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.
I agree with you it was tough for buyers but sellers giving consessions and not happy with their profit?!
Definitely not in the Long Island area!!
Curious how you arrived at this analysis ?