Do You Have a Case of Buyer’s Remorse?
We’ve all heard of buyer’s remorse. It is a malady that most people experience when making a big purchase. A house, for example. I recall buyers calling me in tears after finally getting an accepted offer. After finally finding the home that met their criteria. And, after a long, hard search. It was a visceral response and one borne out of many factors. It’s perfectly normal as a buyer to second-guess yourself. Did you pay too much? Will you have enough money for improvements? What if the market tanks or a better property comes along? Will you like your new neighbors? Will they like you? There may be many reasons for buyer’s remorse, but the fact is that it all boils down to fear. Fear of making the wrong decision.
No doubt, buying is complicated, especially in a changing market. There are so many voices. Negative press, the opinions of family members and friends, plus other external factors can wreak havoc on your already vacillating emotions.
Buyer’s Remorse is Normal
It helps to know that buyer’s remorse is normal. Anticipating your own emotional response to buying will help you manage your emotions. Prepare to feel a bit sucker-punched after signing on the dotted line, but commit to staying focused and positive. Setting clear expectations is important. Be mindful of your initial goal. Your desired outcome. Stay calm and recognize that the home you are purchasing fits your criteria. You’ve searched long and hard. If you’ve gotten an accepted offer on a property, it’s likely the right property for you.
No Property is Perfect
Yes, there may be hiccups along the way. Surprises will crop up during the home inspection. But, every purchase has hiccups, and every home has some issues. There is no perfect property. You made an offer because the home met your needs. You sharpened your pencil and crafted an offer because you wanted the property. So, ignore the butterflies and don’t fall prey to Buyer’s remorse.
Don’t Ignore Red Flags
Of course, it is important to pay attention to real red flags. If a home inspection report reveals major structural, electrical, plumbing or other major material deficiencies, then reconsider. Cancel if you must. After all, not every property is the right property. Just be sure you aren’t allowing your emotions to rule your decisions. Don’t let unfounded fears discourage you from moving forward on your purchase. If you’ve done your homework, research, and due diligence, the home you are buying is likely the right home for you. A little remorse is normal, but don’t let it ruin what may likely be the best decision you ever make!
Enjoy Your New Home
Oh, and those Buyers who called me in tears after they bought their home? They said goodbye to remorse and hello to their new home. They raised their kids in that home. Created memories. Later, they sold it at a hefty profit. Those momentary tears turned into years of joy and a very sound investment!