Homebuyers Show Moderate Satisfaction With Recent Purchases

U.S. homebuyers are somewhat more satisfied with their purchases than they were two years ago, but a healthy majority still have regrets, according to a new study.

Realtor.com’s Consumer Attitudes and Usage Study found that 37% of buyers had no issues, leaving almost two-thirds with buyer’s remorse of one kind or another.

Still, 37% is an improvement from the 31% who had nothing to gripe about when the same survey was taken in 2023.
For the study, researchers at MarketVision Research, on behalf of Realtor.com, surveyed 1,267 respondents in February who had acquired a home in the last 12 months.

The listing site says the fact that buyers had more time to look for a house among a wider array of choices is the main reason for the improved satisfaction level.

According to the report, the typical for-sale home sat on the market for 63 days in October, which is nearly two weeks longer than in October 2023. “That longer wait time is giving buyers more negotiating power, allowing them better deals,” it said.

During the pandemic, the housing market heavily favored sellers and moved at a breakneck speed, leaving buyers feeling rushed to put in an offer as quickly as possible, or risk losing out, explained Laura Eddy, Realtor.com’s vice president of research and insight.

In that environment, Eddy says there was little time to stop and weigh the consequences of homeownership, which increased the likelihood of post-purchase sorrows.

Now, though, buyers do not feel as much pressure to bid over asking price without considering what they can actually afford. They’re also more likely to ask sellers for concessions than they were two years ago.

Among the unhappy majority, maintenance was the main issue. Some 16% said dealing with more home maintenance than expected is the reason they regret their home purchase.

Additionally, 15% say their biggest regret is spending more on household items than expected, and 14% say depleting their savings account is their biggest lament. Just 8% felt like they overpaid, a major dip from 15% two years ago.

Other major sources of frustration included a higher-than-expected cost of ownership (11%), rising interest rates (10%), and the home being not in the condition the buyer had expected (9%). 

Buyer's remorse varies widely across the generations, with oldsters much less likely to regret their purchases. Some 60% of Baby Boomers reported no regrets, while 45% of Generation X buyers had no regrets. Only about one third of Millennials reported no regrets, and just 27% of Gen Z buyers said they had no problems.