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Recent U.S. homebuyers are being hit with a massive wave of regret

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For all those speculating that you haven’t taken advantage of the historically low mortgage rates available in 2021 and earlier this year, it turns out that grass isn’t always greener as a homeowner.

One study found that one in five Americans has moved since the COVID-19 pandemic began in March 2020. Harris Poll New Survey shared exclusively luckThe survey, conducted in mid-November, included a nationally representative sample of approximately 2,000 US adults (1,296 homeowners, 615 renters).

44% of people who changed their address in the last two and a half years report regretting moving to their current home.

This may be due in part to the fact that the majority (59%) of those who chose to relocate said their decision was unplanned or unexpected. The voluntary nature of the move probably caused financial stress and may have led more people to compromise on the location and nature of their properties, which we now speculate.

The biggest reason for these moves? More space, according to about two-thirds of survey respondents. It makes sense given that COVID-19 lockdowns have forced many Americans to live and work at home far more than they did pre-pandemic, making extra space at a premium. I’m here.

Other big motivations for the move among Americans included finding more affordable housing and cost of living. He said he made a sizable profit on rentals or low interest rates.

Interestingly, about 56% of those who moved said they had a motivation to seek a safer neighborhood. And while crime rates skyrocketed during the pandemic, Homicides surged nearly 30% in 2020— to some extent, seeking security is even more basic.

These days, many Americans are grappling with what experts call a “stacking crisis.” This includes the COVID-19 pandemic, the fallout from war in Ukraine, historic levels of inflation, and many more climate disasters. Harris Paul Futurism.

“We’ve been through all the other crises, so our security is shattered. All of these things seem to have a huge impact on consumers and the human psyche,” Rodney said. say. “Shelter and housing are essential to restore a sense of security, which is a basic principle.”

With rising interest rates and continued inventory shortages, buying a home can be difficult right now, but 39% of Americans surveyed want to move to a new home within the next three years. Harris found that more than half of these prospective homeowners are considering rural and suburban destinations. “This is due to the ability to work remotely, but it is also driven by the fact that people feel less safe in cities,” he says.

Of course, cost is another factor that makes suburban and rural properties attractive.with The average 30-year mortgage rate is currently hovering at 6.49% (It could go even higher as more Federal Reserve rate hikes are expected.) Many homeowners are being forced to recalculate what they can afford and where they can afford to buy. increase.

Thankfully Housing boom during pandemic Pundits like Fed Chairman Jerome Powell recently said, “Hopefully [the market] It will come out in a better place between supply and demand. “

But Rodney says relying on market forces may not be enough. “There is no doubt that some transformation is needed to simplify these things and get people to live in housing so that people can start to regain the basic security and peace of mind they really want at this time. You can,” Rodney says.

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