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Survey Examines Recent Homebuyer/Seller Sentiment

According to a survey conducted by Clever Real Estate, some 93% of recent homebuyers surveyed said the real estate market significantly impacted their homebuying experience (compared to 88% of those surveyed in 2022). Despite the market cooling slightly in 2023, three-fourths of recent homebuyers (75%) also reported paying more than the national average of $516,500 on their home.

Clever's online survey polled approximately 1,000 Americans who purchased a home in 2022 or 2023. The respondents were asked a variety of questions regarding their recent home purchases, previous home sales, and views on buying and selling homes.

Key Findings:

  • A majority (51%) of those surveyed thought it was a bad time to sell a home and an even worse time to buy (53%).
  • The average homebuyer surveyed spent 23% more on their home than the national average price of $516,500 and 31% more than the $500,156 they paid in 2022.
  • A majority of recent homeowners surveyed (58%) said they felt they overpaid for their home.
  • More than half of homebuyers (56%) surveyed reported feeling "in over their head financially" since purchasing their home, and almost two-thirds (62%) reported struggling to make mortgage payments on time.
  • More than 1 in 4 recent homebuyers surveyed said their overall financial situation has deteriorated (27%) and their debt burden (29%) had gotten worse since purchasing a home.
  • The percentage of homeowners who said buying a home was more difficult than expected increased from 30% in 2022 to 44% in 2023, with reasons listed including exceeding their budget (45%), high interest rates (42%), and expensive home prices (42%).
  • The percentage of homes that sold within one month decreased by half—from 55% in 2022 to 28% in 2023.
  • A majority of sellers surveyed (57%) made less than $50,000 on their home sale, and 1 in 14 (7%) actually lost money or broke even.

More than 1 in 4 (27%) homebuyers surveyed reported that their overall financial situation has deteriorated since becoming homeowners, while 29% reported that their debt burden increased.

Some 44% of homebuyers surveyed said purchasing a home in 2023 was harder than expected, and 52% reported that their overall happiness has not improved since purchasing their home.

The survey also revealed that 93% of recent homebuyers surveyed reported having regrets—up from 72% of homebuyers who said the same in 2022. Nearly all recent homebuyers surveyed (93%) said they had compromised on their priorities, compared to 80% in 2022.

More than half of homebuyers (53%) surveyed said they had accepted loan terms with a higher-than-desired interest rate to secure a mortgage, with first-time buyers 11% more likely than repeat buyers to take on the additional expense. Overall, more than one-third of recent homebuyers (36%) said they weren't satisfied with their home-buying experience.

Homebuyers aren't the only ones unsatisfied with recent market conditions—95% of home sellers surveyed reported regrets about their home-selling experience, with 26% regretting giving too many concessions and 19% regretting how long they waited to list their home.

Some recent sellers weren't quite ready to accept that the market has shifted. About 40% of those surveyed said home selling was more difficult than they expected—up from 31% who said the same in 2022. A majority of sellers (57%) surveyed made less than $50,000 on their home sale, and 1 in 3 (38%) said they aren't satisfied with their profit.

To read Clever's full report, including more data, charts, and methodology, click here.

About Author: Demetria Lester

Demetria C. Lester is a reporter for DS News and MReport magazines with more than eight years of writing experience. She has served as content coordinator and copy editor for the Los Angeles Daily News and the Orange County Register, in addition to 11 other Southern California publications. A former editor-in-chief at Northlake College and staff writer at her alma mater, the University of Texas at Arlington, she has covered events such as the Byron Nelson and Pac-12 Conferences, progressing into her freelance work with the Dallas Wings and D Magazine. Currently located in Dallas, Texas, Lester is an avid jazz lover and likes to read. She can be reached at [email protected].

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