#575 - Nearly two-thirds of millennials have new home buyer regrets, survey finds

In today’s highly competitive real estate market, it’s all too common for buyers to rush into a deal that doesn’t fit their budget or suit their needs. Millennials, in particular, have the most regrets after buying a home, according to a new Bankrate survey.

Buyer’s regrets are even more of a factor in the pandemic, with sight-unseen offers and contingencies waived to win the bid. The survey highlights some of the most common regrets new homeowners have and which demographic groups are most likely to have them.

That desperation to land a home leads some buyers to settle for properties that aren’t quite right for them. Home buyer regrets broadly fell into two major categories: financial and physical.

In general, the survey found that the older the buyer, the less likely there were to be misgivings about their purchase after the fact. In all, 64% of millennial home buyers (ages 25-40) have some regrets about their purchase compared with just 33% of baby boomer buyers (ages 57-75).

Join your host Sean Reynolds, owner of Summit Properties NW and Reynolds & Kline Appraisal as he takes a look at this developing topic.

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