Currently Reading

The Majority of New Homeowners Have Regrets About Their Purchases

New-Home Sales

The Majority of New Homeowners Have Regrets About Their Purchases

A recent survey by HomeLight revealed that 70% of new homeowners had at least one regret about their home purchase decisions


May 2, 2022
New home sold sign

In a fast-paced housing market defined by rising mortgage rates and frequent bidding wars over the course of the pandemic, many homeowners were rushed into their home purchases, and some are now left with doubts about their hasty decisions. Of 1,620 recent homeowners polled by HomeLight, 70% expressed at least one regret about their home purchases, with most underestimating the total cost of buying a home, CNBC reports.

While the majority of respondents expressed financial regret, many also revealed that they wished they had spent more time searching for a home, and some expressed second thoughts regarding location and the unexpected cost of repairs or maintenance.

New homeowners are often surprised by the extra costs of owning property outside of the mortgage and down payment. These costs include property taxes, insurance, condo fees, repairs and closing costs. 

Some of the upfront costs are steep, too. On average, buyers pay closing costs averaging 3% to 6% of the purchase price, per Quicken Loans. And a common rule of thumb for the cost of annual repairs is 1% of the total value of the home, which is about $5,000 a year for a $500,000 home.  

Read more

Related Stories


As the Housing Market Loses Steam, a Growing Number of Sellers Are Dropping Their Asking Prices

The Fed's most recent mortgage rate hike is putting a damper on home sales, and in order to attract remaining buyers, sellers are increasingly slashing their asking prices

New-Home Sales

The 10 Hottest Housing Markets Seeing the Fastest Home Sales

Jackson, Mississippi tops the list of the 10 cities where homes are flying off the market the fastest, followed closely by other southern metros and a few northeastern hotspots

Market Data + Trends

Rising Real Estate Listings Signal Strong Post-Pandemic Recovery for the Housing Market

As demand softens, a resurgence of home listings sets the stage for the housing market's post-pandemic rebalancing 


More in Category


Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.