More than 80% of homeowners have no regrets about their most recent home purchase, according to a survey of over 1,000 homeowners from LendingTree. Some of these respondents bought their houses in the thick of the COVID-19 housing boom or shortly thereafter, while others purchased before the pandemic brought severe distortions to the homebuying market and the economy at large. Survey respondents who bought a home prior to the pandemic (and likely reaped the benefits of skyrocketing home values during it) are the most satisfied with their purchases. Eighty-six percent of those who bought a house at least five years ago reported having no regrets. But buyers who took action more recently were similarly content as well.

Seventy-nine percent of homeowners who bought between two and five years ago said they don’t have any regrets about their purchase, as did 80% of homeowners who bought in the past two years. The high satisfaction rate, even during the hot market of the past few years, makes sense, according to LendingTree senior economist Jacob Channel. That’s despite heightened competition during the pandemic homebuying surge, which led to many house hunters doing whatever it took to buy a home, including paying above list price. In fact, 27% of homeowners who bought in the past two years paid more than list price, compared to just 5% of buyers five years ago. Additionally, 24% of buyers in the past two years skipped the inspection process, double the rate for those who bought at least five years ago. Channel doesn’t recommend skipping an inspection as “homebuyers can potentially miss negative aspects of a house that can end up costing them a lot of money in the future — or, in a worst-case scenario, render their home unlivable.”

Source: Scotsman Guide