Managing the Emotional Aspect of Home Buying

Buyer’s remorse is one of the realities of home purchase that we have to contend with. Thus, it is incumbent upon you to find ways to beat it as the amount involved in the transaction is not something to sneeze at. It is not uncommon to see seasoned home buyers who end up having second thoughts about what they want to see and have in the home that they intend to buy. The good thing is that we are still in a buyer’s market, and serious homebuyers still have a wide range of options and sufficient elbow room to clinch a good deal.

That being said, you need to understand that buyer’s remorse will always be a critical issue regardless of the prevailing condition in real estate markets, and it is a more important concern for first-time home buyers. This is a normal occurrence that you have to prepare for unless you consider yourself an extremely unemotional person or has experienced the buying process many times before. So, where does that leave you? Accept the fact that you can end up second guessing your home buying decision.

The truth of the matter is that when buyers gain the upper hand in the market, feeling of remorse is the logical result in a significant number of transactions. These are the instances where serious buyers shop extensively, but tend to defer action on their final choice. You have to reconsider your perception of the situation especially when you think that you can manage buyer’s remorse if you spend more time shopping for more choices. In truth and in fact, you must also account for non-buyer’s remorse.

Another variable that tends to influence buyers’ decision is the volatility of the situation in real estate markets. We are regularly bombarded by a stream of information and news about the overall state of health of real estate markets. This information makes it unsettling for a lot of players in the market, and this is one of the major reasons why we are seeing a glut in most real estate markets. It is because of the confluence of these events that pushes most buyers to the sidelines, and what we get is more than the usual cases of indecision and second guessing. Buyers tend to be unusually rigid with their offering price for fear that they may end paying more than they should probably have. Now, this can be extremely frustrating if another buyer suddenly comes in and takes the seller on his asking price.

Surely, there are ways by which you can get over the hump and overcome buyer’s remorse.

1. Do your homework before you start the negotiation

It is essential that you determine what you really want and how far you are willing to go in order to get them. The more time and effort you spend preparing for the negotiation the stronger your chances are of avoiding getting into a slump as a result of buyer’s remorse. You must carefully study the situation in the market. Look around and gather lead information and find out how you can add mileage to every dollar you are going to spend for your dream home.

2. Look for reinforcements

If indecision and doubt set in after you finalize the paperwork, the best thing that you can do is to seek the advice of trusted buddies and reputable real estate players, who can provide you with material affirmation of your decision to buy the home for sale.

3. Get your mortgage pre-approved

This act practically gives you a complete cover in as far as your budget range is concerned. It also allows you to focus on the appropriate selection of homes where you are most likely able to close a deal. Once you have the numbers, you can easily and confidently make your final decision knowing fully well that you have what it takes to complete the transaction.

By Laurel R. Lindsay

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One thought on “Managing the Emotional Aspect of Home Buying”

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