Al and Cal Homes and Community: Buyers Remorse and How to Avoid It

Buyers Remorse and How to Avoid It

confusionBuyers Remorse  and How to Avoid It

What is Buyers Remorse?

Simply put, buyers remorse can be rephrased to "What the heck did I just do".  It  is a feeling of uneasiness or anxiety coupled with with the sense of regret that one can experience after making a purchase.   This usually happens with a large purchase such as a car or a home, but if you are anything like me, it can be triggered over any purchase.    In fact, it just happened with a purchase of new eye wear.    Of course with the big ticket item it is far worse, speaking from experience that is.  

Will You Get It?

Probably, but don't worry too much.    Over the years, I have learned to tell Buyers about this syndrome.  If they know about it they don't seem as shocked when it happens to them.    When the house hunting process turns into home buying process, anxiety over whether the right decision has been made seems to be kind of normal. 

Experience tells me that buyers might feel remorse at some point after an offer is accepted and right up until and even after the closing.   

One might think,   Can I really afford this?   What if something better comes up?    Am I making the right choice?   Do I really want to make this commitment?  

 It is only natural that such a life changing event can create doubts.  Fortunately for most it doesn't last long.

Avoiding with Buyers Remorse

There are things you can do to avoid "buyers remorse" syndrome before it happens.   Most of it boils down to knowing what you want, not impulse buying and having the professionals do what they do best. 

  • Recognize that it might happen to you.   If you know that people experience this and that it only lasts for awhile, then you won't feel so freaked out when you do have those nagging thoughts and sense of regret.   Recognize that we are all different and you might experience this before the closing and have it pass only to have your spouse experience it at a different point in the transaction.
  • Know what's important to you.    If you really know what it is that you want in a home, and probably more importantly what you don't want, you will feel comfortable in your right decision.  
  • Do your homework.   Research the area and look at comparable sales.  Do your home inspections and be present during them.     You will feel more in control of your emotions if you know you have looked at all the facts.  
  • Use your professionals.    Identify the Realtor that you believe will be the best guide.  Don't skimp on the home inspections.  Hire a real estate attorney to review your contracts, and go through a seasoned mortgage broker to help you obtain the right mortgage product.   A key to avoiding buyers remorse is to avoid the unexpected.  While that is easier said than done in a real estate transaction, knowing that you have covered your bases will put your mind at ease.
  • Understand "friendly" advice.   If you have been looking for a home for some time, you know that everyone you talk to has an opinion about something.   That can go from price, to neighborhood, to how to get a great deal, to how many bedrooms you need.     Recognize that this advice, as well meaning as it is, may not come from current information or circumstances.    Rely on your footwork, your professionals and your homework.  
  • Take your self off the market.   Focus on the next step whatever that may be and stop looking at homes.  

Bottom Line

Expect a bit of fear to creep in.  Know that it is not just you, that most people will experience the same thing and that it will go away.  Do your homework and hire experienced professionals and you will feel comfortable in your decision and keep that Buyers Remorse Syndrome at bay.   

 

________________________________________

 

Carol-Ann Palmieri is an ABR (Accredited Buyer’s Representative) and has been helping buyers find their homes for the past 25 years.

Looking to make a home purchase.    Let it start here.     Cal@alandcal.com      508-494-9061

Click here to search for homes!
 

Carol-Ann Palmieri

Al and Cal Realty Group

Remax Executive Realty

www.AlandCal.com

 

Cal@AlandCal.com

 

508-494-9061

 

Comment balloon 19 commentsCarol-Ann Palmieri • November 24 2012 09:25AM

Comments

HI Carol Ann...you're right...,.it all goes away and buyers should stop listening to friends and family....

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) over 5 years ago

I think the most important tip there is to Do Your Homework. Don't impulse buy or pick the first thing that takes your fancy. Do some research and make sure you know what you are getting into.

Posted by Bud & Beth McKinney, Cary/Raleigh/Apex NC - The Team That Cares, RE/MAX United (RE/MAX UNITED) over 5 years ago

Carol-Ann  Great advice.  I always make a joke of it, something along the lines "just got a new 42" HD and before unpacking it I thought about taking it back.  Boy, would I have regretted that if I did!"  I think of buyer's remorse like a headache, take a pill and an hour later it's gone.

