Despite a series of headwinds, 80% of homebuyers don’t regret purchasing their homes in the last two years, though 27% paid above the listing price compared with 5% who purchased more than five years ago, according to a new survey by LendingTree. Not only did elevated home prices and interest rates create new obstacles for buyers in 2020 and 2021, but a changing market also paved the way for an entirely revamped buying process.
Roughly 27% of buyers who purchased during the last two years said they put in an offer on a home without seeing it in person, compared with just 7% of homeowners who purchased sight unseen more than five years ago, Forbes reports.
“The high satisfaction rate amid the hot market makes sense,” says LendingTree senior economist Jacob Channel. “Given the market climate, prospective homeowners were willing to do what it took to buy a home. And with low-interest rates in 2020 and 2021, buyers could make financial compromises to guarantee their purchase.”
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