Daily Digest

06/05/2021


By Avery Hartmans

Millennials who may have rushed to snap up homes during the pandemic are beginning to regret their purchases after discovering sky-high maintenance costs and a mortgage that's too expensive.

According to a new survey from Bankrate, 64% of millennial homeowners are experiencing regret after buying their current home, mostly due to unexpected costs. Bankrate surveyed 1,425 homeowners between April 21 and April 23 and found that 41% of homeowners overall are feeling dissatisfied in at least one area.

Among homeowners between the ages of 25 and 40, their biggest regrets range from the size of the home to the location:

  • 21% of millennials said the maintenance and other costs are too high
  • 15% said their current home is in a bad location
  • 14% said they bought too big of a house
  • 14% said they bought too small of a house
  • 13% said their mortgage payment is too high each month
  • 13% said they overpaid or paid too much for their home
  • 12% said they didn't get the best mortgage rate
  • 9% said they don't think the home was a good investment
  • 5% said they had other reasons for regretting their purchase

Expenses like repairing a roof or fixing appliances or heating and cooling systems seem to be tripping up millennial homebuyers the most, Mark Hamrick, Bankrate.com's senior economic analyst, said in a blog post.

"It isn't a question whether such expenses arise, only when and how much they will cost," he said.

The real-estate boom in the US is being driven by a combination of factors - primarily, low interest rates and a pandemic-induced desire for more space and distance from crowded city centers. It's led to a chaotic market where bidding wars are the norm, prices are soaring, and inventory has hit record lows.

Real-estate agents recently told Insider that they saw the market begin to shift in the spring and summer of last year with no sign of it slowing down in 2022.

Glen Clemmons, a broker and realtor for Costello Real Estate and Investments in North Carolina, told Insider that some of his buyers have started putting offers in on "coming soon" listings, sight unseen; Nadine Pierre, a realtor with Allison James Estates & Homes in South Florida, said she's putting listings on the market at 8 AM - by 5 PM, she'll have 20 offers.

That frenzied market is leading hopeful buyers to skip steps they may have normally taken in order to nab a house. The Wall Street Journal's Candace Taylor reported earlier this year that buyers had started skipping due diligence and waiving inspections, only to discover costly issues down the line like wasp infestations or destructive local woodpeckers.

Scott Trench, the CEO of the real-estate-investing resource BiggerPockets, recently told Insider that the current market should make buyers think twice about trying to purchase a house right now.

"Frantically trying to buy 'something' is a great way to make a bad purchase," he said.

See more stories on Insider's business page.


I Plan on Being the Most Read Writer on the Internet

Here's my exact plan you can copy, borrow, or steal

Tim Denning

Follow Nov 20, 2020 · 10 min read

Photo by Joshua Woroniecki on Unsplash

Not for fame. Not for attention. Not for money. To be helpful.

You may want to be a content creator too, so here's my plan you can copy.

1. Publish a Lot More Free Content

How to read this story from Tim Denning - and everything else on Medium.

You've read all your free member-only stories. Become a member to get unlimited access and support the voices you want to hear more from.


Soo It's Your Birthday? We Have Some Souvenirs & Much More Suggestions :)


Tera 90s Top

  • Just now

Don't know what you want for your birthday? No fear!

We've gathered a bunch of fun and practical ideas to get you feeling a bit more inspired.

From cute animal socks to a Bob Ross coloring book to a Vitamix blender, there's something for everyone!

Or maybe a Drone or a Cell Phone!

Read the full Content in our page...


https://www.old-games-universal.pt/l/soo-its-your-birthday-we-have-some-souvenirs-much-more-suggestions/





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We were already fading and losing faith in the cinema and boom, here's the good news from 7 Art!

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