The issue of buyer remorse felt by home buyers during 2021 and 2022 continues to soar. "I deeply regret buying my home", "We felt pressure to buy", "We tried to catch the low rates"...and tens of thousands of other testaments of regret.
Home Buyer Regret
This problem has never been higher, well into the upper 70% of home buyers now regret their purchase. Many clearly went in without inspections as maintenance and repairs are the most quoted issue behind overpaying.
Another common theme is the process - specifically agents and lenders. Many buyer said they felt their agent failed to properly educate them or temper their enthusiasm. Several mentioned using friends and family agents, now understanding that might not have been wise. There was broad aggravation with the loan process, many stating that the costs were far more than expected, rates jumped as well.
The other shoe is yet to drop. When it's time to sell, many of these buyers will realize losses. For those with modest mortgages or those paying cash, the hit will be painful. But for those with little equity, the hit could be severe. Time will tell.
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