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

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