Believe it or not, but buyer’s remorse is more common than you’d think. And why shouldn’t it be? Purchasing a home is one of the largest, more important investments one can make in life. So it makes sense to feel like second-guessing yourself once the contract and check is signed.
Whatever the case may be, whether it’s a sense of guilt, hesitation, regret–it all boils down to our fears. The good thing is that fears can be worked on. Here’s a list of the most common fears buyers experience and how to overcome them.
1. Fear of Change: We get it. Purchasing a home is more than packing up and moving some place new. It’s about changing one’s lifestyle, uprooting your family to another neighborhood and school system, new neighbors, and let’s not forget–a mortgage. Maybe you’re used to renting your entire life and purchasing a home entails a whole new form of commitment you’re not used to.
How to overcome it: Remind yourself as to why you decided to purchase a home in the first place. Think back to the emotions you were feeling when you began your search. It’s important to reconnect with the reasons why you began the process in the first place.
2. Fear of Commitment: This leads us to the perfect segue…fear of commitment. When it comes to “signing your life away” (whether it’s in marriage, a mortgage, or job replacement), the reality of committing to something that goes beyond numbers is an understandably scary thing. Once the decision has been made, it ultimately rules out other options, right?
How to overcome it: It’s up to the agent to remind the buyer of how common buyers remorse is. If you haven’t heard it yet, then know you know it now. You are not alone in what you’re experiencing, and it’s also important to remind yourself of all the positive reasons for making this commitment. Like all decisions in life, you won’t move forward unless you make a change.
3. Fear of Making a Bad Decision: Here are some common questions that buyers often ask themselves: “Did I choose the right home?” “Did I jump too quickly without shopping around?” “What if I made a bad decision?” It’s true, there’s a lot of competition out there in the real estate market. Many say that it’s now a seller’s market, since there are fewer listings out there and an increasing number of anxious homebuyers. And what is that result of that? Buyers acting quickly and jumping on an opportunity when they see it. This often makes the buyer feel like they haven’t have time to make a long, drawn out decision.
How to overcome it: Take some time to let your emotions subside and balance it out with logic. Trust your intuition and know that you wouldn’t jump into something unless it was good for you and your family. On the circumstance that it isn’t, then by all means rethink your decision. But if your gut is telling you that it’s right, then it doesn’t matter how soon you found the property. Consider yourself lucky if so.
Being an agent encompasses many roles: a leader, a negotiator, a communicator, and most often, a counselor. We love what we do and part of that reason is working with our clients to find a home that fits them and their dreams. And that comes with all the distress, worries, and second-guessing that comes along with it.