So many of Millennials with housing regrets. What are they? Why do they feel this way? How does the broker community help?

Housing For Millennials 

<ul><li>A new <a href="https://www.realestatewitch.com/2022-millennial-home-buyer-report/">survey </a>found that 82% of millennials regretted something about buying their first home. </li><li>Those who rushed to buy were more likely to have buyer's remorse, and most regretted their location. </li><li>It's a byproduct of the housing crisis, which pressures millennials to buy what they can. </li> </ul>

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Buyer's remorse is real.Just ask millennial homeowners, the majority of whom regret buying their first home. So finds a <a href="https://www.realestatewitch.com/2022-millennial-home-buyer-report/">new survey </a>by the real-estate education platform Clever Real Estate that polled 1,000 people about their homebuying plans. Of the respondents who already owned a home, 82% had at least one significant regret about their home purchase.

82% Have Regr

One in four millennials said their home value decreased while the same amount said their mortgage was expensive. Since buyers often had to shell out more than the asking price to outdo competition, many now realize they overpaid. The survey found that one in six millennials would offer at least $100,000 above asking price for their dream home. Almost half of millennials anticipate maxing out their budgets to buy a home, with one-third planning to spend more than the median US home price of $405,000 at the time of the survey in November.

Biggest Regret Is Financial 

<figure><img src="https://i.insider.com/61fab8380042510018f40abf?width=700" srcset="https://i.insider.com/61fab8380042510018f40abf?width=400&amp;format=jpeg&amp;auto=webp 400w, https://i.insider.com/61fab8380042510018f40abf?width=500&amp;format=jpeg&amp;auto=webp 500w, https://i.insider.com/61fab8380042510018f40abf?width=700&amp;format=jpeg&amp;auto=webp 700w, https://i.insider.com/61fab8380042510018f40abf?width=1000&amp;format=jpeg&amp;auto=webp 1000w, https://i.insider.com/61fab8380042510018f40abf?width=1300&amp;format=jpeg&amp;auto=webp 1300w, https://i.insider.com/61fab8380042510018f40abf?width=2000&amp;format=jpeg&amp;auto=webp 2000w" alt="millennial homeowner" width="763" height="572"><figcaption dir="auto">Millennial homeowners are feeling the sting of regret. </figcaption></figure><UL><LI>A new <a href="https://www.realestatewitch.com/2022-millennial-home-buyer-report/" data-analytics-module="summary_bullets" data-analytics-post-depth="0" dir="ltr">survey</a> found that 82% of millennials regretted something about buying their first home.</LI><LI>Those who rushed to buy were more likely to have buyer's remorse, and most regretted their location.</LI><LI>It's a byproduct of the housing crisis, which pressures millennials to buy what they can.</LI></UL>Buyer's remorse is real.Just ask millennial homeowners, the majority of whom regret buying their first home. So finds a <a href="https://www.realestatewitch.com/2022-millennial-home-buyer-report/" data-analytics-module="body_link" data-analytics-post-depth="40" dir="ltr">new survey</a> by the real-estate education platform Clever Real Estate that polled 1,000 people about their homebuying plans. Of the respondents who already owned a home, 82% had at least one significant regret about their home purchase.&nbsp;That's more than the <a href="https://www.businessinsider.com/millennials-homeowners-regret-buying-home-housing-market-2021-6" data-analytics-module="body_link" data-analytics-post-depth="40" dir="ltr">64% of millennials</a>&nbsp;who said they regretted buying their homes in a <a href="https://www.bankrate.com/real-estate/homebuyer-regret-survey-may-2021/" data-analytics-module="body_link" data-analytics-post-depth="40" data-uri="73e8b53db370975bbe514d4fd2a47e70" dir="ltr">Bankrate</a> survey from last June that polled more than 1,400 homeowners.&nbsp;It's a consequence of shopping in <a href="https://www.businessinsider.com/housing-market-forecast-millennials-buying-homes-crisis-2021-4" data-analytics-module="body_link" data-analytics-post-depth="40" dir="ltr">today's housing market</a>, which is filled with more aspiring homebuyers than homes. The pandemic, a historic <a href="https://www.businessinsider.com/why-is-lumber-so-expensive-prices-disaster-for-housing-market-2021-5" data-analytics-module="body_link" data-analytics-post-depth="40" dir="ltr">lumber shortage</a>, and an underbuilding of homes since the Great 
 
