82% or recent home buyers had regrets about their purchase. per Clever Real Estate.
A report released this week by St. Louis-based Clever Real Estate found that recent homebuyers and those planning to buy within the next year face numerous challenges.
Last month, Clever surveyed 920 Americans about their views on the home purchase process and real estate agents. The respondents included 420 people who bought a home in 2023 or 2024 and another 500 who plan to buy in 2024 or 2025.
“We found that buyers stepping into the 2024 housing market have much to learn from previous shoppers,” the report stated.
Despite navigating higher mortgage rates and a lack of available listings, 82% of recent buyers had regrets about their purchase, according to Clever. Over 40% of this group said they’ve struggled to make on-time mortgage payments or have taken on new debt to maintain their current lifestyle.
Another key finding is the mismatch in consumer expectations regarding home prices. People planning to buy a home by the end of 2025 expect to pay $483,490 on average, but 52% of those who have purchased since the start of 2023 have spent more than $500,000.
Nearly one-third of recent buyers said that “purchasing a home was harder than expected due to financial reasons,” with high interest rates and exceeding their budget as top reasons. Nearly half (47%) said they “feel in over their heads financially since purchasing their home.”
The vast majority (85%) of these recent buyers reported making compromises on their home purchase. “Although 48% of buyers wanted an affordable home, a whopping 37% bought a home that was more expensive than they planned,” the report explained.
Over 80% of recent buyers asked for at least one seller concession, most frequently a lower asking price, funds for repairs, or keeping existing appliances or furniture.
However, 65% of these recent buyers also reported making at least one concession to the seller, indicative of the seller’s market in many parts of the country. About one in four agreed to purchase their home “as is.”
The survey also looked into the use of real estate agents, noting upcoming changes to agent commission structures following the nationwide settlement by the National Association of Realtors (NAR) and several major brokerage firms.
Roughly three-quarters of respondents said it’s “important to have an agent represent them in the homebuying process.” But half of the prospective buyers surveyed said they would forgo representation due to the possibility of having to pay their agent’s commission.
“Buyers are understandably wary of a new commission model that would increase their upfront expenses,” the report noted. “Yet proposed changes could lead to greater benefits, such as increased transparency about how commission is paid and what services are included.”
Three in four survey respondents said they’d be more likely to use an agent if they had a “detailed breakdown of services” included in the cost. And 67% said they’d prefer “a la carte real estate services” that allow them to pick and choose what they want while saving money on things they can do on their own.
Some brokerages have already announced their intention to better illustrate the value of agents to clients.
