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October 2023 » thefivestar.com 79 October 2023 J O U R N A L AMERICANS STRUGGLING WITH HOMEBUYER'S REMORSE, HOUSING COSTS M oving to a new home can be labeled a fresh start, a new chapter, or a change of scen- ery for many Americans. But for others, the process can be a major hassle and financial burden. The ever challenging and, on occasion, lengthy experience can sometimes bring on doubts and even regrets. In a new study, All Star Home surveyed 1,000 Americans to learn about their moving habits and the obstacles that can come with them. The study found more than 1 in 3—an estimated 36%—Americans have moved in the last three years, revealing the majority of those who have moved did so in 2020 during the pandemic housing boom. According to many Americans, mov- ing can be full of emotions and financial struggles. The hassle of packing up belongings, moving to a new place, and possibly even dealing with unexpected home repairs are reasons why some aren't completely happy with their move. Among homeowners who have moved in the last 3 years, roughly 1 in 5 regrets doing so. The top reasons why people regret moving (in order) include: 1. Unexpected costs 2. Missing their old neighborhood or city 3. Missing their old home 4. Wanting a bigger home 5. Paying too much for their new place The study found the average Ameri- can spends an estimated $4,200 on mov- ing costs, and that may be why 30% of respondents regret how much they spent on moving. While some people enjoy the convenience of hiring movers, some 54% of Americans chose not to. Among them, 23% regret not hiring professionals to help with their move. Buying a home can not only be time consuming, but it also has a major impact on finances, affecting most home- buyers and those who choose to relocate. In fact, nearly 1 in 4 (23%) of people regret how much they paid for their new home and 22% have buyer's remorse. Among those who moved in the last few years, some 46% were first-time homebuyers and 35% bought a starter home. Others were ready for a challenge as 22% bought a fixer-upper, but now nearly 1 in 3 regrets doing so. The study also found that sometimes the spending doesn't stop once you've bought your new home, with some 28% of Americans citing unexpected repair costs while moving. On average, they spent $4,000 on those unexpected ex- penses. With a competitive housing mar- ket, 15% waived the inspection for their new home. It may be a lesson to future homebuyers as nearly half (47%) who waived their home inspection regret it. Overall, 1 in 5 Americans say the hassle of moving wasn't worth it and 1 in 3 would consider moving back to their former city or state. For Americans who haven't moved in the last 3 years, 31% feel trapped in their current living situation due to high inter- est rates. Additionally, 79% believe buy- ing a home is significantly more difficult in 2023 than previous years. Around half of Americans are considering moving to another state someday. Additionally, 1 in 3 plan to move within the next 3 years. So, what is the main reason people are looking to pack up and leave? The reasons may vary, but the answer is sim- ple: they want to buy a new home. While moving can be a challenging process, homebuyer regrets will persist, but that doesn't necessarily mean buyers can't and won't find a home they're satisfied with.