Scenarios that Bring on Buyers Remorse
Remorse sometimes kicks in after we start talking to others about the new house.
Discussions with family and friends.
They usually mean well, but it’s not uncommon for family and friends to question your choice and what you paid for it, especially if it’s your first home purchase and they are seasoned pros.
But do they know the market? It may have been years since they bought a property themselves, and if that’s the case they probably aren’t in touch with current prices. They might even live in another part of the country, in an area where housing costs a fraction of what you can expect to pay at your location. And let’s face it, parents rarely think a house is “good enough” for their children.
Continuing to look at houses.
Big mistake. Stop looking at other houses unless you feel the contract has a good chance of falling apart (you think the home inspection might uncover serious repair issues, etc.).
Real estate agents who offer no guidance.
Some agents do not guide their buyers through the closing process. Questions and doubts pop up and the agents aren’t around to provide answers and assure their buyers that what they are feeling is normal. Unanswered questions can put buyers in a panic mode, especially when it’s their first home. Panic leads to doubt–and ultimately buyer’s remorse.
Contact your agent and others involved in your closing whenever you have a question. It’s their job to help you.
Your own doubts.
Nothing in life is certain, and we tend to think about the uncertainties even more whenever we make important commitments, dwelling on the negative what-ifs instead of looking at the positives.
Here are some “Bites” in ensuring that you made the correct decision:
1. Bring out your list of criteria and match the house you bought to that.
2. Does the house feel right compared to the other ones you looked at?
3. Did you find many houses that met your needs or was this one a rarity?
4.If you can back out of the contract, is it realistic to think you will find a house that’s “better?”
5.What was special about the house just a few days ago and how has it changed–really changed?
Analyzing the facts that lead you to the home will help you sort out your feelings about the contract. Was it truly a poor choice or would you be nervous moving forward on any house?