Still, few got away with their dream home, Clever reported. “That was especially the case with first-timers who accounted for 70% of buyers in 2021 and 2022,” the report said.
“Of those, two-thirds (66%) were millennials who would like to have a home to raise their family.”
That’s just the tip of the iceberg. These statistics tell an even more poignant story.
· Nearly a third of buyers (31%) paid more than the asking price. The median amount buyers paid on the listing price was $65,000.
· 80% of buyers made more than one offer, while 41% made five or more.
· More than one in three buyers (36%) made an unseen offer on a home.
· One in three buyers spent three months looking for a home, while one in eight spent six months or more searching.
· 80% of home buyers had to compromise on their priorities.
· 72% of new home buyers regret buying their home, while 30% say they spent too much money.
The report also noted that new buyers paid a median of $77,000 on a home’s sale price. Meanwhile, repeat buyers clocked in at the $60,000 range.
Fools rush in – but time heals wounds
Real estate experts say that when you buy a home, shortcuts are never a good idea.
“Buying a home is a long-term investment, and it works best when done right,” said Alex Capozolo, co-founder of Brotherly Love Real Estate in Philadelphia. “Many of our customers now say they should have waited for better market conditions. “
Rushing into a home purchase is a disaster waiting to happen.
“New home buyers need to be aware of the choices they are making,” Capozolo said. “The deal should only be finalized once everything has been thought through and due diligence has been carried out.”
Other real estate experts say time heals all wounds and a long-term view is the best choice for regretful home buyers.
“Many homeowners forget to look into the future and see what a home’s value does over time,” said Allison Timothy, buyer’s agent at Homie Utah.
“Houses are still going up in value in the long run. Real estate is and was a good place to put money. During a market cooldown, many homeowners may feel that they have paid too much when in reality they have made a good decision.
“Real estate is always a good place to put money, as long as the homeowner is in it for the long haul,” Timothy added.
While frustrated homebuyers may have a reality check in store, the sky doesn’t fall, though some values may be adjusted, Timothy said.
“For their next home purchase, homeowners should consider inspections, five-year trends in valuation values, as opposed to one-year price increases,” she said. “It may take a few years, but the value will come back and continue.”
“Real estate is usually a slow-growing investment,” Timothy added. “For now, hold on, be patient, and love your home.”