An occasional bout buyers remorse can be expected with so many Americans making a major purchase like buying a home these days but a new report from online real estate Zillow shows that the number of home buyers who feel some regret is growing at an alarming rate.
Zillow’s survey of those who purchased a home within the last two years found that 75 percent of buyers report having at least one regret. Nearly a third of respondents say they regret purchasing a home that needed a lot of maintenance work.
“The pandemic-driven feeding frenzy in the for-sale market added challenges for buyers, especially those purchasing for the first time,” said Zillow Population Scientist Manny Garcia. “This research suggests many of those buyers ended up in a home that was less than ideal.”
Garcia added that even in ordinary times when the market is balanced for both buyers and sellers, home buyers often still have to make compromises.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.125 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.