A quarter of American homeowners regret buying their current home and wouldn’t do it again, according to a national survey from real estate brokerage Redfin, but older homebuyers are typically satisfied with their decision.
More than 2,000 U.S. adults participated in the survey, conducted online by Harris Poll, and their home-buying sentiments varied by region.
Buyer’s remorse cropped up more frequently in the Midwest (28%) and Northeast (27%) versus the West (20%). A quarter of those in South expressed regret at buying a home.
The 65-plus age group was the demographic with the least amount of buyer’s remorse, as 85% said they’d buy their home again, compared to 72% of those ages 18-64.
Most American homeowners (89%) who had bought or sold a home in the past 10 years have use a real estate agent, and nearly half (47%) said they “loved” working with their agent.
However, there’s a generational divide in attitudes toward real estate agents, as 31% of younger homeowners (between the ages of 18 and 34) who have bought or sold a home in the last decade loved working with their agent, compared to 52% of homeowners aged 35 to 44.
Another 32% of surveyed homeowners active in buying or selling in the last 10 years thought their agent was just OK, but not necessarily very helpful.
“We commissioned this survey because Redfin agents have seen firsthand the pressure homebuyers face in 2014,” said Glenn Kelman, Redfin CEO. “With flash sales, bidding wars, price jumps and inventory crunches in many markets, it’s important to have a real estate agent who is just as motivated to have you walk away from a bad house as to pounce on a good one.”
Written by Alyssa Gerace