In the five years since the COVID-19 pandemic, the way we live has changed. And so has the way we buy and sell our homes. Virtual viewings, sight-unseen offers, and bidding wars are now commonplace in the ultra-competitive market that has not slowed down in recent years, despite a volatile economy. Buying a home is often thought of as a one (or two) time thing. Property is a major investment that shouldn’t be taken lightly, but as people fled major cities mid-pandemic to settle down in the suburbs, compromises were made. And not all pandemic-era homeowners are happy with their decisions.According to the recent First Time Homeseller’s Report by the real estate experts at Opendoor, 94 percent of Gen-Z home sellers (and 86 percent of Millennials) who purchased during the pandemic have buyer’s remorse. “For Millennials, financial considerations were top of mind—37 percent underestimated maintenance costs, and 31 percent overlooked inflation and interest rates,” Amit Arora, Opendoor’s Chief Investment Officer explains. “Both groups were also affected by the fleeting nature of remote work. Now, they’re ready to course-correct.” These generations not only think they made mistakes, but they are also taking action to correct those missteps. According to Opendoor, 91 percent are selling the homes they bought during the last five years. Below, we’re breaking down the three most common reasons younger homeowners are regretting their pandemic-era home purchases.Related StoriesRemote Work Is No Longer the NormIn an effort to stop the spread of the COVID-19 pandemic, many companies in 2020 and 2021 transitioned their staff to a full-time work from home policy. At the time, it seemed like this style of work was here to stay—companies didn't collapse, in some cases productivity increased, and people loved being able to work wherever their heart desired. Now, with the pandemic behind us, more and more companies are pushing to be back in the office—and homeowners who moved away from their company headquarters are starting to feel the pressure to ‘return to office’ orders. Facing job loss, or heinous commutes, nearly 40 percent of Gen-Z homeowners admit to buying too soon and purchasing a home without considering how their long-term lifestyle would fit in with where they moved.Interest Rates and Inflation Continue to RiseIn 2020, the housing market saw a major shift in pricing, inventory, and mortgage rates. “The low-interest rate buying frenzy in 2020 and newfound flexibility with remote work led to a wave of regret,” explains Arora in Opendoor’s survey. As the economy rebounded, the COVID deals that encouraged so many to buy are dwindling. And inflation shows no sign of slowing down—in fact, prices seem to be going up. With an increasing cost of living while the overall economy is in a freefall, many first-time homeowners are considering selling their homes and returning to rental leases.Maintenance Costs Are Too UnpredictableDespite people staying in their homes longer than previous generations (about 2.3 years longer than average, according to Opendoor’s data), younger generations aren’t viewing their homes as a ‘forever thing.’ Instead, Gen-Zs and Millennials see a home purchase as something they’ll sell when it’s no longer financially viable or doesn’t make sense for their current lifestyle. In contrast, Boomers and Gen-X buyers purchase homes with longevity and a traditional ‘forever home’ mentality. Because of their short-term mindset, younger generations no longer see home repairs, renovations, or maintenance costs as a necessary expense. So What Happens Now?As Gen-Z and Millennial first-time home sellers look to offload their pandemic-era purchases, they’re also not reentering the real estate market right away. Instead, Opendoor reports that a home-seller “gap year” is becoming increasingly common; that is to say, buyers are waiting a year or more after selling before purchasing a new home. “With affordability still a challenge, many are hitting pause altogether: 64% of first-time home sellers aren’t planning to buy right away,” Arora explains. “Instead, they’ll live with friends or family, rent, or wait for better conditions.” Follow House Beautiful on Instagram and TikTok.