Over Half of All New Homeowners Have Regrets About Their Home Purchases

After a mid-pandemic buying frenzy spurred by remote work flexibility and record low mortgage rates, nearly three in four Americans have at least one regret about their new home purchase, according to a new survey from Anytime Estimate. The majority of homeowners surveyed were remorseful about overpaying for a property. Mid-pandemic buyers paid a median of $65,000 above asking price, but first-time buyers upped the ante with a median of $77,500 over asking price, Fortune reports.

Despite overpaying for their new homes, 35% of Americans say they compromised on their main priority to find an affordable home in a fast-paced seller’s market. As a result, one in four homebuyers surveyed say that they regret buying too quickly.

Between increased demand and low inventory, first-time home buyers had it especially hard: They offered a median of $77,500 over asking price, while repeat buyers offered $60,000.

This might be because first-time home buyers felt they had to do whatever it takes to win an offer, especially when competing with cash offers, says Joey Jewell, a Wisconsin-based realtor. Repeat buyers, on the other hand, already own a home and may not feel the pressure to move as quickly.

“Given the recent market conditions, a lot of people felt like they just needed to purchase a home and maybe rushed into it, or just bought something because they had the opportunity,” says Jewell.

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