Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6965488920339857408
#Finance #Markets #Data #Trends #Homes #HomeBuyers
#Consumer #Behavior #Psychology #Cognitive #Dissonance
How Buyers Landed a Home in Today’s Competitive Market (2022 Study): 3 in 4 Buyers Have Regrets About Their Home Purchase: 1 in 3 Buyers Paid Over #Asking #Price for Their Home: More than 1 in 3 buyers (36%) made an offer on a home without seeing it in person first… However, 1 in 6 buyers (17%) regretted purchasing a home without seeing it first.: https://lnkd.in/g-8wnhhS: Almost one-third of buyers (31%) paid over #askingprice. More than half of buyers (55%) bought a #fixerupper, but 1 in 4 (24%) regret it. Three-fourths of home buyers (72%) have regrets about their home purchase, with 1 in 3 (30%) saying they spent too much money.
First-timers paid a median of $510,000 for a home in 2021 and 2022 — about 13% more than the $450,000 that repeat buyers paid. 70% of buyers in 2021–2022 bought a home for the first time. Approximately half of buyers (45%) wanted an #affordable #home, but more than 1 in 3 (35%) had to offer a higher price, but 1 in 5 buyers (20%) weren’t satisfied with the home they purchased.
#Whipsaw #Effect: Cooling #Home #Buyers, Rising #Home #Inventory #Glut:
#Builder #Confidence Underwater: Falling for 8th Consecutive Month:
Roughly one-in-five (19%) home builders in the HMI #survey reported reducing prices in the past month to increase sales or limit cancellations. The median price reduction was 5% for those reporting using such incentives.: https://lnkd.in/ggwDyjdg
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