For home buyers during the past year it has been nothing short of a frenzy. Properties getting under contract before being shown, getting outbid, and losing out to cash buyers are just some of the common outcomes experienced by home buyers in the recent year. With this said, it has led many to wonder whether there may be buyer’s remorse for a lot of these recent home buyers? A recent survey by HarrisX and sponsored by Realtor.com sought out to find these answers. The short answer to this question is: No.
This survey was conducted on 1,000 homeowners who purchased a home between March 26, 2020 to April 7, 2021. Overall, 71% of successful home buyers during the pandemic say their new home meets their needs. Interestingly, the majority (75%) of home buyers stated that they were planning on buying a home even before the onset of the pandemic. Meanwhile, 25% of home buyers decided to purchase a home because of the pandemic. Oftentimes, these buyers were in need of more space due to work-from-home adaptations or virtual schooling for children.
As for some of the other key findings from this survey, they were as follows:
- 55% of buyers found a home that was exactly what they needed for accommodating their virtual working or schooling environments
- >70% of buyers felt “happy” with their purchase
- 45% of buyers wished they had moved sooner
- 19% of buyers wished they had waited longer to purchase a home
Overall, most home buyers do not seem to have any remorse for their home purchase during the past year. This is actually quite remarkable considering the tight inventory, bidding wars, & increased amount of sight-unseen purchases. Another interesting finding was that approximately 61% of buyers during this period felt that their home’s purchase price was at or under their originally desired budget.
These survey results are a true testament to the ability of real estate agents to leverage today’s advanced technologies to not only aid in the home showing process, but also the entire transaction. At Live South Florida Realty, Inc. we have consistently led the way in implementations of various technological advances in order to make the home-buying process much more efficient and enjoyable for our clients. Are you ready to purchase a home in South Florida? Feel free to contact us today for a free consultation.