72% of recent homebuyers have regrets about their purchases. As the market cools, these steps can help you avoid disappointment

A ‘for sale’ sign hangs in front of a home on June 21, 2022 in Miami, Florida. According to the National Association of Realtors, sales of existing homes dropped 3.4% to a seasonally adjusted annualized rate of 5.41 million units. Sales were 8.6% lower than in May 2021. As existing-home sales declined, the median price of a house sold in May was $407,600, an increase of 14.8% from May 2021.

As the U.S. housing market cools, a lot of people have regrets about their home purchases, according to a recent survey.

The number one reason for buyer's remorse is that they spent too much money.

The second most common regret was rushing the home-buying process, with 30% saying it was rushed and 26% saying they bought too quickly.

About 1,000 people were included in the online survey that was done in July. Clever Real Estate is the owner of it.

Buyers went above and beyond to seal the deals on their prospective homes due to the hot seller's market.

The buyers paid over the asking price. Over the price, the median amount was $65k.

42% of people made an offer on a home without seeing it in person.

The competition was fierce and 80% of buyers said they made more than one offer. One in eight buyers took six months or more to find their home.

As the real estate market shows signs of cooling, that could give buyers more leverage on big-ticket decisions.

The US is currently in a housing recession, according to the National Association of Realtors. As inventories remain tight, prices continue to rise.

As the Federal Reserve works to curb high inflation, interest rates on mortgages are expected to keep rising.

There are a number of moves prospective buyers can make now to put their deals on a sound financial footing.

A survey by Clever found that close to half of buyers made financial concessions in order to get into a home.

It's wise for buyers to have the home inspected before buying it to make sure it's in good shape.

Unexpected home damage can lead to regrets if you don't get a home inspection. Most homeowners have had to pay for an unexpected repair within the first year of ownership, according to a survey by Hippo. The fixes cost more than $1,000, according to two-thirds of respondents.

There are tips for paying down credit card balances.

2. Ask for seller concessions

A seller concession is something the seller agrees to do.

She said that you might want to insist on it. It can include having the seller help out with closing costs or paying for repairs on the home.

The market is shifting more to a buyers market.

3. Find a real estate agent who’s in your corner

Much of the success of your home purchase will be dependent on the real estate professional you hire, so you want to be extra careful with your selection.

It is recommended that you surround yourself with experts who care about your goals and your dreams.

She said that the professional should have been in the market for at least two to three years.

They respond to your questions within 48 hours.

When it comes to paperwork, if they aren't responsive to questions, that could be a sign that they're going to slow the process down.

"If they only see you as a way for them to make money, then they're likely not going to go above and beyond to ensure that you do get the best deal as a home buyer."