Understanding buyer's remorse

Question: Dear Kari, I am in the process of buying my first home, and I have so many worried emotions I cannot even sleep at night. My agent is ready to give up on me. Do all home buyers go through this process? Answer: The home-buying process seems like a logical one. However, once reality sets in and our human emotions take over, our logical thoughts can disappear. A home purchase is one of the largest purchases folks ever make, and this is accompanied with fear of the unknown. In addition, with the infrequency of buying a home, this can be a hair-raising process. Let's look at some common buyer's remorse concerns: Interest rates going up or down Loan denied Closing costs will be more than anticipated What if I wait and the market goes up What if my offer is rejected Multiple offers Home with hidden problems What price to offer sellers Here are some ideas to help wade through buyer's remorse. First, stop looking for perfection – it does not exist. There are always trade-offs to consider. When looking for a home, do not put such harsh conditions on your search parameters. Such as, "We want to only pay $500,000 and not a penny more." Then the right home might come to market for $505,000, which is a steal of a deal and you might miss out on it. Or perhaps you tell your Realtor too many restrictions and he or she does not show you the right home. It is natural to want to discuss your home purchase with friends and family. They all have good intentions, however, unless they are currently in the home-buying market and are going to purchase in the area you are looking at for the same dollar amount, they will not be versed with your specific knowledge that you have gained throughout the recent weeks or months. They will inevitably add to your buyer's remorse by making such comments such as, "I hope you got 10 percent below their asking price." Once you are in contract on a home, it would be wise not to look at any other homes on the market. Once you have selected your lender and filled out the loan application, stop listening to the teaser ads on the radio of unbelievably cheap rates. People that continue to look at homes on the market, tend not look at them in person, yet look at the tantalizing pictures on virtual tour websites and may become remorseful. Watch out for the pitfalls. When thoughts of buyer's remorse enter your mind, think back to the first day you saw the home you're in contract on. Remember the things that first drew you to the home and the qualities that stand out in this home above all the other ones you looked at. Staying with this focus will keep distractions out of your way during your sale. When you have the anxiety of buyer's remorse, give yourself permission to feel it. Many buyers feel this way, even when it's the fourth property they are buying. It is good to know that buyer's remorse is usually a faded memory after the home buyers have moved into their new home. Kari McCoy owns the Kari McCoy Group, Residential Real estate, at Lyon Real Estate. She can be reached at 916-933-5274 or sold@karimccoygroup.com. License #00841588