Redfin Survey Finds 1 in 4 Homeowners Have Buyer’s Remorse
One in four American homeowners who have purchased the home they are currently living in have said they would not buy the home again if they could go back, according to a nationwide study from Redfin.
The survey found buyer’s remorse was more common in the Midwest (28%) than in the West (20%). In the Northwest, 27% of homeowners regret buying their home, while 25% have buyer’s remorse in the South.
The group with the least buyer’s remorse was homeowners aged 65 and older, with 85% saying they would buy their home again. Women tend to have higher levels of buyer’s remorse at 27%, as well as homeowners who have children under 18 living in the home (28%).
Individuals with a household income of $100,000 and up expressed more satisfaction with their current home (86%), as well as those with a college degree or higher education (82%).
The survey of homeowners also found 89% of people who have sold or bought a home in the past ten years used a real estate agent, and 47% said they “loved” working with the agent. Interestingly, the poll found a generational divide in attitudes toward agents. 31% of homeowners between 18 and 34 who have bought or sold a home in the last decade loved working with their agent, compared to 52% of homeowners between 35 and 44 years old.
“We commissioned this survey because Redfin agents have seen firsthand the pressure homebuyers face in 2014,” said Redfin CEO Glenn Kelman. “With flash sales, bidding wars, price jumps and inventory crunches in many markets, it’s important to have a real estate agent who is just as motivated to have you walk away from a bad house as to pounce on a good one.”
While agents can be excellent advocates and help guide buyers in the complexities of buying or selling a home, the survey found that not all buyers were happy with the experience. 32% of people who have bought or sold a home in the last ten years said their agent was okay, but they didn’t feel their agent was on their side or helpful, while 8% said the agent was the worst part of the experience.
Redfin attempts to measure customer satisfaction with its agents by surveying every customer and publishing each response on the Redfin agent’s online profile.
The survey was conducted online by Harris Poll from March 31 to April 2 with 2,027 participants.