Survey: Two-Thirds of Recent Buyers Have Regrets

(Image courtesy of Anna Tarazevich/pexels.com)

Best Interest Financial, West Bloomfield, Mich., and Clever Real Estate, St. Louis, released a new survey finding that recent home buyers have experienced stress during the process, with 66% saying they have regrets about their homebuying process.

For first-time buyers, that rate is even higher–76% say they have regrets.

Forty-four percent say they followed their heart more than their head when buying a home and 76% admit to overlooking or downplaying red flags in the process, such as necessary repairs or the price.

Some of the emotion is related to finances–41% of first-time buyers said they were embarrassed by their budget at some point, along with 17% of repeat buyers.

Half of first-time buyers–44%–said the home-buying process or market made them feel like a failure.

Timing and pressure also play a part–36% made an offer on a home they weren’t fully sure about in order to not lose it. And, 34% said they made an offer on a home outside of their budget.

Forty-one percent said they felt pressured to purchase a home sooner rather than later due to concerns about the economy, and 61% said that they felt the economy drove their timeline more than their personal or emotional readiness.

Forty-two percent believed that buying a home would decrease their stress levels, but it only has for 20%.

Almost all–89%–of recent buyers felt attached to their home at some point, and 82% of those respondents believe it influenced their buying strategy.