Homeowners' Remorse: Are We a Nation of Regretters?

Homeowners' Remorse: Are We a Nation of Regretters?

Having a home to call your own is one of the most common American dreams—and regrets.

Results from a new survey by the real estate firm Redfin suggest that 25% of homeowners wish they hadn’t purchased their home. That number increases to 28% among buyers younger than 65, and almost 33% among people with a household income of less than $100,000—perhaps an indication that affordability has something to do with the regret.

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Sales of new homes are few and far between these days, in part due to low inventory—only 384,000 single-family homes were sold in March. As a result, homebuyers don’t have many options when it comes to choosing the right space for their families. As Marshall Park, a Redfin agent in Washington, D.C., tells Yahoo! Finance, people are “sort of under the gun to buy their home.”

Another potential factor contributing to homebuyers’ regrets is that many people did not inspect their homes carefully enough, some skipping professional home inspections altogether, according to a 2013 survey by Trulia. Other purchasers failed to do extensive research on the new neighborhood, and 34% of homeowners with regrets say they wish they’d bought a larger home.

Other common mistakes among homebuyers? Forgetting about added costs like maintenance, utilities, and property taxes; putting down too small of a down payment; and buying all new appliances right after you move in.

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