A first-time home purchase is a long-anticipated, exciting moment for most. However, after the closing has passed, the furniture moved in and arranged and the wall hangings hung, buyer’s remorse can sometimes set in. This is the case according to a new report from Zillow, where 75% of respondents said they have at least one regret about their new home.
Key findings:
- Nearly a third (32%) of respondents stated they bought a home that required more work or maintenance than anticipated prior to closing.
- A nearly identical number of respondents (31%) feel that their new home is too small.
- This coincides with the 32% who said they had to make a compromise and purchase a home smaller than what they had hoped for.
- Nearly three-quarters (74%) said they wished that had done at least one thing differently during their shopping process.
- This coincides with the 38% who said they spent more time shopping.
- More than a quarter (28%) which they had purchased a home in a different area.
- A staggering 81% said they had to make at least one compromise to afford their new home.
- Lastly, 39% increased their commute time as a result of their new home purchase.
The takeaway:
“Buyers can get distracted by a pretty kitchen or great staging when they should concentrate instead on a home’s two biggest factors: its layout and location. It’s very tough to change both,” said Seattle-based Zillow Premier Agent partner Lucas Pinto, team lead at the Lucas Pinto Real Estate Group, Compass. “A great agent can reframe a buyer’s home search and keep them focused on their priorities, helping them make a confident, informed purchase decision.”
