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75% of people who bought a home during the pandemic have regrets: Here’s why
"Other surveys have come to similar conclusions. The real estate website Clever found that 72% of homeowners regret some aspect of their purchase, and 60% experienced some form of buyer’s remorse. And a Bankrate survey from last summer found that two-thirds of millennial homebuyers had misgivings about their property."
75% of people who bought a home during the pandemic have regrets: Here’s why
"Other surveys have come to similar conclusions. The real estate website Clever found that 72% of homeowners regret some aspect of their purchase, and 60% experienced some form of buyer’s remorse. And a Bankrate survey from last summer found that two-thirds of millennial homebuyers had misgivings about their property."
"Too much maintenance 40%" LOL
I swear. I worry about our future as a species sometimes. So catered to. It's the evolution of everybody gets a trophy syndrome.
That's fine. I'm good with being a landlord. I'll mow the lawn while you go work 50 hours a week to pay me that rent.
But I do think there is some buyer's remorse for sure. A knee-jerk reaction to the pandemic - flee to the country side, I'm never going back to the office ever again! Um....that's not really going to play out that well.
Don't really see the "humor" in that! What I see is laziness.
But, it's not new either! It won't be much longer and there'll be nothing to buy, because no one wants to work in the trades anymore! Finding willing young people who "want" to work in the trades is very hard now- and throwing a $100k at them doesn't cut it either!
The unfortunate part for the residential sector is no amount of technology seems to improve the process of construction.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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The house next door sold in 2019 to a millennial couple with kids, but it took surprisingly longer than most homes here because of the big back yard, almost all lawn. Potential buyers loved the house then they saw the yard and didn't want to have to maintain it. The buyers now have put in a chicken house/enclosure, big shed, and a trampoline. The newest developments are 3,000-4,500 sf houses on 5,000 sf lots. You can almost reach out the window and shake hands with the neighbors. I guess that's what people want now. I enjoy the work, but I have a riding mower and lots of gas and electric powered yard equipment.
Gosh, I think it is very practical of millennials to acknowledge and admit that maintenance is not their thing. My parents and In laws were trapped in a cycle of constant maintenance and upkeep on their homes. Much of it was cosmetic and therefore a labor of love, but that doesn't mean that everyone should love doing it.
Much better to admit now they aren't into that lifestyle than find themselves trapped in a suburban nightmare 20 years from now. Or 40 years from now struggling to maintain that lifestyle with the help of their children, who will have lives of their own.
I've steadily downsized from 3,600sf to 2,400sf to 1,000sf back to 1,400sf so I know of what I speak. I'm not a millennial, I'm a single woman with grown kids. I no longer enjoy doing maintenance. There is nothing about my house that I feel a need to fix/upgrade, and I only have the most basic of maintenance done. If that makes me lazy, so be it.
75% of people who bought a home during the pandemic have regrets: Here’s why
"Other surveys have come to similar conclusions. The real estate website Clever found that 72% of homeowners regret some aspect of their purchase, and 60% experienced some form of buyer’s remorse. And a Bankrate survey from last summer found that two-thirds of millennial homebuyers had misgivings about their property."
I bought a home during the pandemic, and I do feel some remorse. I was moving to a new city for a job, and had a limited amount of time to find housing. i could have waited a bit, since my old house was still on the market, but I just wanted it done. Inventory was extremely low and I was lucky to find any kind of house at all. I looked at maybe 10 houses and only two of them were remotely acceptable. The one I bought has a tiny master bath which doesn't bother me but I know will be an issue when reselling. and the laundry is in the carport which I absolutely hate. C'est la vie. This is the 8th home I've lived in since getting married and my 6th house so i don't consider myself a rookie.
Luckily I have enough money saved that I could conceivably move somewhere else and keep this property as a rental and make some money off of it. But inventory here is still low and so far there's been no place I'd like to move to.
It would be interesting to see the questions...how it was worded...
Yeah, saying they regret "some aspect of their purchase" isn't saying much. That could be anything from "I didn't like my realtor" to "I wish we never bought this house".
My husband and I bought a house last summer. There are definitely aspects of the whole process that we regret. Do we regret actually buying the house? No, I love our house and we ended up with almost everything on our wish list without having to pay an excessive amount like others are doing in this current housing market. Are there things we will do differently with our next home purchase? Absolutely.
Some of us, well, me, have a very warped sense of humor.
But what's so funny about saying the home buying experience isn't all sunshine and rainbows? It's not. At least the 75% that say so are just being honest.
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