Curious to know what the spring real estate market in New Jersey is like? It’s very similar to the rest of the country, with low inventory and rising housing prices. This scenario has created more competition and the feeling that a seller’s market is on the horizon. Buyers who are more serious about buying a home can definitely buy out the not-so-serious buyers, but it’s a good idea to know exactly what you want. Some buyers are eager to buy because they know interest rates are still low but won’t be for long, but they end up regretting what they bought.
According to Trulia, more than half of Americans have at least one regret when it comes to the home they purchased. This report surveyed 2,000 homebuyers about their recent buying choices. Here’s the lowdown.
- Thirty-four percent of homeowners wished they would have purchased a home with more square footage compared to other perks like location or décor upgrades.
- Twenty-seven percent of homeowners said they would have liked to put more equity into their homes by means of updating or remodeling important rooms like kitchens and baths.
- Twenty-five percent wished they would have learned more about the home they purchased.
- Twenty percent said they wanted to save up a larger down payment to use on their home.
- Sixteen percent wished they had been more financially secure before purchasing a home.
It’s not just homebuyers who have regrets, either. Renters have them, too. More than 40 percent of current renters reported that they wished they would have taken advantage of the market when they could have in exchange for renewing their lease. Forty percent said they wished they would have rented a home with more space, while 20 percent said they hoped they would have chosen a location closer to their work.
The bottom line is this: Even though housing and rental inventory are low, this doesn’t mean you should rush into a buying situation that you’ll later regret. The inventory slump will continue, as many people are still hesitant to put their homes on the market. Also, there are still millions of Americans who are underwater on their mortgage, making it difficult to sell. If you’re in the market, be cautious to take your time and evaluate your short- and long-term needs.