Before 2020, Orefice had never seen so many homebuyers agree to high prices without at least attempting to negotiate first. BuyersвЂ™ demand for homes far exceeded the available supply, a shortage that predated the pandemic. вЂњInstead of taking time to really shop around and make a decision, people were jumping on the first options available out of fear that someone else would take it,вЂќ Orefice says. But even more striking than the sudden influx of house-hunters was their collective urgency to lock down a property вЂ“ any property. By the summer of 2020, OreficeвЂ™s business dramatically increased. вЂњPeople were definitely eager to buy, and quickly,вЂќ says Martin Orefice, an Orlando, Florida, real estate investor and CEO of Rent To Own Labs. These buyersвЂ™ predicaments began with the pandemic. вЂњHow common is buyers remorse?вЂќ asks another (the answer: quite common). вЂњAnyone buy a money pit and regret it like I do?вЂќ reads one postвЂ™s header (the answer: yes). Real estate grievances are now a mainstay of online forums like r/homeowners on Reddit, where calls for commiseration are often phrased in question form and answered, in turn, by commentersвЂ™ consensus. But for anyone paying attention, the sentiment is tough to miss.

The phenomenon has attracted a stream of media coverage, fueled in part by a growing body of surveys seeking to quantify disgruntled new homeownersвЂ™ rising discontent. Yet some recent home buyers, like Kingsman, regret taking the plunge. With good deals fewer and farther between, a mere accepted offer is a victory in itself. The stakes are high for prospective buyers the expectations, often less so. Today, that figure is closer to $326,000 and projected to rise another 17.3% by next January.

Rocketing property values reflect the trend: data tells us the average American home was worth $249,000 in February 2020. I am trapped.вЂ™вЂќДЇor the past two years, the US has seen a home-buying frenzy that goes beyond Zillow-scrolling sessions (a hobby meme-ified into cultural canon). вЂњAnd then the first mortgage payment hit, and I was like, вЂOh no. вЂњI thought it would be a good investment,вЂќ she tells me. This, it seemed, was her reward for persevering in a dog-eat-dog real estate market. SheвЂ™d inherited the petty, interpersonal aftermath: nullified parking privileges and the unearned resentment of her neighbors. Kingsman soon uncovered a murky legal conflict between the homeвЂ™s previous owners and the HOA (Homeowners Association), which had culminated in a lawsuit that she learned about only after moving in. Beard shavings littered the bathroom counters.ДЇilth was the least of her troubles. The carpeting stank of cat urine and had to be removed.

The sellers, who had vacated the property sooner than expected, hadnвЂ™t bothered to empty out the fridge or clean the stove forensic evidence indicated that вЂњthey really liked oatmealвЂќ. It was there that she felt her first twinges of buyerвЂ™s remorse. A week later, Kingsman closed the deal and paid her new home a visit. After a whirlwind month of house hunting, she made an offer on a Portland townhome in late July it was only the second property she saw in person. вЂњIt seemed like the stars were aligning,вЂќ says Kingsman, 28.

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