Posted by John G. Johnston, An Exclusive Buyer's Agent ~ Westcliffe, CO (John G. Johnston & Associates, LLC) over 5 years ago

Last time I dealt with buyers remorse was after an inspection. There were some issues that came up. All fixable but the buyers walked. Oh well. On to the next one!

Posted by Bill Reddington, Destin Florida Real Estate (Re/max Southern Realty) over 5 years ago

Carol Ann, you are so right and people can have it at any point in the process...it still drives me crazy but with your talk they are prepared.

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) over 5 years ago

Cal ...This is a really nice post! This should be a feature ....Have a great day!

Posted by Rob Thomas, Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro (Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954) over 5 years ago
What an excellent summary of strategies to avoid letting buyers remorse sneak up and ruin a buyer's day! I especially like the advice about taking yourself off the market - there will always be new houses coming on the market, but being perpetually in shop mode means never actually getting to move in and enjoy a house!
Posted by Nancy Conner, Olympia/Thurston County WA (Managing Broker - City Realty Inc) over 5 years ago

Hi Carol Ann,  buyer's remorse is something that I do not see much of here in Naples, however, I did run into it a lot with first time homebuyers.  It was their friends and family putting in their two cents, always love the line "if it is met to be it will be"...please not after all of this work and research!

Posted by Christine OShea (Christine E O'Shea Real Estate Broker) over 5 years ago

Hi Barbara, all well meaning but sometimes their concern helps their loved ones out of the perfect home.  

Posted by Carol-Ann Palmieri, "Cal" the Real Estate Gal (RE/MAX Executive Realty, Al and Cal Realty Group) over 5 years ago

Hi Bud and Beth.   I agree.  Knowing what you want and doing some homework ahead of time, makes one comfortable in the decision.   Thanks!

Posted by Carol-Ann Palmieri, "Cal" the Real Estate Gal (RE/MAX Executive Realty, Al and Cal Realty Group) over 5 years ago

Hi John.   I think you are smart couching this in an easy to understand way.   Thanks!

Posted by Carol-Ann Palmieri, "Cal" the Real Estate Gal (RE/MAX Executive Realty, Al and Cal Realty Group) over 5 years ago

Hi Bill.  That has happened to me before too when any excuse is enough to frighten a buyer.   Many times very unfortunate for that buyer.   I can personally vouch for that... as I drive by the house that could have been mine if only...   :)

Posted by Carol-Ann Palmieri, "Cal" the Real Estate Gal (RE/MAX Executive Realty, Al and Cal Realty Group) over 5 years ago

Hi Ginny.  The talk makes them feel that it is all pretty normal... and it is.   Thanks!

Posted by Carol-Ann Palmieri, "Cal" the Real Estate Gal (RE/MAX Executive Realty, Al and Cal Realty Group) over 5 years ago

Thanks Rob.   I am having a pretty good day and hope you are too.  

Posted by Carol-Ann Palmieri, "Cal" the Real Estate Gal (RE/MAX Executive Realty, Al and Cal Realty Group) over 5 years ago

Hi Nancy.   Thanks.  Keep looking and you will always wonder.   

Posted by Carol-Ann Palmieri, "Cal" the Real Estate Gal (RE/MAX Executive Realty, Al and Cal Realty Group) over 5 years ago

Hi Christine.  Give me any house in Naples and I will be happy!   I get no buyers remorse there!!!    Thanks girl.  How's it going with the 30 day challenge?   Getting challenging for sure!  

Posted by Carol-Ann Palmieri, "Cal" the Real Estate Gal (RE/MAX Executive Realty, Al and Cal Realty Group) over 5 years ago

Carol Ann, it's not exclusive to buyers as sellers do get the same feeling especially if they have had the hone for a long time and they feel they are giving the place away

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) over 5 years ago

This is some terrific advice to give buyers if they ever experience buyers remorse...suggested!

Posted by Brenda Mullen, Your San Antonio TX Real Estate Agent!! (RE/MAX Access) over 5 years ago

Hi Carol Ann... I think heading it off at the pass by bringing the subject up early on is a great strategy.  I, too, hit the button!!

Posted by Peggy Hughes/pha logistix, inc., SF NYC LA (pha logistix inc) over 5 years ago

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