Desperate home buyers are making critical compromises when buying a house — and living to regret their decision

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Desperate home buyers are making critical compromises when buying a house — and living to regret their decision
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Americans desperate to buy a home or trade up from their current home gave up on some of their most desirable requirements. Nearly one-quarter of home buyers confessed that they were unhappy with their final decision, a survey showed.

Americans desperate to buy a home or trade up from their current home gave up on some of their most desirable requirements, with nearly one-quarter of home buyers confessing that they were unhappy with their final decision.

“After previously buying in ‘normal’ market conditions, repeat buyers were 75% more likely than new buyers to be dissatisfied, but the market left much to be desired among first-timers who struggled to find affordable homes,” the report said. “Paying over the asking price is 11% more common among first-time buyers, who are also more likely than repeat buyers to offer more,” it added. “First-timers paid a median of $77,500 over the listing price, while repeat buyers offered $60,000.”

“One-third of buyers searched for three months or more for a house, 80% of buyers made more than one offer, and 1 in 3 actually submitted an offer sight unseen.”

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