Home Buying

1 in 3 people feels ‘trapped’ in their housing situation, report finds

And 79% of those surveyed said buying a home is significantly more difficult now.

A for-sale sign stands outside a home on Nevada Avenue in Colorado Springs, Colo., in June. About a third of the respondents in a survey said they feel trapped in their housing situation. Associated Press

By Boston.com Staff

September 27, 2023

1 minute to read

It’s a brutal housing market out there. It has been for years.

To gauge buyer sentiment, All Star Home, a home improvement service provider, surveyed 1,000 homeowners across the United States about their moving habits and regrets.

They released the findings on Tuesday. Here are the highlights:

One-third feel ‘trapped’

Of the respondents who haven’t moved in the past three years, about a third feel trapped, 33% plan on moving, and nearly 80% think buying a home is more difficult now.

One in 5 regrets moving

Unexpected costs are the biggest regret, followed by missing an old neighborhood or city, as well as missing an old home.

Multiple reasons for buyer’s remorse

Nearly one-third regret how much they spent on moving, while about a quarter of the respondents said they wish they hadn’t paid what they did for their new home. High mortgage rates also played a role. The mortgage rate slid past 7% weeks ago and shows no signs of slipping into the sixes anytime soon.

Twenty-two percent of the respondents who purchased a home bought a fixer-upper, and of those respondents, 32% regretted it, according to the survey.

Housing experts have warned buyers not to waive the home inspection to get a property. Nearly half of the buyers All Star Homes surveyed who did so regretted it.