Five years after the arrival of COVID in the US, 94 percent of Gen Z and 86 percent of millennial first-time homesellers say they regret their pandemic-era purchase, according to an analysis by Opendoor.
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During the COVID pandemic, eager homebuyers flooded the market, driven by remote work flexibility and historically low mortgage rates. For many first-time buyers, it seemed like the perfect time to invest, but now many are regretting it.
According to Opendoor’s First-Time Home Seller report, 94 percent of Generation Z, 86 percent of millennial and 48 percent of baby boomer first-time sellers are taking accountability for their pandemic purchasing mistakes.
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Competition was fierce and inventory was tight during the pandemic, leaving buyers with little choice but to act fast. Many failed to consider long-term lifestyle choices while others failed to consider the impact purchasing would have on their finances.
Freddie Mac Chief Economist Sam Khater pointed out just how intense the homebuying spree was, noting that in 2021 alone, the agency financed 554,000 loans for first time-buyers. Existing-home sales reached 6 million that same year — even as home prices soared.
Unfortunately, for many buyers, rushed decisions are now catching up with them: 79 percent of first-time sellers surveyed admitted to making mistakes, and 91 percent said those mistakes influenced their decision to sell.
Angel Mosely, a millennial buyer who purchased in 2019, was ecstatic to move her family into their first home in Clarksville, Tennessee. Looking back, Mosely said there are a few things she wishes she had done differently, and encourages first-time buyers to do the same.
“Educate yourself. Don’t feel like you’re overworking your Realtor. If they show you 100 houses, that’s their job. I found a Realtor, and then I kind of let her run the show.”
Mosely also regrets not paying closer attention to interest rates, home warranties and ensuring a thorough home inspection.
Many Gen Z sellers now realize they purchased too soon or failed to consider long-term lifestyle fit. Millennials, on the other hand, were more impacted by financial factors, such as underestimating maintenance costs and overlooking inflation and interest rates. Across all generations, financial uncertainty and the fleeting nature of remote work added to the challenges.
Now, 81 percent of these sellers are walking away from what they once considered their dream home, but moving on isn’t easy.
High mortgage rates have locked many homeowners into their current properties, while rising home prices continue to push affordability further out of reach. As a result, many first-time sellers are experiencing a “gap year” in homeownership — opting to rent, move in with family or friends, or simply wait for better market conditions before buying again.
For some, renting — once seen as a temporary solution — has become a more attractive option. Mosely, who sold her home in January 2025, finds herself back in the rental market after outgrowing her 1,300-square-foot space.
While renting offers flexibility, she acknowledges the financial trade-offs, “For short term, renting would be the more financially feasible option, but if you’re looking for long term, homeownership is definitely the way to go. Right now, we’re paying $22,000 for the year. That $22,000 is going into someone else’s pocket, versus going into mine.”
Breona Calvert, another millennial first-time seller, purchased her home in Marysville, California, in 2018, just before the pandemic — though the pandemic shutdown had a rippling effect on the family’s finances.
Despite pandemic challenges, Calvert’s family remained in the home for nine years before deciding to sell in 2024.
As she neared the end of her military career, she was offered a job in Washington, D.C., and saw an opportunity to relocate. Initially, she and her husband decided it was best to sell, with no plans on returning to California.
Looking back, Calvert has no regrets about her purchase or sale, but admits that she also could have made better on her investment.
“If you plan to sell your home, start making upgrades and repairs to your home over time,” Calvert said. “You never know when an opportunity will come up for you to sell. We had an ideal corner lot with a lot of curb appeal. I know we could have gotten more, but again, it wasn’t about the money. It was about being stress-free and on our way to making new memories elsewhere.”
Email Richelle Hammiel
