Some 93% of recent homebuyers say the real estate market significantly impacted their homebuying experience—compared to 88% in 2022—according to a new report from Clever Real Estate. Despite the market cooling slightly in 2023, three-fourths of recent homebuyers (75%) paid more than the national average of $516,500 on their home.
- A majority (51%) of Americans think it’s a bad time to sell a home and an even worse time to buy (53%).
- The average homebuyer spent 23% more on their home than the national average price of $516,500 and 31% more than the $500,156 they paid in 2022.
- A majority of recent homeowners (58%) say they overpaid for their home.
- More than half of homebuyers (56%) have felt in over their head financially since purchasing their home, and almost two-thirds (62%) have struggled to make mortgage payments on time.
- More than 1 in 4 recent home buyers say their overall financial situation has deteriorated (27%) and their debt burden (29%) has gotten worse since purchasing a home.
- The percentage of homeowners who said buying a home was more difficult than expected increased from 30% in 2022 to 44% in 2023 because of financial reasons such as exceeding their budget (45%), high interest rates (42%), and expensive home prices (42%).
- The percentage of homes that sold within one month decreased by half—from 55% in 2022 to 28% in 2023—indicating a cooling market.
- A majority of sellers (57%) made less than $50,000 on their home sale, and 1 in 14 (7%) actually lost money or broke even.