Regional Differences

Not every region is seeing the same degree of buyer dissatisfaction either. For instance, the most satisfied 2020 and 2021 buyers hail from the Pacific Northwest region while the least satisfied buyers are from the Southeast region, with states such as Alabama (62.3%), Kentucky (56%), Tennessee (52.9%), and Oklahoma (33%) showing the most dissatisfaction.

Southeast: Lifestyle Changes

Out of the respondents in the Southeast region who are no longer satisfied with their home purchase from 2020 and 2021, two out of five are most likely to cite their lifestyle needs changing as the reason for their dissatisfaction (25%).

They were also more likely to change their mind about buying a home or investment property in the future because there is more inventory (45.5%).

Northeast and Midwest: Size Reconsiderations

Meanwhile, respondents in the Northeast region (47%) and the Midwest region (38%) who are no longer satisfied with their home purchase from 2020 and 2021 are most likely to cite the property size being too big or too small as the reason for their dissatisfaction. Could Northeastern respondents’ discontent about their property size be attributed to the relocation pioneers who moved out of New York City as the first COVID-19 wave hit the city?

Buyers in the Northeast and Midwest also seem to be more open to making moves as market conditions shift in their favor. Over four in five dissatisfied respondents based in the Northeast region (83%) and Midwest region (82%) said current market conditions have changed their mind about buying a home or investment property in the future, compared to less than two thirds (62%) of respondents in the Southwest region.

West and Southwest: Location Woes

Location plays a bigger role in the West, where 43% of dissatisfied respondents said that they are no longer satisfied with their home purchase from 2020 and 2021 because of the community they chose.

About 29% of Southwestern-based dissatisfied respondents reported the same. Of these buyers who purchased homes in Arizona and Colorado over the last two years, about a quarter are planning a home purchase in the near future, and plan to do so within the next 11 months. About 41% of them said they are likely to change their mind about buying a home or investment property in the future because there’s less competition for homes.