 
 
 were no match for demand in a remote-work era. As the national median price of a house climbed to <a href="https://www.redfin.com/us-housing-market" data-analytics-module="body_link" data-analytics-post-depth="40" dir="ltr">record highs</a>, competition heated up with all-cash bids and higher down payments. With the pressure on to snap up the rare house that was both available and affordable, some buyers didn't realize they were making a hasty decision until it was too late.Those who rushed to buy were more likely to experience financial remorse, the Clever Real Estate survey found. One in four millennials said their home value decreased while the same amount said their mortgage was expensive.&nbsp;Since buyers often had to shell out more than the asking price to outdo competition, many now realize they overpaid. The survey found that one in six millennials would offer at least $100,000 above asking price for their dream home. Almost half of millennials anticipate maxing out their budgets to buy a home, with one-third planning to spend more than the median US home price of $405,000 at the time of the survey in November.Consider 28-year-old aspiring homebuyer Ashley Nader, who <a href="https://www.businessinsider.com/housing-shortage-market-millennial-first-time-homebuyer-challenges-miami-ghosting-2021-11" data-analytics-module="body_link" data-analytics-post-depth="60" dir="ltr">previously told Insider</a> that she originally wanted to buy a house in Florida for under $400,000 so she could pay it off in 10 or 15 years. The lack of starter homes caused her to increase her budget by $200,000.&nbsp;But she refused to put in an offer over asking price so she could avoid buyer's remorse. "I don't want to play that game," she said.&nbsp;The search for affordability has also led to homebuying regret. The survey found that millennials' biggest regret (40%) was buying a home in a bad location. Almost half of millennials expanded their search location when house hunting. And they likely ended up buying in a more budget-friendly area that wasn't their first choice.Some millennials turn to fixer-uppers as a more affordable option — 82% said they'd buy a house that needed significant repairs, more than the 67% of millennials who said the same in 2019.The findings echo Bank of America's sixth annual millennial <a href="https://www.businessinsider.com/home-improvement-boom-housing-market-recovery-millennials-pandemic-2021-5" data-analytics-module="body_link" data-analytics-post-depth="80" dir="ltr">home-improvement survey</a> from last year, which found that more millennials were taking out significant loans to fund home-improvement projects. The data suggested that some millennials were resorting to buying old homes and renovating them as an alternative to attempting to outbid an all-cash offer, but some were now living in fixer-uppers they couldn't afford. But one in four of the millennials who bought a fixer-upper regretted their decision, the Clever Real Estate survey found.Meanwhile, millennials also regretted bad neighbors (30%), a neighborhood that changed too much (30%), and upkeep that was too expensive (30%). They realized there were plenty of <a href="https://www.businessinsider.com/personal-finance/hidden-costs-homeownership-make-me-want-to-rent-2021-9" data-analytics-module="body_link" data-analytics-post-depth="100" dir="ltr">hidden costs</a> of homeownership, from HOA fees and property-tax increases to maintenance for landscaping and appliances.Regardless of today's housing crisis, it seems that homeownership isn't always what it's cracked up to be.
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I want to learn how to truly help this generation build wealth through homeownership that doesn't create this regret. 

A Clever Real Estate survey found that 82% of millennials had at least one big regret about buying their home, such as location or rushing to buy.

Just ask millennial homeowners, the majority of whom regret buying their first home. So finds a <a href="https://www.realestatewitch.com/2022-millennial-home-buyer-report/">new survey </a>by the real-estate education platform Clever Real Estate that polled 1,000 people about their homebuying plans. Of the respondents who already owned a home, 82% had at least one significant regret about their home purchase.

That's more than the <a href="https://www.businessinsider.com/millennials-homeowners-regret-buying-home-housing-market-2021-6">64% of millennials </a> who said they regretted buying their homes in a <a href="https://www.bankrate.com/real-estate/homebuyer-regret-survey-may-2021/">Bankrate </a>survey from last June that polled more than 1,400 homeowners.

