Buyers 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.
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