Real Estate Buyer’s Remorse Vancouver, WA
Buyer’s remorse is a common emotion for most people when making a big purchase. That feeling of excitement and elation wears off and one is left with a panicky “what have I done?” feeling. However, when purchasing, or contemplating purchasing, a home in the current Vancouver, Washington real estate market, you might be surprised by the type of buyer’s remorse occurring.
According to an article published in July 2017 by Abigail Summerville, for CNBC titled Almost Half of American’s Have Buyer’s Remorse About Their House, of the various types of buyer’s remorse the top rated remorse by almost 50% is wishing they had bought a bigger house.
The median final sales price in Vancouver, Washington is currently $308,000 according to realtor.com. That is a large amount of debt for most people to wrap their minds around.
Therefore, it is natural to talk oneself into a smaller home, and hence a smaller purchase price, to keep costs down. However, it is not inexpensive to sell a house and unless the buyer holds the home for a minimum of two years, the sale will be subject to capital gains tax.
With all of the costs associated with purchasing a home and selling a home, it’s important to really consider how satisfied you will be with the home. A home is a great investment but it must be held for several years in order to reap all of that benefit.
Buying a home that is too small may result in more expense and frustration than buying one to suit your needs with a little bigger purchase price.
For renters in the Vancouver, Washington area the top regret is not purchasing when presented with the opportunity. Fear plays a big role, but it’s important to understand that in almost all real estate markets, it is cheaper to own than to rent.
According to Pulsenomics
* Historically a person spent 25.8% of their income on rent
* Currently the rate is 29.2% on average
No one likes to feel remorse and having the right Realtor who will listen to your needs and look out for your best interest is a great place to start!
Remember Ronnie The Realtor and Sherry Too for all of your real estate needs!
Contact us today so we can go to work helping you avoid buyer’s remorse!
For information on neighborhoods you are interested in, check out our Market Insider page.
For communities we serve, check out our Communities Served page.
Ron and Sherry Patterson
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