The FINANCIAL -- SAN FRANCISCO, -- Trulia, a home and neighborhood site for homebuyers and renters, released the results from a research survey to find out how many Americans experience "neighborhood regret," and discover new strategies to prevent buyer and renter remorse in the future. The survey, conducted online by Wakefield Research of 1,000 Americans found that 36% of those who recently relocated would have moved to a different neighborhood than their current one; additionally 77% agree there is no single reliable source for complete neighborhood information. This research was released in conjunction with the launch of Trulia Neighborhoods, a first-of-its kind product giving people a genuine feel for what it's like to actually live in a neighborhood.
Neighborhood Regret is Highest Among City Dwellers
If given the chance to do it again, nearly half (46%) of city residents say they would choose a different neighborhood. Rural (31%) and suburban (30%) residents, however, were slightly less likely than city dwellers to say that they would want move to switch neighborhoods if they could do it over again.
Way of life or "vibe" has a significant influence on homebuyers and renters. Residents want to be as sure as possible that the neighborhood is as good a fit for their lifestyle as the house itself. Nearly half (48%) believe the "vibe" or feeling of the neighborhood had a significant influence on their decision to move there, followed by commute time (37%) and crime rates (37%). Among the issues homebuyers and renters experience that lead to unhappiness include; lack of social activity (28%), street noise (21%), frequent traffic (16%) and lack of public transportation (16%).
No Single Source for Neighborhood Information
Unfortunately, most home buyers and renters failed to do their homework before moving in. Only 38% searched for photos of different parts of the neighborhood and even less (37%) visited popular local spots.
An issue highly correlated to neighborhood regret, safety, was among the least researched neighborhood attributes. An overwhelming majority (74%) of homebuyers and renters did not research police reports before moving into their current home. Nearly half (47%) did not visit their current neighborhood at night before buying or renting their home. Slightly more than half (54%) consulted with only two sources or fewer for information about their current neighborhood.