As the Real Estate Season Heats Up, Redfin Says Avoiding Home Regret Starts with the Right Agent
One in four American homeowners (25%) who bought the home they’re currently in said that they would not buy their home again if they had to do it all over, according to a nationwide survey from Redfin and conducted online by Harris Poll among more than 2,000 U.S. adults. This survey of American homeowners also revealed that 89 percent of Americans who bought or sold a home in the past 10 years have used a real estate agent, with 47 percent of those saying they “loved working with” their agent. The poll also revealed a sharp generational divide in attitudes toward real estate agents: 31 percent of homeowners ages 18 to 34 who have bought or sold a home in the past 10 years loved working with their agent, compared with 52 percent of homeowners ages 35 to 44.
“We commissioned this survey because Redfin agents have seen firsthand the pressure homebuyers face in 2014,” said Glenn Kelman, Redfin CEO. “With flash sales, bidding wars, price jumps and inventory crunches in many markets, it’s important to have a real estate agent who is just as motivated to have you walk away from a bad house as to pounce on a good one.”
Real estate agents are often incredible advocates, guiding people through the highs and lows of buying or selling a home. But the survey found that not all homebuyers were satisfied with their agent. Thirty-two percent of Americans who bought or sold a home in the past 10 years and used an agent felt their “agent was OK, but I never really felt they were on my side or very helpful” and 8 percent said their “agent was one of the worst parts of the home buying or selling process.”
“I see people agonize over market direction, how much to offer for a new home and how they should price their home for sale — but the biggest way you can build or destroy wealth is by buying the right or wrong house,” said Marshall Park, a Washington, D.C., Redfin agent. “We want customers to know everything about any home they are considering and to get the space and support they need to make a good decision. This is what Redfin agents and any good real estate agent will do for clients.”
Rather than being entirely paid on a commission, Redfin agents get a salary, benefits and a customer-satisfaction bonus. To measure customer satisfaction, Redfin surveys each customer and then publishes every response to the agent’s online profile. Ninety-seven percent of customers would recommend Redfin agents.
More homebuyer sentiments from the survey include:
Regional Differences: Buyer’s remorse among homeowners was acknowledged more frequently by those in the Midwest (28%) than those in the West (20%). Home regret in the Northeast was 27 percent and in the South was 25 percent.
Age: The age group with the least buyer’s remorse was 65 and older, with 85% saying that they would buy their home again (compared with 72% of those ages 18 to 64).
Gender and Family: Other groups that expressed higher levels of buyer’s remorse were women (27%) and people who have children under 18 in the home (28%).
Household Income (HHI) and Education: People who have a HHI of $100,000 or more expressed more satisfaction with their homes (86%) than those with a HHI of less than $100,000 (70%). Those with a college degree or higher education had higher home satisfaction (82%) than those with at most some college education (72%).
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Harris Survey Methodology
This survey was conducted online within the United States by Harris Poll on behalf of Redfin from March 31-April 2, 2014 among 2,027 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact firstname.lastname@example.org. If you’re new to the home buying process, avoid the remorse and read our guide on how to buy a home.