Ways Recent Home Buyers Succeeded in Today’s Market

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With interest rates rising as fast as prices, 88% of recent buyers said that the market had affected their home-buying plans, with 38% saying they increased their budget and 36% fast-tracking their plans.

A new study by Anytime Estimate surveyed 1,000 recent buyers to learn about the strategies they used to succeed in their home search. The study’s findings paint a picture of a highly competitive market where sellers and repeat buyers have distinct advantages — and first-time buyers are left to scramble.

However, there were some patterns among successful buyers, suggesting an optimal way to navigate today’s market. Here's how recent home buyers landed their houses.

Nearly a third of recent buyers (31%) paid more than the asking price for their homes. While that’s to be expected in a competitive market, many offered far more than is typical.

They Paid a Premium

The top priorities for these buyers were a good neighborhood (50%) and price (45%). Yet 25% of buyers ended up settling for a home in a less-than-ideal neighborhood, and 35% of buyers exceeded their budget.

They Compromised

The survey found that over a third of recent buyers (36%) made an offer on a home sight unseen. While virtual home tours have become impressively immersive, this is still an obvious risk.

They Took Some Big Chances

About 1 in 6 recent home buyers (17%) said they regretted their purchase, in part, because they bought sight unseen.

And Those Risks Didn’t Always Pan Out

But conventional buyers also experienced buyer’s remorse at a significant rate. Overall, 72% of all buyers said they had regrets about the home they bought. The most common reason for these regrets was paying too much, cited by 30% of buyers, followed by buying too quickly (26%).

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