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It’s no secret that in recent years the real estate market has been very much geared toward the seller. With house prices booming and sellers taking multiple bids within days of listing, what could be wrong?
In the Reddit post “Made the biggest Mistake of my life by selling my house”, user u/University-Kooky shares their experience in selling their home in the current market. They regret giving in to the appeal of selling when the market was high, and then moving into a rental property till they are able to find a new house. The problem being, “Our rent went from $975 (mortgage) to $1600” a month. Though this degree of difference in monthly housing costs varies from location to location, it is indeed the general national trend. What are the trends you are noticing within your local market? Are rising interest rates and rents having an impact on buying potential in your location?
You can read the entire post below:
This degree of “seller’s remorse” is not an uncommon occurrence of late. Another user replied to the post saying “ Bought for $175k, it was good but not great. In the meantime, I made 40% more. We didn't move in part because my company gave me another 20% to stay. But my wife kept looking. I wanted to refinance. Crazy low rates and we had enough equity to get rid of our PMI. Instead, my wife found a home. It's absolutely gorgeous. 3500sq ft, best finishes everywhere, but not much usable land. We bought it for $345k. I liked the old house but she had fallen in love. Increased payment essentially wiped out my raise…”
This sentiment is explained further in the original post “...now we are living paycheck to paycheck and now we are cramp [sic] in a townhome… …I feel like we are now priced out of the market for a 4 bedroom house in a nice area for my family.” How would you weigh this choice? Do the ends of a new, spacious home justify the means?
Are these the sentiments shared by your sellers? Let us know your thoughts and experiences with seller’s remorse in the comments below or share with a colleague in an upcoming CE class!
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