Seventy Three percent of owners have regrets about their home purchase, survey finds MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

 Nearly three-fourths of homeowners said they have at least one regret about their home purchase, according to a new survey from insurance provider Hippo. The survey, conducted in November, found seventy three percent of homeowners expressed regrets about their home purchase. That percentage is an increase of ten percent from the previous year’s survey.

 “Factors like rising home prices, limited housing inventory and higher mortgage rates may have contributed to a more challenging housing market in 2024,” the Hippo report said. “All of these factors could explain the increase in homeowner regrets especially if homeowners found themselves stretching budgets, making compromises or rushing homebuying decisions due to strong competition for available homes.”

 Of those surveyed, forty two percent said they regret compromising on features they really wanted in their homes; thirty four percent regret paying a mortgage rate higher than they can comfortably afford; and twenty nine percent said they are facing more repairs and other issues than they expected. Those regrets may explain why the survey also found that fifty nine percent of respondents said they plan to move in 2025.

Other key findings from Hippo include:

Forty six percent of homeowners spent $5,000 on unexpected home repairs in 2024, compared to thirty six percent in 2023. Water damage, roof damage or windows and doors were the most common issues facing homeowners. Citing rising costs, fifty five percent of homeowners are planning DIY projects in 2025.

Numerous studies and surveys unrelated to the Hippo survey show that homeowners who work with a real estate agent are less likely to regret their home purchase. Reliable agents who provide market feedback, understand what their clients want and spot potential future repairs help to curb buyer remorse.

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