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Survey: 3 in 4 Pandemic Homebuyers Have Regrets About Their Purchase

Home Agents
By Brendan Rascius
August 17, 2022
Reading Time: 2 mins read
Survey: 3 in 4 Pandemic Homebuyers Have Regrets About Their Purchase

The strong pandemic seller’s market caused homebuyers to act fast, pay more and cede ground on their biggest priorities, resulting in regret and disappointment, according to a recent Clever Real Estate survey of 1,001 people who purchased a home in 2021 and 2022.

According to the survey, nearly a quarter of all buyers said they were not satisfied with their home-buying experience, and 80% compromised on their priorities—finding a home in a good neighborhood was the No. 1 priority of 50% of respondents.

Further, 80% of buyers made more than one offer, according to the report, and of those who made multiple offers, 41% put an offer down on five or more homes. Ten percent made an offer on 10 or more homes.

Additionally, first-time buyers, 66% of whom were millennials, were more likely than repeat buyers to take risks, according to the report. First-timers paid a median price of $510,000 for a home in 2021 and 2022, 13% more than what repeat buyers paid.

Other key findings:

  • Due to the competitive market, 38% increased their budgets, and 36% fast-tracked their plans to buy a home.
  • 31% of surveyed buyers paid over the asking price.
  • 72% of buyers have regrets about their purchase—spending too much was the biggest regret.
  • 32% found the home-buying experience more difficult than they expected.
  • Among buyers who said the process was easier than they expected, having a good agent was the No. 1 reason cited.
  • Of those who financed, 40% of buyers put down less than or equal to 20% on their home.

Author’s take:

“Despite high prices, low inventory, and fierce competition over the past two years, buyers have persevered through the challenging market,” writes Jaime Dunaway-Seale, content writer for Clever and author of the report. “Yet few came away with their dream home—especially first-timers who accounted for 70% of buyers in 2021 and 2022. Of those, two-thirds (66%) were millennials who were eager to own homes to raise their families.”

Read the full report here.

Tags: Clever Real EstateHome Down PaymentsHomebuyerSeller's Market
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Brendan Rascius

Brendan Rascius is RISMedia’s associate editor.

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