More than one-third of 2023 and 2024 home
buyers (37%) purchased homes that exceeded their intended
budget.
ST.
LOUIS, May 14, 2024 /PRNewswire/ -- Since buying,
44% of new homeowners have taken on extra debt to maintain their
lifestyle, and 43% have struggled to make mortgage payments on
time, according to a new survey from Clever Real Estate, a
St. Louis-based real estate
company.
About 38% of 2023 and 2024 home buyers admit they
overpaid for their home, and 23% regret overspending. Half of
respondents (50%) even accepted a higher interest rate than planned
to secure a mortgage.
Nearly half of recent home buyers (47%) say they
feel in over their heads financially since purchasing their home.
Additionally, 77% of prospective home buyers have already started
saving for a down payment, but 59% say it has made them feel
financially overwhelmed.
An overwhelming majority of buyers (85%)
compromised on their priorities when purchasing a home. More than
one-third (37%) bought homes that exceeded their budget — making
price the most-compromised priority.
More than half of Americans (60%) who bought
homes in 2023 or 2024 state that their finances have not
improved since purchasing a home.
Furthermore, 82% expressed at least one regret
about the home-buying process, with excessive maintenance needs
(28%) being the most common regret, with 35% attributing it to
sellers' lack of transparency.
However, among future buyers, cosmetic
improvements take precedence over structural ones. While 33%
prioritize an updated kitchen, bathroom, and lighting, only 24%
prioritize a strong foundation.
In a separate survey, Clever found that a whopping 94% of home
sellers support a new commission structure that would require the
buyer to pay their own agent's commission. However, in this new
survey, that percentage drops to 61% among buyers, half (50%) of
whom would consider forgoing an agent entirely due to
commission changes.
If they had to pay their agent, buyers say they'd
lower their home-buying budget by an average of $13,167.
The overall experience of buying a home proved to
be more stressful than anticipated for a majority (52%) of
respondents.
Read the full report at:
https://listwithclever.com/research/homebuyer-sentiment/
About Clever Real Estate
Clever Real Estate is a technology company
that produces educational real estate content reaching over 10
million readers annually, and its nationwide agent matching service
has a 5.0-star Trustpilot rating across 2,300+ customer reviews.
Since launching in 2017, Clever has reached $8.5 billion in real estate sold, matched
100,000+ customers with realtors, and saved consumers over
$160 million on commission fees.
Clever's network spans 19,000 agents across all 50 states.
Please contact Nicole
Lehman at 377544@email4pr.com with any questions or to
arrange an interview.
Bought a home in the last 5 years?
The experts at Clever Real Estate want to hear
your story. Answer a few quick questions for the chance to win a
$250 Amazon gift card. (Bonus: If you
also sold a home recently, leave a second review for that
experience to get two entries.)
CONTACT:
Nicole Lehman
Clever Real Estate
377544@email4pr.com
724-719-0406
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SOURCE Clever Real Estate