Home Buyers’ Top Regrets
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April 19, 2022
About 70% of buyers recently surveyed say they have at least one regret about their homebuying experience, according to the “Buyer and Seller Insights Report for 2022” conducted by HomeLight, a real estate referral company.
The biggest regrets: What they paid for their home and home maintenance.
Twenty-two percent of buyers surveyed said they felt they overpaid for their home. Twenty-two percent also said they underestimated how much maintenance the home required.
About 18% of buyers surveyed also said they underestimated the total cost of owning a home, including the taxes, insurance, etc., the survey shows.
A bar chart showing the leading instances of regrets buyers have from the homebuying process.
Buyer regret was more common in some locales than others. For example, at least 79% of buyer respondents in Phoenix and several California markets said they had at least one regret, the HomeLight survey shows. In Phoenix, buyers said they wished their home was in a more central location. In the San Francisco Bay Area and Sacramento, Calif., buyers were more likely to say they underestimated how much maintenance a home required.
Source: “Buyer and Seller Insights Report for 2022,” HomeLight (2022)