Was It A Mistake To Buy During The Pandemic?

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MINT HILL, NC – For some home buyers, it may have been a mistake to buy during the pandemic. The decision is one that some may regret now, and for good reason. With the market taking a sharp turn to favor the seller during the pandemic, it’s no surprise that some buyers have regrets.

Countless articles have come out detailing some buyers’ regrets. While many buyers may have regrets, these types of articles should be taken with a grain of salt, too. The regrets of a few don’t mean every buyer that purchases a home during the pandemic has regrets. Plus, each individual real estate market is different.

Regardless, there are still countless stories of regret from buying during the pandemic. From this article from The New York Times to this one from Bloomberg, many buyers have voiced their regrets.

Why Buying During the Pandemic Might Have Been a Mistake?

There are several reasons why many buyers have regrets after buying a house during the pandemic. Most of the stories detail people buying in larger cities, but the regrets may span the entire country. Even the Mint Hill real estate market might have some buyers with regrets.

The main reason a buyer might have regrets is the price they paid. When the pandemic caused the market to favor the seller even more than it did before, buyers started to overpay for homes. This has been a big source of regret for some.

Some home buyers decided they had to have a specific house and brought tens of thousands of dollars to the closing table to secure that home. They may have gone well above the asking price and even above the appraised amount for the home. This has led to some regrets.

Other buyers may have regrets because they rushed their decision. While buyers are still rushing into the current real estate market, it’s not the same as when the pandemic first happened.

During the pandemic, buyers were in a bit of a frenzy. It was hard to find a home for sale in Mint Hill or any other market. Some homes were even getting dozens of offers. This made it insanely difficult to buy a home, but some buyers prevailed.

Now, they have regrets because they may have skipped important contingencies, ignored necessary repairs, or decided to drain their savings to secure the home. Fear of missing out certainly got the best of some buyers.

Buyer’s remorse can happen with any type of real estate transaction. However, it’s at a pretty high level now, due to FOMO (For Of Missing Out) buying during the pandemic. You can do a simple search online and find dozens of stories of people regretting the home they bought during the pandemic.

If you didn’t buy during 2020 or even early 2021, and you wanted to buy now in 2022, the market has not changed much, it might have even gotten tougher in some areas. The market has not cooled and sellers still have the upper hand in most cases. However, especially with a good real estate agent, you can still land the winning bid, provided you are bidding to win. Above all, make sure you take some time to really discuss with your trusted real estate advisor what it takes to buy a home in this market.

I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me.  I will help you make the right move! Anna Granger (704) 650-5707 | annagrangerhomes@gmail.com | www.1stchoicepropertiesinc.com

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