Buyer Regret Isn’t Plaguing Most Recent Purchasers!
May 26, 2021
Despite higher home prices, waived contingencies, and an ongoing increase in shopping for homes virtually, most buyers say they’re happy with their recent home purchase. More than 70% of home buyers who purchased a home over the last year are satisfied with their decision to move, according to a new realtor.com® survey of 1,000 homeowners who purchased homes in the last 12 months between March 26, 2020, to April 7, 2021.
Also, more than two-thirds of pandemic home buyers say they’re happy in their new home. They say their new home better accommodates their family’s needs and is exactly what they need to work or school from home.
Survey respondents didn’t report regrets when it came to how quickly they made their purchase or how much they paid. Less than one-third said they wished they’d spent longer on their home search before buying. Nearly half—or 48%—said they did not feel rushed or pressured into making a decision to buy, the survey shows. Also, they didn’t feel like they overpaid. Sixty-one percent of respondents said that the purchase price of their new home was either at or under their original budget.
“Most of us spent more time at home during the pandemic than ever before,” says George Ratiu, senior economist at realtor.com®. “So it’s no surprise that it changed what many people want from their homes and neighborhoods, and created a greater sense of urgency to find a home that satisfied those needs. With the number of available homes for sale in short supply, buyers didn’t have many choices over the past year or a lot of time to consider their options in a very competitive market. However, as our survey shows, pandemic buyers generally feel good about the choices they made, and while the home buying process itself is stressful, new homeowners feel their new homes meet their needs and do not regret the choices they made.”
Three-quarters of the new homeowners say they had intended to buy prior to the COVID-19 pandemic. A quarter of respondents said the pandemic prompted them to move, the survey finds.
Source: Move Inc.