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Some homeowners experiencing buyer's remorse after purchasing during heart of pandemic

Many Ada County homebuyers waived home inspections, appraisals and paid hundreds of thousands over asking price to get their offer accepted.

BOISE, Idaho — Most of us have heard the term ‘buyer’s remorse.’ Maybe you bought a sweater or car that you loved at the time, but later regretted. Now we are hearing about some homeowners experiencing just that, but with the house they bought during the start of the pandemic.

It was during this time last year or even two years ago when houses were flying off the market in Ada County and there were not many of them. Housing inventory was low, but demand was high. Fast forward to now and it is a very different housing market. 

“We're seeing a big slowdown as far as homes flying off the shelf,” associate broker at EXP Realty, Greg Langhaim said

Langhaim is also the owner of the YouTube channel 'Go Idaho,' which highlights the Boise housing market. He said while potential homeowners were previously fighting for a chance to buy a home and getting into bidding wars, now some folks are experiencing buyer’s remorse.

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“They just didn't have options,” Langhaim said. “A lot of people waived their home inspections, waived their appraisals, they paid, you know, hundreds of thousands over asking just to get their offer accepted and in hindsight, now they're thinking, ‘man, maybe we should have waited just a little bit longer, you know, and we would have been able to get what we wanted.’”

Lanhaim told KTVB on average, he gets five calls a week from homeowners saying while they are happy living in Idaho, they are not so happy with the house they bought. It is either in the wrong area, or too small or big for their family. 

After this story aired, a representative for Langhaim emailed KTVB and updated that statement. 

“The team is actually receiving calls from five people per month regarding selling a house that they bought sight unseen,” according to the email.

“So, now we're helping people transition and maybe put that house up for sale and move into where they really want to be,” Langhaim said.

 As for anyone still looking to buy, Langhaim advises folks to be patient because now he says you have options. He also has some additional tips for potential homebuyers. 

“If you can, find out why the homeowners sell,” Langhaim said. “Make sure you do your due diligence on the property, making sure that you're checking the seller disclosures that that the items that the seller is listing checks out with your home inspection. Get a home inspection, because so many people waive that, and then found out later on that there are some issues with a home and just researching the area that you really want to be in.”

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