Recent Buyers Share Regrets

More than 90% of recent homebuyers report having regrets about their decisions.

According to Clever Real Estate, 93% of buyers have regrets in 2023, an increase of 5% since 2022. For buyers, 58% said they think they overpaid for their house, which includes 63% of first-time buyers. Only 45% of recent buyers said they were able to afford a 20% (or more) down payment on their property. Despite competition slowing among buyers, 38% reported paying more than the listing price for their home, up 7% from 2022, with 31% of first-time buyers paying more than the listing price. Nearly half of recent buyers (44%) said buying a home in 2023 was more difficult than anticipated, due to budget concerns (45%), high interest rates (42%) and high home prices (42%).

Buying a home was a more stressful experience than anticipated, said 59%, including 66% of first-time buyers. Fifty-six percent of recent buyers said they have felt overwhelmed financially since buying their home and 62% reported they have struggled to pay their mortgage. Nearly 30% of respondents said their debt has gotten worse since buying a home, 27% said their overall financial health has deteriorated and 20% have reported a decrease in happiness. One-third reported their home needs too much maintenance, 30% said they bought their property too quickly and 28% each said they spent too much or their interest rate is too high.

The majority of buyers looked at home for at least a month, with 47% looking for three months or more. Ninety-five percent of recent buyers made at least one offer before closing on a home, with 62% making five or more offers and 12% making 10 or more offers.

Working with an experienced Realtor® can help consumers avoid these common regrets.