“…with many millennials maxing out their budget and then later regretting it. NPR heard from a lot of first-time homeowners who made compromises to secure a house of their own, in part because they wanted so badly out of the high rental market.” Writes Jason Fuller, Ailsa Chang, and Justine Kenin at NPR about millennials having buyers remorse in this highly competitive housing market.
- Can’t call the landlord: “Every time something does come up, I say to my husband, maybe we should be renting. Like, if only we were still renting, then the landlord could deal with this.” – Lauren Morgan told NPR after some HVAC and plumbing issues have them second guessing their home purchase after they waved inspection to get their bid accepted.
- Grass is always greener: “Of course, buyer’s remorse in this housing market may seem like a good problem to have to those people who were shut out completely. According to a report released this month, homeownership among Black people in the U.S. hovers between 42% and 45%, while more than 70% of white people own their homes.”
I think buyer’s remorse is an understandable feeling in this current market. However, home prices continuing to rise by double-digits makes me think this feeling won’t last. Like anything else, having to pay for and schedule someone to fix repairs is not pleasant, but there are rewards. The real lesson is don’t max out your budget because you will need some wiggle room when inevitable repairs will be needed.