July 13, 2023

Wise planning helps avoid buyer's remorse

American homeownership is about building the dream - wealth, family, and a lifetime of memories.

Naturally, there are always new homeowners who suffer “buyer’s remorse.” And a recent survey shows an outsized percentage are unhappy with their pandemic-era purchases.

More than three-fourths of U.S. homeowners who purchased between July 2021 and July 2022 reported at least some regrets.

The survey found 63% wished they had waited to buy, and 64% percent said they would have purchased a different home altogether.

Among the top reasons mentioned: Overspending and/or rushing the process.

More than half said they didn't plan for the cost of homeownership beyond the monthly payments – including closing fees, repairs and upkeep.

New homebuyers can alleviate a lot of remorse ahead of time with old-fashioned “due diligence.” Take your time to research the professionals you will work with. Who you choose to work with matters.

At Bay Equity Home Loans, we want to make sure you understand all aspects of a loan – before, during and after the transaction.

Our Loan Officers can usually pre-qualify you in a couple of hours. Prequalification helps set reasonable monthly payment limits and is critical to determine the appropriate loan product and set-up.

Bay Equity will help calculate housing costs, including taxes, principal, interest, and insurance.

The Bay Equity commitment to service is about building long-term relationships. Transparency is the key to earning customers’ business today - and in the future.

Some may not be looking for a purchase loan but want to stay in place and renovate. Bay Equity can help finance those upgrades with a variety of refinance loan choices.

Some prospective buyers believe they cannot qualify for a home loan without enough cash for a traditional 20% down payment. The truth is the average down payment is about 12%, and Bay Equity has loan programs available with as little as 3.5% down for those with sufficient income and credit profiles.

Bay Equity also has information on a variety of down payment assistance (DPA) programs that can help with the initial expenses.

You are sure to have a lot of questions. Call us today for a no-obligation discussion about your options.

We’re here to get you home.