively, reach out to Eric Lawrence Frazier MBA DRE 01143484 NMLS 461807 for more.

ABOUT THE DANON BURNSIDE

Danon Burnside is a San Bernardino native who has been licensed since 2008. He has 12 years of retail sales experience and four years of residential property management. He got his Associate of Science degree in business administration from Argosy University in 2016. He is a city manager for San Bernardino and a member of CAR, NAR, and CVAR. Danon joined The Power Is Now Media in 2017.

ABOUT THE POWER IS NOW MEDIA INC.

The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage in various thoughts of leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for firsttime home buyers. The Power Is Now Media Inc. can help make your home ownership dream a reality. Go to www.neverrentagain.com and get started today.

Eric Lawrence Frazier MBA, Vice President and Mortgage Advisor of First Bank, NMLS 461807.

President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com

References

https://www.homelight.com/blog/buyer-is-homebuyers-remorse-common/ https://www.forbes.com/sites/reginacole/2021/08/31/how-to-avoid-homebuyersremorse/amp/