Despite the frenzied nature of today’s housing market, prompting conversations about buyer’s remorse, more than two-thirds of pandemic homebuyers have found happiness in their new home, according to a new Realtor.com survey released last week. Those surveyed say their new home better fits their family’s needs and wish they moved sooner.
Realtor.com surveyed 1,000 homeowners who purchased a new home during the last 12 months between March 26 – April 7 via HarrisX. In the face of the last year’s obstacles, including a competitive housing market and limitations on open houses and showings, 71% of those surveyed feel buying was a good decision and 75% say their new home meets their needs.
“Most of us spent more time at home during the pandemic than ever before. So it’s no surprise that it changed what many people want from their homes and neighborhoods, and created a greater sense of urgency to find a home that satisfied those needs,” said George Ratiu, senior economist for Realtor.com. “With the number of available homes for sale in short supply, buyers didn’t have many choices over the past year, or a lot of time to consider their options in a very competitive market. However, as our survey shows, pandemic buyers generally feel good about the choices they made, and while the homebuying process itself is stressful, new homeowners feel their new homes meet their needs and do not regret the choices they made.”
More than half (55%) of the homeowners surveyed found a new home that is exactly what they need for working or schooling from home.
However, even more are satisfied with elements of their new home that are important to everyday life during and after the pandemic. When asked how they feel about their home, neighborhood and area, more than 70% of new homeowners report feeling “happy.” Based on their reported satisfaction, 45% of new homeowners wish they had moved sooner, while only 19% say they should have waited.
Three-quarters of the new homeowners surveyed were planning to buy prior to the onset of COVID, while the remaining quarter decided to purchase because of the pandemic. With pandemic buyers in many regions having to do more of their home search virtually and the need to make quick decisions, buyer’s remorse could have been a common outcome.
Despite the frenzy, buyers have no regrets when it comes to how quickly they made their purchase and how much they paid. Less than one-third said they wished they’d spent more time on their home search before buying and nearly half (48%) did not feel rushed or pressured into making a home-buying decision. They also didn’t feel as if they overpaid, with 61% of those surveyed reporting that the purchase price of their new home was either at or under their original budget.
While 61% of recent homeowners stayed either on budget or below when buying their homes, close to 40% went over their original budgets. This case was more prevalent for millennials, 50% of whom exceeded their initial budgets to secure a home.