Buying and owning a home is a life-changing experience, but for many individuals, the process itself can be stressful or confusing, especially in a market with low inventory and high prices. If you’ve felt these forces, you aren’t alone, as homebuyer anxiety and remorse affects nearly every prospective owner today.

According to a 2023 study from Clever Real Estate, 93% of recent buyers reported having “regrets about their home-buying experience.” Additionally, 83% of all individuals surveyed in a 2022 study from U.S. News & World experienced homeowner anxiety at least once after purchasing their home. The root of this discontent spans from concerns about overpaying, not being able to afford a home that meets their needs, getting into a bidding war, compromising on the wrong components and having to make ample repairs, among others.

As a mortgage and housing market expert with over 30 years of experience, I’ve seen firsthand how stressful the path to homeownership can be. Many people struggle to trust the process and be decisive, so here are three things homebuyers can do to erase doubt and remorse: 

1. Don’t operate from a place of fear. Don’t assume everything in your life and the world is going to randomly fall apart. Making responsible financial preparations and giving yourself a safety net are important, but don’t let fear hold you back from homeownership. Every investment you make in your lifetime carries risk – it’s unavoidable. If you are going to make an investment, homeownership has many positive benefits and tends to be less risky than other investments, such as venture capital and cryptocurrency. As a homeowner, you have the ability to build wealth by gaining equity, receiving tax deductions, building credit and more. However, to invest in real estate successfully, you must do your research, gain insight from trusted advisors and allow yourself time to explore all of your options.
2. Understand the history. If you’re not aware of history, you’re doomed to repeat it. Factors such as mortgage rates, inflation and historical events, such as economic recessions, all play a major role in the rise and fall of home prices. Despite this, historically, home values are almost always on an overarching, upward trend. According to Anytime Estimate, 2023 home prices have increased by 1,608% since 1970, outpacing the inflation rate by 150%. To provide some real-world context, in 1978, I bought my very first home for only $42,000 and sold it two years later for $49,000. In 1980, I bought my second home for $140,000 and sold it for $185,000. In 1999, I bought my third home for $900,000 and sold it for $1.3 million. Prospective homebuyers that are waiting in hopes that inventory will magically go up or rates and home values are going to come down are missing out on an opportunity to own an appreciating asset. The growth in home values is slowing down and there may be a few markets where prices have dipped, but they haven’t fallen off a cliff and likely won’t in the near future. If you plan to live in the home for at least three years, don’t wait to buy – get in the game!
3. Slow down and think. There are times in life to be spontaneous and impulsive, and there are times to be deliberate and calculating. Buying a home is not the time to be impulsive. When you enter into a new phase of life, such as getting married or having children, it can be easy to get excited or feel pressure to rush into securing a new home. Often, homebuyers begin looking for houses before they have clearly defined their must-haves. This can lead to purchases driven by prices and rates – rather than fully considering if the home suits their needs. They didn’t spend enough time considering how it fits in their current situation, and now have to live with that decision.

These three pieces of advice are crucial for both experienced and first time homebuyers that want to reduce stress and feel confident in their decisions. By knowing the history of the housing market, slowing down to think before buying and not letting fear take hold, buyers are likely to have peace of mind before, during and after purchasing a new home.