Homeowner Satisfaction Rate at 72%, Highest for Short Sale Purchasers
01/30/2012 By: Krista Franks
Seventy-two percent of homeowners say they are satisfied with homeownership, according to a recent survey of more than 1,400 homeowners conducted by HomeGain, a provider of online marketing programs that connect agents and brokers with home buyers and sellers.
Among the 28 percent who said they were dissatisfied, 63 percent cited price depreciation as the main reason for their dissatisfaction.
Other dissatisfied homeowners cited the costs of owning and maintaining a home as major reasons for their dissatisfaction.
HomeGain also assessed satisfaction levels by sales type and found that homeowners who purchased a home through a short sale were the most likely to be pleased with their choice.
Eighty-three percent of short sale purchasers were satisfied homeowners.
Homeowners who purchased foreclosed homes were the group next likely to be satisfied with owning a home. The group reported a 79 percent satisfaction rate.
Existing-home and new home purchasers were least likely to be satisfied, though a majority of these homeowners
Among the 28 percent who said they were dissatisfied, 63 percent cited price depreciation as the main reason for their dissatisfaction.
Other dissatisfied homeowners cited the costs of owning and maintaining a home as major reasons for their dissatisfaction.
HomeGain also assessed satisfaction levels by sales type and found that homeowners who purchased a home through a short sale were the most likely to be pleased with their choice.
Eighty-three percent of short sale purchasers were satisfied homeowners.
Homeowners who purchased foreclosed homes were the group next likely to be satisfied with owning a home. The group reported a 79 percent satisfaction rate.
Existing-home and new home purchasers were least likely to be satisfied, though a majority of these homeowners
were still satisfied. Seventy-one percent of existing home purchasers and 73 percent of new home purchasers said they were satisfied.
Homeownership satisfaction varied somewhat by region with the highest satisfaction rates in the Northeast – 77 percent – and the lowest in the Midwest – 68 percent.
The Southeast and West fell in between at 73 percent and 71 percent, respectively.
When comparing satisfaction among homeowners of different age groups, HomeGain found that satisfaction was greatest among older homeowners and least prevalent among the youngest homeowners.
Homeowners ages 18 to 25 were the only homeowner to report more than a 50 percent dissatisfaction rate.
Fifty-five percent of homeowners ages 18 to 25 were dissatisfied with homeownership, while 24 percent of those 55 and older expressed dissatisfaction with being a homeowner.
The survey also found that home value was inversely related to homeownership satisfaction. Those whose homes are valued at less than $75,000 are 77 percent likely to be satisfied homeowners.
The rate trends steadily down as prices rise, with the highest category in the survey – homes valued at more than $801,000 – bringing in the lowest satisfaction rate – 69 percent.
Sixty-seven percent of dissatisfied homeowners with homes valued more than $801,000 cited price depreciation as a primary source of their discontent.
For those with homes valued less than $75,000, price appreciation was not a major factor in their outlook. Fewer than 40 percent of these homeowners cited price appreciation or depreciation as the primary reason for their position on homeownership.
Homeownership satisfaction varied somewhat by region with the highest satisfaction rates in the Northeast – 77 percent – and the lowest in the Midwest – 68 percent.
The Southeast and West fell in between at 73 percent and 71 percent, respectively.
When comparing satisfaction among homeowners of different age groups, HomeGain found that satisfaction was greatest among older homeowners and least prevalent among the youngest homeowners.
Homeowners ages 18 to 25 were the only homeowner to report more than a 50 percent dissatisfaction rate.
Fifty-five percent of homeowners ages 18 to 25 were dissatisfied with homeownership, while 24 percent of those 55 and older expressed dissatisfaction with being a homeowner.
The survey also found that home value was inversely related to homeownership satisfaction. Those whose homes are valued at less than $75,000 are 77 percent likely to be satisfied homeowners.
The rate trends steadily down as prices rise, with the highest category in the survey – homes valued at more than $801,000 – bringing in the lowest satisfaction rate – 69 percent.
Sixty-seven percent of dissatisfied homeowners with homes valued more than $801,000 cited price depreciation as a primary source of their discontent.
For those with homes valued less than $75,000, price appreciation was not a major factor in their outlook. Fewer than 40 percent of these homeowners cited price appreciation or depreciation as the primary reason for their position on homeownership.
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