How to overcome buyer’s remorse

Question: Dear Kari, I am afraid my agent has about given up on me ever choosing a home. When I started out, I wanted a newer property and perhaps a condo. Then I changed my mind to a single-family home and now I just can't decide, and I feel stuck. Do all homebuyers have the same worries I do and if they do, how do I avoid involving my emotions in the homebuying process? Answer: This is a great question to ask, as it is one many homebuyers are concerned about. The homebuying process seems like it should be a very logical one which involves calculating costs and comparing home values. However, reality sets in and it is only natural that our human emotions take over our logical thoughts. When we step back to really think about the fact a home purchase is one of the largest purchases most folks ever make, then it's a very scary event. This, accompanied with fear of the unknown, along with the infrequency of buying a home, makes this a daunting process. Some common buyer's remorse concerns: Interest rates will go up or down. * Denied for the loan. * Closing costs will be more than anticipated. * What if I wait and the market goes up? * What if my offer is rejected? * What if someone else makes an offer? * The home might have hidden problems. * Looking outside my price range. * What if I am offering too much or too little on the home I like? * What if I fall in love with the home? * What if I wait too long and I get priced out of the market? Some ideas to help wade through buyer's remorse: Stop looking for perfection, it does not exist. There are always tradeoffs 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 a home might come to market for $515,000, which is a steal of a deal, and you might miss out on it completely since $500,000 is where you set the bar. Once you are in contract on the home you purchase, it would be wise not look at any other homes on the market for sale. After you have selected your lender and filled out the loan application, stop listening to the teaser ads on the radio of unbelievably cheap loan rates. People that continue to look at homes on the market tend not to look at them in person, yet look at the tantalizing pictures on virtual tour websites and may become remorseful. Watch out for this pitfall. 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 along with 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 home sales closing process. 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 third or fourth property they have purchased. It is good to know that buyer's remorse is usually a faded memory after the homebuyers have moved into their new home and are all nicely settled in. Keep in mind, people are individuals, just as homes are unique and individual. There is a person for every house and a house for every person.

How to overcome buyer's remorse