- A July 2022 survey of 1,001 homebuyers found that 72% had regrets.
- Buyer’s remorse might be even more common now for those who bought when prices and rates were high.
- Have you recently bought a house and already have buyer’s remorse? Share with us via this form.
In December, a first-time homebuyer paid $585,000 — $35,000 more than asked — for a three-bedroom house in Richmond, Va., with a mortgage interest rate of 6.99%.
The 34-year-old buyer, who asked to remain anonymous for privacy reasons, hasn’t even moved in yet and is already keen to reverse his decision.
“I did the dumbest thing possible buying the peak of the market and the peak of interest rates,” she told Insider. “It just doesn’t make sense.”
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After record lows in 2021, interest rates on a 30-year mortgage hit 7.08% in December 2022, according to Freddie Mac. Rates have since fallen and are currently around 6.33%, and sellers are offering concessions such as paying for repairs and lowering mortgage rates for buyers.
But current rates still mean the typical buyer of a $500,000 home with a 20% down payment is paying nearly $700 more per month than this time last year, according to the site’s mortgage calculator. Bankrate financial services web.
The Richmond buyer with the 6.99% rate is feeling the pain.
“Honestly, at this point, I hate home,” she said. “I’m so resentful. I haven’t even moved in and can’t wait to sell this stupid house.”
Seventy-two percent of homebuyers experience regret, according to a July 2022 survey of 1,001 buyers by Anytime Estimate, a mortgage and homebuying advice website. The 722 buyers with regrets said the most common reason was overspending, while the second most common reason was buying too quickly.
The Richmond buyer said she paid $2,500 a month for a house in Northern Virginia when its landlord announced he would raise her rent by $500. She thought she could find a house with a mortgage payment comparable to her rent, but such a property did not materialize in her area within her timeframe.
His monthly payment now totals $3,900.
“I thought I was going to be one of those millennial permanent tenants. Ultimately, I thought if I could get a house and pay the same amount I would in rent, that seems like a bet for me,” she said. . “I’m super remorseful and super angry with myself.”