2 in 3 Recent Homebuyers Struggle to Pay Their Mortgage in 2023

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May 31, 2023, 08:33 ET

With 58% of recent homebuyers saying they overpaid, 62% have struggled to pay their monthly mortgage on time — and almost all (93%) say they have regrets.

ST. LOUIS, May 31, 2023 /PRNewswire/ -- Despite the market cooling off a bit in 2023, three-fourths of recent home buyers (75%) paid more than the national average of $516,500 on their home, according to a new survey from Clever Real Estate, a St. Louis-based real estate company.

More than half of recent home buyers (56%) have felt financially overwhelmed since purchasing their homes. More than 1 in 4 (27%) say their overall financial situation has deteriorated since becoming homeowners, while 29% report that their debt burden increased.

What regrets do you have about your home-buying experience?

Which of the following have gotten worse since purchasing a home?

Given that nearly half (45%) of Americans exceeded their home-buying budget in 2023 and 58% think they overpaid for their home, it follows that 56% of recent home buyers had to take on additional debt to maintain their lifestyle since purchasing a home.

Furthermore, 44% of buyers say purchasing a home in 2023 was harder than expected, and 52% reported that their overall happiness has not improved since purchasing their home.

The survey also revealed that a staggering 93% of recent home buyers have regrets — up from 72% of buyers who said the same in 2022. Nearly all recent home buyers (93%) compromised on their priorities, compared to 80% in 2022.

More than half of buyers (53%) accepted loan terms with a higher-than-desired interest rate to secure a mortgage, with first-time buyers 11% more likely than repeat buyers to take on the additional expense.

Overall, more than one-third of recent home buyers (36%) say they weren't satisfied at all with their home-buying experience.

And buyers aren't the only ones unsatisfied with recent market conditions — 95% of sellers have regrets about their home-selling experience, with 26% regretting too many concessions with the buyer and 19% regretting how long they waited to list their home.

A majority of sellers (57%) made less than $50,000 on their home sale, and 1 in 3 (38%) aren't satisfied with their profit.

Read the full report at: https://listwithclever.com/research/homebuyer-report-2023/

About Clever Real Estate

Clever Real Estate was founded in 2017 with the mission of making buying and selling real estate easier and more affordable. Clever's primary service matches sellers and buyers with local real estate agents, providing lower rates for the client and leads for the agent. To date, Clever's agent network includes 12,000 agents across all 50 states.

Please contact Jaime Seale at [email protected] with any questions or for an interview.

CONTACT:
Jaime Seale
PR Writer and Strategist
Clever Real Estate
417-439-2641

SOURCE Clever Real Estate