FOX 26 Reporter Randy Wallace discusses the issue of buyer’s remorse among millennial first-time homebuyers.
The American dream of owning a home has turned into a nightmare for 82% of millennial first-time homebuyers, according to the 2023 Millennial Home Buyer Report. Inadequate knowledge about home buying, high interest rates, property taxes, and unexpected homeowner association (HOA) dues are the top reasons cited for buyer’s regret. Real estate experts have advised millennials to seek professional guidance and evaluate the location, neighborhood, and safety of the property before making the purchase.
In Houston, Tricia Turner, CEO of Tricia Turner Property Group, says that many millennial homebuyers realize post-purchase that their homes are more expensive than they anticipated, and they’re not happy with the neighborhoods. Joshua Gustafson, sales associate with Tricia Turner Property Group, adds that property taxes, interest rates, and HOA dues were some of the unforeseen expenses that contributed to buyer’s remorse.
Gustafson and Turner suggest that millennials should view home buying as an investment for themselves and their families. They also note that despite rising home values, Texas remains an affordable and popular spot for many first-time homebuyers.