Homebuyer Regret: I Wish I Would Have Researched the Neighborhood More
In a highly competitive market, some buyers are feeling the pressure to choose something — anything — just to get into a home. But making hasty decisions can only lead to one thing: buyer remorse. In fact, a recent Zillow survey found that more than 70% of buyers have at least one regret about their home buying experience.
While cost-based regrets dominated the top spots, several others on the list centered around location and neighborhood concerns including, “I wish my home was in a more central location,” “I wish my home was in an area with a different political climate,” and “I wish my home was in an area with better schools.”
You often hear that when purchasing a home, it’s all about location, location, location. So how do you know if the neighborhood you’re buying into is the right one for you? Here are a few tips to help get you started.
Do a bit of prep work
In this market, things are happening quickly. According to the National Association of REALTORS®, while total housing inventory in March was up 11.8% from February, it is still down 9.5% from one year ago. And because inventory is sitting at historically low levels, the average property remained on the market for only 17 days in March, down from 18 days in February.
Today’s buyers need to make fast decisions, and the best way to ensure a successful experience is to be prepared and do some research before you head out on the house hunt. Not sure where to start? REALTOR® Amy Jackson with Coldwell Banker Hubbell BriarWood says reaching out to a local agent is a great first step.
“Location is an important factor for many homebuyers, so there needs to be a good amount of due diligence done ahead of time,” she said. “When I first meet with clients, I talk through their priorities so I can better understand how to direct their search. Do they need to be in a certain area because of proximity to work? Is it important to be near friends or family? Do they like to go out to eat at particular restaurants? Do they frequent a gym or certain stores? All these answers are important in finding that perfect location.”
Jackson also suggests that buyers who are unfamiliar with certain areas or those new to Greater Lansing should spend some time “living” in potential communities to see how they fit their needs.
“If you have three areas on your list, spend the next three weekends touring each of them to really get a feel for the lifestyle,” she said. “Drive through the neighborhoods, visit a nearby park, pick up a few groceries at the grocery store, have lunch at a local restaurant…make it a fun day of exploring.”
Research the neighborhood
Once you start the house hunt, things will move quickly, but there is still time to do some research while you’re considering an offer. Remember, just because a home is in your preferred city or community, doesn’t mean the particular neighborhood will be a good fit.
During this process it’s important to keep in mind that while your REALTOR® can help with general location information, there are some questions they won’t be able to answer due to Fair Housing Laws. Is this a good place to raise a family? Is this a safe neighborhood? How are the schools here? What’s this neighborhood like? REALTORS® can’t answer these questions, but they can direct you to find the information for yourself.
For instance, if you’re researching neighborhood schools, a good place to start is Greatschools.org. Realtor.com says through this website “you’ll have a chance to read school report cards crafted by reviews from teachers, parents, and even the students themselves.”
To check neighborhood crime, there are several websites available including MyLocalCrime.com, FamilyWatchdog.us, and SpotCrime.com. Many REALTORS® also suggest buyers stop into local police stations to find out information.
And for a general look at community features, NeighborhoodScout.com has a proprietary search algorithm that provides a ton of data — median home price, crime rates, demographics, school information, etc.
While online research can provide a lot of helpful information, many REALTORS® say one of the best ways to “research” a neighborhood is to walk around or drive through at different times of day. If you notice neighbors out and about, ask them about their experience living in the area. What do they like about it? What are their concerns? Most of the time, people will be open and willing to share their opinions.
“When driving around a neighborhood you’ll likely get a feeling of whether you could see yourself living there or not,” said Jackson. “If you’re hesitant about a particular area, that hesitancy won’t go away when you move in. It’s important to do your research, but it’s just as important to trust your instincts.”
Jackson says this is especially critical in today’s market where buyers are feeling the pressure to make quick decisions and “settle” for a home or location they don’t truly love.
“Buyers may have to make some compromises, but a good REALTOR® would never want them to settle for something that doesn’t feel right,” she said. “I always remind my clients that home is not just the physical structure; it’s the street, the neighborhood, the community. There is a lot to consider, and while there is limited inventory to choose from, remember that new homes come on the market all the time. The right one is out there for you, and together, we will find it.”
For a list of local REALTORS® who can guide you through your next home purchase, visit the Greater Lansing Association of REALTORS® website at www.lansing-realestate.com.
This article originally appeared on Lansing State Journal: Homebuyer Regret: I Wish I Would Have Researched the Neighborhood More
