WACO, TX — It's not a secret that Texas real estate has limited inventory and high demand, but many buyers that are able to beat the market and grab their keys are now facing buyer's remorse.
12 percent of Millennials say mortgage rates are too high, and that they were unprepared for the additional costs of home ownership, according to a Bankrate.com survey.
The survey also showed that 15 percent of Millennials felt buyer's remorse regarding location of their home, and 30 percent of respondents felt regrets over the size of their new home.
To avoid buyer's remorse, it's important to not change or lower the must-haves in regards to layout and location of your home and to have an agent that understands this and the market, according to the Bankrate.com survey.
Buyer's need to make room in the budget for realistic closing costs and home maintenance if they are not buying a brand new home, according to an article by American Family insurance.
Additionally, it can be important to not skip or waive the home inspection process in hopes to speed the process along, no matter how frustrated and tired a home buyer may be with the market, according to Realtor.com.
The market's total housing sales decreased 2.5 percent in April, with high mortgage rates affecting many first time home buyers looking for homes under the $300,000 range especially, according to a Texas A&M Housing Real Estate Research Center report.