17% of young homebuyers regret their purchase

Home Forums Financial Preparedness Frugality 17% of young homebuyers regret their purchase

This topic contains 9 replies, has 4 voices, and was last updated by  Whirlibird 1 week, 4 days ago.

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  • #23412

    Crow Bar
    Keymaster

    17% of young homebuyers regret their purchase, Zillow survey shows 

    Lehr pointed out that 57% of the millennials shopped lenders online. Yet, they didn’t know what they didn’t know regarding the details of various financing instruments and finding the best fit for them.

    And who’s fault is that?

  • #23421

    Casper Ship
    Participant

    I bet the real reason for their regret isn’t really about the mortgage. It’s about the fact that they already can sense, or literally see, that housing prices are beginning to soften, and soon will decline.

    When people say that location is the most important factor in real estate values, they are only half right. The equally important factor is TIMING!

  • #23422

    Whirlibird
    Participant

    What I have seen is youngsters buying a house without having a plan in case their job moves, slows down or they decide that “this town ain’t big enough for me”.

    Three of the houses in my neighborhood were taken back by the bank when the last oilfield slowdown happened.

    One kid, 26 had a $350k house and had been making upwards of $120k for 5 years. His own fault that he spent his paycheck on toys rather than paying off the house.

     

  • #23423

    Tolik
    Participant

    First mistake is buying a 350k house .

  • #23425

    Whirlibird
    Participant

    Had to have somewhere to put the $70k truck, $20k side by side, snowmobiles and jet skis.

  • #23427

    Tolik
    Participant

    Damn , and the 47′ Studebaker truck I want is only 22,000 , or the 51′ ranchero sitting next to it at 16, 000 . We have a vintage car dealership here , I look regularly . When I decide to get rid of my truck , I’m going to go into the past , the ones made before electronics . They have a 53′ fleetwood that could wipe out an 18 wheeler . They have a few DeSoto’s also .

  • #23429

    Whirlibird
    Participant

    Ya, the oilfield trash only want new and big.

    The retirees start to look at vintage but still trade new pickups every two years.

  • #23431

    Whirlibird
    Participant

    I could have probably gotten two Studebaker pickups and a dog for <$10k when the owner died, had I been in CO. The dog would have been worth it.

    • This reply was modified 1 week, 4 days ago by  Whirlibird.
  • #23436

    Crow Bar
    Keymaster

    One thing I keep seeing is how people look at sites like Zillow and think of their home price and that translates into their wealth.
    It does not.
    Not until you sell, and the ink is dry.
    Then, and only then, if your home appreciated will you see any actual monetary gain.

    Too many people buy a house with the idea of “resale” value and not if they can actually afford it. Had one co-worker who bought a house he could barely afford and needed roommates at all times.

    Another thing people seem to forget after the last housing crash is that housing prices/value can fall. Parts of CA are seeing this now. Depending on the sale of a home to fund your retirement is not a viable plan.

  • #23438

    Whirlibird
    Participant

    We got our house after the seller had to drop the price by nearly $70k.

    Oilfield trash, they had bought during the last boom and paid way too much. After the kitchen remodel, they didn’t break even.

    The belief that the price can only go up, is hazardous at least.

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