Too many Americans who recently bought homes are having some regrets over their new purchase – 93%, to be precise, according to a survey released by Clever Real Estate.
In a nationwide poll of buyers who acquired homes between 2021 and 2023, more than half (56%) said they felt financially overwhelmed since moving into their new residences, while more than one in four (27%) complained their overall financial situation has deteriorated since becoming homeowners, with 29% stating their debt burden has increased.
What went wrong on the road to the American Dream? Nearly half (45%) of respondents admitted that they exceeded their home buying budget in 2023 and 58% believed they overpaid for their home. More than half of buyers (53%) accepted loan terms with a higher-than-desired interest rate to secure a mortgage.
Beyond the financial stress of their transactions, 44% of buyers said purchasing a home in 2023 was harder than expected and 52% reported that their overall happiness has not improved since purchasing their home. More than one-third of recent home buyers (36%) stated they weren’t satisfied at all with their home buying experience.
And buyers are not alone in their rueful state, as 95% of sellers said they have regrets about their selling experience, with 26% regretting too many concessions with the buyer, 19% regretting how long they waited to list their home and 38% complaining that they weren’t satisfied with their profit.