I can’t link it here, but it’s easy enough to Google (Bankrate conducted the survey). Some key takeaways:
Boomers are not experiencing the same level of buyer’s remorse: “64 percent of millennial homebuyers (ages 25-40) have some regrets about their purchase compared with just 33 percent of baby boomer buyers (ages 57-75).”
Unhappiness over size/location were the biggest factors for regret: “According to the survey, 15 percent of [millennials] said they disliked their new property’s location. Meanwhile, around 30 percent felt the home was not the right size.“ I would assume both of these stem from buying sight unseen/not taking time to explore the neighborhood, but location issues might also stem from urban residents COVID-panic buying in suburbs/exurbs and realizing they hate suburban life, or having their companies call them back to the office.
Maintenance costs are the second biggest reason for millennial regret. “More than 20 percent of millennial homeowners said they felt the costs of homeownership were too high.” Again, this stems from buying sight unseen, waiving contingencies, and purchasing fixer-uppers to save money.
Speculating for a moment, I think such a high level of buyer’s remorse might be a large contributing factor to a market correction in the very near future. Prices are starting to plateau in many markets, and people who bought before the latest surge in prices (i.e in early/mid 2020) may try to unload their houses en masse, since they’ve appreciated enough to at least recoup closing costs and if they’re lucky, a year’s worth of maintenance costs/taxes/other fixed costs. Such a huge flood of inventory would snowball, as more and more people try to sell as quickly as possible to avoid selling at a loss, flooding the market with inventory and driving prices down. If that happens, I don’t see them rising again as precipitously as they did in 2021, since the market will be wiser and more cautious.