90 Percent of Homeowners Don’t Regret Decision

July 12, 2010 No Comments »

good buy

An overwhelming 90 percent of homeowners don’t regret buying their homes, according to a new survey from consumer finance site Bankrate.com.

A “mere” nine percent said they do regret the decision, though with default rates in the teens, it kind of makes you wonder if it’s not more.

Among those who do regret buying property, the most common complaint was the inability to ditch, along with trouble making mortgage payments each month.

“It’s surprising – and reassuring – to hear 90 percent of homeowners say they don’t regret the purchase of their current homes,” said Greg McBride, CFA, senior financial analyst for Bankrate.com, in a press release.

At the same time, 25 percent of Black homeowners said they did regret buying their homes, with respondents mostly saying they couldn’t afford payments.

This group was also the most likely to hold adjustable-rate mortgages and option arms, which may explain their discontent.

Better Mortgage Awareness

Only eight percent of all those those surveyed didn’t know what type of mortgage they had, compared to 26 percent two years – so I guess that’s the silver lining to this ongoing mortgage crisis.

Fixed-rate mortgages continue to surge in popularity, with 79 percent of respondents saying they have one on their home.

The poll of 1,001 randomly selected adults was conducted by Princeton Survey Research between June 24-27.

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