As the rampant demand for home ownership cools and prices have begun to decline, 72% of recent buyers have experienced regretaccording to a survey by Clever Real Estate.
The main reason for their regret, according to the 30% of respondents who said they felt that way, is because they spent too much money.
The second most common regret was rushing through the home buying process, with 30% who said their purchase decision was rash and 26% who indicated that they bought too quickly.
Millennials, those who regret the most
Most of the buyers who experienced this regret were their first time buying real estate. Of these, two thirds 66% were millennials who were eager to own homes to raise their families.
The survey found that, in their desperation to become homeowners, first-time buyers were more likely than regular buyers to take financial risks.
They did everything to get a deal
The real estate boom of recent years prompted buyers to go to great lengths to seal dealswhich contributed to regrets.
According to the survey, so far, 31% of buyers said they paid more than the asking price, an average of $65,000 dollars on the sale price.
Also, stiff competition led 36% to make an offer on a home without seeing it in person first. 80% of buyers said they made more than one offer and 41% made five offers or more.
About one in three buyers said they searched for their homes for three months, while one in eight took six months or more.
The online survey was conducted in July and included about 1,000 people who bought a home in 2021 or 2022.
The National Association of Realtors announced last week that America is in a housing recession in terms of declining sales and construction. However, prices continue to rise nationally as inventory remains tight.
It is also expected that mortgage interest rates continue to rise as the Federal Reserve works to curb record inflation.
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