CHARLOTTE, N.C. — Moving to a new home can be an exciting, fresh start. However, a survey conducted in August by All Star Home revealed that 20% of Americans regret it.
The home contractor company found that, over the last three years, 36% of Americans moved to a new home. The largest number of people moved in 2020 when the world started to shut down because of COVID-19.
Caroline Jones, a spokesperson for All Star Home, told WCNC Charlotte anchor and reporter Jane Monreal that the company asked a thousand people about their thoughts on moving.
"That seemed like the move at the time, but we're seeing that many people actually regret this decision," Jones said.
She said the biggest reason people regretted moving was all of the unexpected costs.
"We found that, on average, Americans spend an extra $4000 just on unexpected costs alone, and another $4200 on the moving costs."
The Raleigh-based company's survey also showed that homeowners missed their old neighborhood, city, or previous home, among other reasons.
While 37% of Americans made a move in 2020, that number has declined ever since, with only about 13% making a move in 2023, so far.
Jones said many of today's non-movers are just waiting it out.
"One in 3 feel they would like to get out of their current situation, but they do feel trapped due to the current high interest rates," she said.
Jones also pointed out that 50% of people who moved since 2020 were first-time home buyers.
"This shows that they could've been less experienced," Jones said. They were caught up in the moment and the excitement of owning their first home, but they didn't exactly know what would come with that, the unexpected cost they would see."
Jones added that the fall and winter seasons are less competitive times to buy homes. But, like any big purchase, it's wise to weigh everything, such as continuing high interest rates, to make sure the decision is right for you and your family.
Contact Jane Monreal at jmonreal@wcnc.com and follow her on Facebook, X and Instagram.
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