Home buying tips are welcome in a housing economy that still hasn't fully recovered. While there are numerous tips and tricks that one should keep in mind, a recent survey points out that perhaps the best way to regret a purchase is to hire some help.
Redfin recently conducted a survey in which it asked 2,000 U.S. adult homeowners if they would buy the house they're currently living all over again if given the chance. A quarter of those surveyed said they wouldn't and regretted the purchase. Unfortunately, most homeowners are stuck with the home they first purchased and can't upgrade to a better house in the current market.
So, how does one avoid the pit of regret when buying new homes? Redfin found in the same survey that 89 percent of Americans over the last 10 years have hired a real estate agent when buying or selling a home. From there, they also found that 47 percent of homeowners enjoyed working with said agent.
While correlation does not imply causation, you can at least infer that real estate agents help people find the house that's right for them. Redfin agents seem to agree, but then again - they're only paid when you buy or sell a house:
“I see people agonize over market direction, how much to offer for a new home and how they should price their home for sale — but the biggest way you can build or destroy wealth is by buying the right or wrong house,” said Marshall Park, a Washington, D.C., Redfin agent. “We want customers to know everything about any home they are considering and to get the space and support they need to make a good decision. This is what Redfin agents and any good real estate agent will do for clients.”
— Redfin (@Redfin) April 24, 2014
Some other interesting statistics from the survey to keep in mind is that you may regret a home purchase if you're young or have children. Among those surveyed, those above the age of 65 regretted their home purchase less than those aged 18 to 64. Women and those with children also were found to regret their home purchases more. While nothing definite can be said, young people and those with families will want to be extra picky when buying a home.
For more tips, you'll definitely want to check out the below video where Chase interviews homebuyers on how to plan your first home purchase:
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