'Buyer's remorse': you can now include some recent homebuyers in that group

Posted at 5:49 PM, Nov 04, 2022
and last updated 2022-11-07 17:01:47-05

TREASURE VALLEY, Idaho — It's called buyer's remorse, and most people have felt it at some point, the regret or second thoughts that come after an impulse or otherwise ill-advised purchase. Now you can include some recent homebuyers in that group. Locals who bought at the height of this summer's buying frenzy, sometimes without even getting an inspection, just before the market turned.

A new Zillow survey found that 75% of homeowners that purchased a home during the pandemic have buyer's remorse.

“She took videos for me, and I looked at it and everything. We put an offer on it that night. And I do have to admit I should've slowed down a little bit,” said Rebecca Wiles, recent homeowner.

Rebecca Wiles purchased her current home in April 2021, when the housing market was extremely competitive. Eager to be closer to her daughter, she made a competitive offer, ultimately purchasing the home without doing a walkthrough. Now a year after her purchase, she is eager to get out.

“I am in love with my home. I am not in love with doing yard work,” said Rebecca Wiles.

That was the number one reason Zillow found buyers had remorse, they bought a home that required too much maintenance. Real estate agent Greg Langhaim, said many people who moved to Idaho for the first time like the Gem state but maybe not their house.

“Maybe we will get a handful of calls per month of just people just saying you know what, Greg, I'm ready to move to this side of town and get a little more elbow room,” said Langhaim, Real Estate broker for Powered by Exp Realty.

Despite falling home prices spiking mortgage rates have cooled the market. Rebecca Wiles wants to downsize, but when she listed her home, she got little interest.

“And it really doesn't give you a whole lot of good when you think to yourself. I shouldn't have bought the house. Why did you buy the house? You should've bought a condo,” said Rebecca Wiles.

But not everyone has second thoughts. Some believe they got the best price, even if they paid more than the asking price.

“I'm happy with our home. I'm happy where we ended up, and I would do it all over again,” said Ken Lee, a recent homeowner.

With current market conditions, Langhaim suggests you wait it out in hopes the housing market will improve.