According to a survey conducted by Clever Real Estate [1], 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.
[2]
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.
[3]
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 [1].