As a result of the most competitive market in decades, stories of homebuyers who felt pressured into purchasing site-unseen for well above asking price have floated around. Their rushed decisions turned into regret, but a recent survey from Realtor.com found that the majority of buyers are happy with their purchase. Last week, CNBC published a survey that found more than 60% of Millennials regret some part of their home purchase. Realtor.com’s survey found 71% of respondents believe buying was a good decision and 75% say their new home is a good fit for their families.
In fact, many wish they had taken the plunge and moved sooner, before the number of homes for sale shriveled up just as waves of buyers flooded the market.
“Given the challenges of the year, it is surprising how many recent homeowners are happy with their purchase,” says Realtor.com Senior Economist George Ratiu. “We’ve had a very competitive housing market this year, characterized by very few homes for sale, steeply rising prices, and bidding wars. So it’s good to hear that the majority of buyers feel good about their decision to buy a home this year.”
The pandemic, coupled with record-low mortgage interest rates, lured more buyers to the market. Many were stuck inside obsessing about every flaw in their abodes or yearning for more space in a new place. Unfortunately at the same time, many sellers took their properties off the market because they were fearful of contracting the virus from buyers touring their homes.
This led to inventory drying up, homes selling in hours, in some cases, and a rash of bidding wars and offers over asking price. Yet despite the challenges, more than half of successful home buyers, 55%, found a property that gave them what they wanted to work or school from home.