Why homebuyers are regretting their purchase more than ever
Timing shapes the depth of regret. Among buyers who purchased in 2022 — when rates were climbing sharply and competition was fierce — 32% said it was not a good time to buy, the highest share of any cohort since 2000.
Kurt Strandson, president and CEO of Pinnacle Mortgage in New Hampshire, told Mortgage Professional America earlier this year that the competitive conditions of recent buying cycles left buyers in a difficult position.
“When someone’s going to bid on a house, they’re bidding over asking, waiving inspections, doing appraisal waivers, appraisal gaps,” he said.
“And it was increasing the cost to acquire housing.”
Strandson added that first-time buyers carry particular risk when they enter a pressured market. “When they’re coming into their first home, they usually don’t have the largest down payment. They don’t have the most reserves. So you want to be able to get into safe housing and put people in a better position,” he said.
