According to a new Realtor.com survey, nearly three-quarters of people who bought homes during the pandemic are content with their purchase, with many stating they should have made the move sooner.
Among the 1,000 surveyed who made a home purchase over the past 12 months during the pandemic, 71% felt buying was a good decision, and 75% said their new home meets their needs.
"Most of us spent more time at home during the pandemic than ever before, so it's no surprise that it changed what many people want from their homes and neighborhoods, and created a greater sense of urgency to find a home that satisfied those needs," said George Ratiu, Senior Economist for Realtor.com. "With the number of available homes for sale in short supply, buyers didn't have many choices over the past year, or a lot of time to consider their options in a very competitive market. However, as our survey shows, pandemic buyers generally feel good about the choices they made, and while the homebuying process itself is stressful, new homeowners feel their new homes meet their needs and do not regret the choices they made."
With the increase in remote work opportunities over the past year, more home seekers looked to expand their living space to accommodate their new work situation and their children’s remote schooling needs. More than half (55%) of those surveyed found a new home that is exactly what they need for working or schooling from home.
When asked how they felt about their new surroundings, more than 70% of new homeowners were "happy," while 45% of new homeowners wish they had moved sooner, and only 19% say they should have waited.
The survey found that three-quarters of those surveyed were planning to buy prior to the onset of COVID, while the remaining 25% decided to purchase because of the pandemic.
“With pandemic buyers in many regions having to do more of their home search virtually and the need to make quick decisions, buyer's remorse could have been a common outcome,” said the study.
Less than one-third of respondents said they wished they'd spent more time on their home search before buying, and nearly half (48%) did not feel rushed or pressured into making a homebuying decision. They also didn't feel as if they overpaid, with 61% of those surveyed reporting that the purchase price of their new home was either at or under their original budget.
"Buying a home is the biggest financial decision most people make and, while there's pressure to move more quickly, especially today, it's not a decision you want to make lightly," said Lexie Holbert, home and living expert at Realtor.com.
Click here for more on Realtor.com’s "Pandemic Homebuyers Are Happy With Their Homes.”