Despite The Housing Market Frenzy, 80% Of Buyers In The Past Two Years Don’t Regret Their Purchases

... [+]Over 80% of home buyers don’t regret purchasing their homes in the last two years, despite a tough market and making significant compromises, according to a“The high satisfaction rate amid the hot market makes sense,” says LendingTree senior economist Jacob Channel. “Given the market climate, prospective homeowners were willing to do what it took to buy a home. And with low-interest rates in 2020 and 2021, buyers could make financial compromises to guarantee their purchase.

Appraisals are having a growing impact on mortgage approvals, possibly because of those rising home prices. Among those who bought their home in the past two years, 22% say they had issues getting their mortgage because of appraisal values. That’s compared with the 14% who bought between two and five years ago and the 7% who bought more than five years ago.

Buyers are not only turning a blind eye to the physical appearance of a home, but they are also ignoring the problems that could be hiding behind the walls. Buyers from the past two years are twice as likely to have opted out of an inspection for their new homes than buyers from more than five years ago — 24% versus 12%.

Clearly this is because interest rates are higher now, and they couldn't afford the same property if they had to buy it again today.

Yet

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Chicago housing market cools, with home sales down 15% in 2022December brought steeper declines, with the number of home sales in Chicago dropping more than 40% over the same month the prior year. Won't matter until interest rates go down along with Illinois excessive taxes. Otherwise, folks can't afford the note and if they try to they get taxed out of nicer homes.
Source: ChicagoBreaking - 🏆 521. / 51 Read more »

Red-hot Miami housing market expected to defy 2023 cost correction as blue state exodus continuesDouglas Elliman executive director of sales Dina Goldentayer discusses Southern Florida's thriving housing market as U.S. existing home sales continue to slow. Miami has seen the largest home value growth, among top 100 metros. Other Florida metros are also among the winners.
Source: FoxBusiness - 🏆 458. / 53 Read more »

Stock Market Crash: Top Investor Warns 3rd Leg of Bear Market Coming'Bear markets end with outright disgust': Top investor Peter Boockvar warns that a third leg of the sell-off is coming as investors remain too optimistic about corporate earnings and a Fed pivot
Source: BusinessInsider - 🏆 729. / 51 Read more »

University of California's $4-billion real estate investment will worsen housing crisis, unions sayThe University of California poured $4 billion into a real estate fund managed by Blackstone last month. UC employees and housing advocates point out the fund has been buying up homes and apartments, which they say is causing rents to rise. 😂😂😂
Source: latimes - 🏆 11. / 82 Read more »