Majority of Homebuyers Have No Regrets About Their Homes
By Kelly Leighton | Jan. 30, 2023 | 2 min. read
Despite the frenzied housing market of the past two years, 80% of recent homebuyers said they have no regrets about their purchases.
According to Lending Tree, the majority of homebuyers overall have no regrets, according to a recent survey of more than 1,000 homeowners. The report found that 79% of homebuyers who purchased between two and five years ago and 86% of those who bought five or more years ago have no regrets about their property. Baby boomers were the most likely to be completely pleased with their home at 90%, while the rest of the generations hoovered around 80% satisfaction.
Despite high levels of satisfaction among recent buyers, they admitted that they had to compromise on their purchase. More than one-quarter (27%) reported they paid more than listing price, while only 5% who bought five or more years ago did. Forty-two percent paid the listing price, 8% said they were a part of a multiple-bidding situation and 7% said they offered to pay costs for the seller.
Additionally, 24% of recent buyers said they skipped an inspection. However, 47% of recent buyers who got an inspection reported that they changed their offer based on the results. Nearly one-quarter (23%) requested repairs, 12% requested a reduced price, 11% backed out and 8% asked for closing credits.
More recent buyers also reported making an offer without seeing the property in person. Twenty-seven percent made an offer without seeing the home themselves, compared to just 7% of those who bought five or more years ago.
Both millennials (31%) and Gen Z (42%) prioritized saving money during the homebuying process, while Gen X (29%) and baby boomers (31%) prioritized vetting the home.
Subscribe To JustListed Daily Emails
You’ll be the first to know about real estate trends and various legal happenings. Stay up-to-date by subscribing to JustListed.