It's a consequence of shopping in <a href="https://www.businessinsider.com/housing-market-forecast-millennials-buying-homes-crisis-2021-4">today's housing market </a>, which is filled with more aspiring homebuyers than homes. The pandemic, a historic <a href="https://www.businessinsider.com/why-is-lumber-so-expensive-prices-disaster-for-housing-market-2021-5">lumber shortage </a>, and an underbuilding of homes since the Great

were no match for demand in a remote-work era. As the national median price of a house climbed to <a href="https://www.redfin.com/us-housing-market">record highs </a>, competition heated up with all-cash bids and higher down payments. With the pressure on to snap up the rare house that was both available and affordable, some buyers didn't realize they were making a hasty decision until it was too late.

Those who rushed to buy were more likely to experience financial remorse, the Clever Real Estate survey found. One in four millennials said their home value decreased while the same amount said their mortgage was expensive.

Since buyers often had to shell out more than the asking price to outdo competition, many now realize they overpaid. The survey found that one in six millennials would offer at least $100,000 above asking price for their dream home. Almost half of millennials anticipate maxing out their budgets to buy a home, with one-third planning to spend more than the median US home price of $405,000 at the time of the survey in November.

Consider 28-year-old aspiring homebuyer Ashley Nader, who <a href="https://www.businessinsider.com/housing-shortage-market-millennial-first-time-homebuyer-challenges-miami-ghosting-2021-11">previously told Insider </a>that she originally wanted to buy a house in Florida for under $400,000 so she could pay it off in 10 or 15 years. The lack of starter homes caused her to increase her budget by $200,000.

But she refused to put in an offer over asking price so she could avoid buyer's remorse. "I don't want to play that game," she said.

The search for affordability has also led to homebuying regret. The survey found that millennials' biggest regret (40%) was buying a home in a bad location. Almost half of millennials expanded their search location when house hunting. And they likely ended up buying in a more budget-friendly area that wasn't their first choice.

Some millennials turn to fixer-uppers as a more affordable option — 82% said they'd buy a house that needed significant repairs, more than the 67% of millennials who said the same in 2019.

The findings echo Bank of America's sixth annual millennial <a href="https://www.businessinsider.com/home-improvement-boom-housing-market-recovery-millennials-pandemic-2021-5">home-improvement survey </a>from last year, which found that more millennials were taking out significant loans to fund home-improvement projects. The data suggested that some millennials were resorting to buying old homes and renovating them as an alternative to attempting to outbid an all-cash offer, but some were now living in fixer-uppers they couldn't afford. But one in four of the millennials who bought a fixer-upper regretted their decision, the Clever Real Estate survey found.

Meanwhile, millennials also regretted bad neighbors (30%), a neighborhood that changed too much (30%), and upkeep that was too expensive (30%). They realized there were plenty of <a href="https://www.businessinsider.com/personal-finance/hidden-costs-homeownership-make-me-want-to-rent-2021-9">hidden costs </a>of homeownership, from HOA fees and property-tax increases to maintenance for landscaping and appliances.

Regardless of today's housing crisis, it seems that homeownership isn't always what it's cracked up to be.

Bite-sized knowledge
to upgrade
your career

More and more millennials regret buying their first home

Housing For Millennials

Stat

82% Have Regr

Biggest Regret Is Financial

IDEAS ABOUT

MORE LIKE THIS

The homeownership obsession

The Psychology Behind Real Estate Investing Risks: Do you have what it takes?

Regret Can Be All-Consuming: How You Can Overcome It

It's time to

READ

LIKE

A PRO!

Bite-sized knowledgeto upgradeyour career

More and more millennials regret buying their first home

Housing For Millennials

Stat

82% Have Regr

Biggest Regret Is Financial

IDEAS ABOUT

MORE LIKE THIS

The homeownership obsession

The Psychology Behind Real Estate Investing Risks: Do you have what it takes?

Regret Can Be All-Consuming: How You Can Overcome It

It's time to

READ

LIKE

A PRO!

Bite-sized knowledge
to upgrade
your career