Buyer’s remorse. A term that many of us understand in different ways, whether it comes from guilt, expectations not being met, or having missed out on a better option, we have all experienced it at some point in our lives. When we are in the middle of making a huge purchase, like a new home, buyer’s remorse can have a drastic effect on our psyches. On top of that, today’s market is more volatile than usual, and with the buying process being much quicker and more stressful, the potential for these emotions is even higher.
There are a few different ways that consumers may experience buyer’s remorse within the real estate hemisphere, and being prepared for these feelings ahead of time is the key to dealing with them.
Losing a bidding war
This is especially true in today’s market, when houses are often going for thousands of dollars above listing price because of the lack of inventory. The process of buying a house can take months or even years for potential homebuyers, and the effect of consistently falling short in a bidding war can be frustrating. If you know ahead of time that it could take a long time, and are prepared to lose out on a few bidding wars, you can lessen the effects of buyer’s remorse. Be ready to compromise in order to find a new home, or you may be stuck waiting even longer trying to find the perfect home that will fit within your budget. Also, having a maximum limit that you are willing to spend will be key when submitting an offer.
A stressful process that leads to regret
Buying a home can be incredibly stressful. For one thing, it is one of the most expensive investments you will ever make. On top of that, there are so many steps in the process like the actual search, applying for pre-approval, getting an inspection, submitting paperwork and signatures to various parties, and more. The stress that results can cause people to think that they are making a mistake. Should we even buy a home if it is this much of a burden? If you are prepared for the fact that there will be tense moments as you purchase a home, you will be more likely to avoid buyer’s remorse.
Believing you made the wrong choice
Let’s say your offer gets accepted and you have just purchased your new home. You and your family are so excited! However, after moving in, you start to think about the compromises you made. You make the first mortgage and tax payments, or notice that there are little issues that were not caught in the inspection. This will cause many buyers to experience remorse and think that they made the wrong decision. Maybe they got caught up in the idea of having their first home and didn’t stop to think of the consequences. This line of thinking can be avoided if you understand what you are getting into. Having conversations with your realtor to prepare for this scenario can give you a realistic expectation and help you appreciate your new home even more without the accompanying negative emotions.
Prepare yourself mentally for what lies ahead
Setting expectations early is really the key for avoiding buyer’s remorse. In today’s fast-paced seller’s market, know that it will be a stressful process where you may endure some losses and even regrets. Prepare yourself by having these conversations with your realtor. Having worked with many people dealing with this very scenario, I want you to feel prepared for what should be a positive experience. You are searching for a place to make your own, possibly for the first time, and you deserve to work with someone who will help you achieve your dreams.