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Old 07-17-2017, 11:32 AM   #1
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http://www.cnbc.com/2017/07/14/almos...eir-house.html

Almost half of Americans have buyer's remorse about their house
44 percent of Americans have regrets about their current home or the process they went through when choosing it, a Trulia survey says.
Wishing they had bought a larger home was the top disappointment.
Abigail Summerville | @summervillea19
6 Hours Ago
CNBC.com
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Almost half of Americans have buyer's remorse about their house
The excitement of buying a new home has worn off fast for almost half of Americans.
Forty-four percent of homeowners have some regrets about their current residence or the process they went through when choosing it, according to a survey by Trulia, a residential real estate website. The site polled 2,000 adults in late June.
Buying a house is often the biggest purchase a person will ever make, so it's natural that many experience some buyer's remorse. The median U.S. home price was $252,800 in May, up 5.8 percent from a year earlier, according to the National Association of Realtors.

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Harvard study: Almost 40 million Americans can't afford to pay for housing
Trulia found the top homeowner regret was not choosing the correct home size (42 percent), including a third of homeowners who wished they'd bought a larger home. Even among wealthy Americans earning $100,000 or more, 16 percent regretted not buying a larger home.
Home size has been a common gripe over the years, especially as housing gets more expensive and people have to settle for smaller spaces, said David Weidner, managing editor for Trulia's housing economics research team.
"It's probably not something that has just dawned on people after they've been in their home a few years," he said. "I think many people faced with higher mortgages and higher rents are having to settle for less when it comes to space."

Renters' top regret was wishing they had bought instead of rented (41 percent). Some may have been too cautious because of the lingering effects of the housing crisis, Weidner said.
"In every U.S. major market, it's cheaper to buy a home than it is to rent ... over seven years," he said.
How to handle remorse

One in 5 in the survey told Trulia that a housing mistake they made in the past is holding them back from changing their current circumstance.
Every situation is different when it comes to altering your living arrangements, said Weidner. If you're renting, saving for a down payment may require looking for cheaper housing or taking on a roommate.
"A lot of people are stuck. ... People have to be really creative when it comes to changing their housing situation," he said.
If you recently bought your home, you may want to wait it out a few years before selling, said Greg McBride, chief financial analyst for personal finance website Bankrate.com.
"If you haven't been there for a long period of time, the transaction costs can more than eat up the equity you may have accumulated or the modest down payment you put down," he said.
Tips to help you get over it

While many homeowners have regrets, it's hard to pinpoint where exactly they went wrong during the buying process, said Keith Gumbinger, vice president of HSH.com, one of the nation's largest publishers of mortgage and consumer loan information.
"So many variables go into the decision-making" of buying a home. "It's hard to specifically say, 'Wow, I should've done A or should've done B,'" Gumbinger said.
To avoid buyer's remorse, do more preparation and research, said McBride. Figure out how much you can afford, and then set hard boundaries, before you start perusing listings.
"Unfortunately, too many people go about it the other way, where they start shopping, they fall in love with a house and then they're pulling strings to see how they can afford it," he said. "That's not a recipe for success."
Make sure your credit is in good shape and pay down your debt. That will help you snare more favorable mortgage terms, as well as prepare your finances for the added costs associated with buying a home.
"Make sure you've got enough room in your budget for all the costs involved in home ownership," said McBride. "Not just the mortgage payment, but the property taxes, property insurance and the maintenance and upkeep."
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Old 07-17-2017, 12:16 PM   #2
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No regrets...I bought a foreclosure 2 years ago for $123k, put about $50k into it then just sold it last month for $250k. Bought a nice 1850 sq ft house with 1.58 acres and a tentative plot map to subdivide it into 5 lots for $362k. No regrets, I mean besides wishing I didn't have a house payment at all...lol
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Old 07-17-2017, 04:05 PM   #3
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Been in mine for 42 years and have had it and my place up in northern MI paid off for almost 20 years with no regrets about either place!
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Old 07-18-2017, 02:34 AM   #4
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I bought what I could afford. I could have used a little more space when my daughter was still at home but I have been in it since 1976 and it has been paid for since about 2000. Never felt the need to keep trading up til I got to the point I was house poor.
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Old 07-22-2017, 04:22 AM   #5
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I'm quite satisfied with our (approximately) 1,000 square foot little house. We talked about moving out into the country, but the disadvantages out weighed the advantages.

I'm pretty sure my husband would go along with it if I wanted to move, but I'm very happy where we are.
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Old 07-22-2017, 07:05 AM   #6
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Quote:
Originally Posted by sachiko View Post
I'm quite satisfied with our (approximately) 1,000 square foot little house. We talked about moving out into the country, but the disadvantages out weighed the advantages.

I'm pretty sure my husband would go along with it if I wanted to move, but I'm very happy where we are.
That's a pretty small place Steph, but you're a tiny little gal and the girls are still small, so it sounds like you're all happy. I grew up in a tiny place until I moved up here to MI when I was 15 and it was only 900 square feet, but more than enough for the four of us. The place we moved to in Battle Creek was probably twice that big and where I've been for the last 42 years is not huge, but way more than I need, especially since my wife passed away last month. It's home though and I've decided to stay here until it's my time to go bye bye.
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Old 07-22-2017, 07:20 AM   #7
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I'm guessing this is about houses being bought? Years ago I bought one in northeast CO for a song. Never regretted it. The house was old and finally became uninhabitable and I had it removed but still own the land. Any piece of land you can get is probably worth having since they aren't making anymore land anywhere.
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