Spring Housing Market: Eager Buyers, Patient Sellers

With home prices climbing and housing supply at a 12-year low, prospective home buyers are increasingly eager to jump into the market. At the same time, researchers warn that doing so also may trigger serious buyers remorse. A new Trulia survey of more than 2,000 adults about their housing choices shows that more than 50 percent have at least one regret when it comes to buying or renting a home. The No. 1 regret among current homeowners was not purchasing a large enough residence, as 34 percent of respondents wished they would have opted for more square footage over such considerations as location or decor updates. Another 27 percent of those surveyed rued that they did not put more “sweat equity” into their houses by remodeling and updating key rooms. About 25 percent said they wished they had more information about their future home prior to signing the deed, 20 percent regretted not saving up for a bigger down payment, and 16 percent wished they had been more financially secure before making such a big-ticket purchase. Jed Kolko, Trulia’s chief economist, summed up, “Even after the housing crisis, Americans’ main housing regrets are that they didn’t invest more in their homes.” | Read More