December 2017

Learn from top homeowner regrets

Real estate and home buying decisions can be challenging to make. As much as buying a home is a celebratory occasion for many people, for others it may unfortunately bring up thoughts of what they wish they had done differently.

In a recent survey by Trulia, one in five Americans reported that a housing decision they made in the past is holding them back from changing their current housing situation.Footnote 1

By learning more about the experiences and regrets of other homebuyers, you may better equip yourself to avoid mistakes in your own decision-making process. So let's take a look at some of the top regrets reported by homeowners who responded to Trulia's survey.

5 TOP REGRETS OF TODAY'S HOMEOWNERS. 51% regret their current home or the process they went through to choose it. 33% wish they'd picked a larger home. 9% wish they'd picked a smaller home. 15% of homeowners wish they'd had more information before deciding. 12% of high-income homeowners wish they'd made a bigger down payment.

Overall, a strong majority of Americans — 62% — believe housing costs have become less affordable since 2012. Even 26% of those with an annual income of $100,000 or more believed they could not afford a home in today's market.

Increase your home buying confidence
Given the ups and downs of the market in recent years, it's understandable that people may harbor mixed feelings about buying a home. However, there are many options available to help make home buying affordable for most potential buyers.

For example, Bank of America offers a variety of fixed- and adjustable-rate mortgages designed to fit a range of situations, budgets and needs. The Down Payment Resource Center can also point you in the direction of closing cost savings and down payment assistance programs in your area.

To boost your financial know-how, check out Better Money Habits®, a financial education site created by Bank of America in partnership with Khan Academy. Featuring easy-to-understand videos, infographics and articles that cover a wide range of topics related to personal finance and home buying, it's a great place to start building more confidence in your financial decisions.

Feel free to contact me for more information about Bank of America mortgage loan options and other resources available to you.

 

Source:

1"Real Estate Regrets: Recovery Edition," Trulia.com

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