from the National Association of Realtors, existing home sales reached a 14-year high last August. Similarly, housing inventory hit a record low in September, and dipped even lower one month later to 2.5 months of supply.
Those who already own homes are opting not to sell, and new home construction has dipped over the years. But according toGiven the low inventory, home prices are also on the rise. Prices soared through the end of 2020, jumping the most in seven years by December, according to theA rush to buy up homes may lead to regret for new homeownersa dozen times in 2020 alone, and the pandemic induced a desire for outdoor space or a more comfortable work-from-home arrangement.
reported last month that buyers were making hasty purchases, skipping due diligence, and waiving inspections. One family discovered a wasp infestation after closing on the house, while another learning they'd have to spend $150,000 on siding to alleviate a woodpecker issue.from September found that roughly 55% of Americans who bought houses during the pandemic reported buyer's remorse — 30% of those people said they should have waiting to buy a home for financial reasons.
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