It is very understandable why buyer's remorse lurks behind every door right now in the real estate market, as fear is running rampant in a market filled with high levels of supply and low levels of optimism. What is buyers remorse you might wonder ...
Buyer's remorse is the feeling of regret after a purchase. It is frequently associated with the purchase of higher value items such as a car or house. It may stem from a sense of not wishing to be wrong, of guilt over extravagance or from feeling that one has been persuaded by a salesman
Buyer's remorse most often springs from that "sense of not wishing to be wrong," as it seems so easy to make a mistake when buying a home today. But it is actually possible to buy a home in Tallahassee and have no episodes of buyer's remorse. It only takes a little planning and preparation, and it never hurts to have some help from a top real estate agent in Tallahassee.
Avoid These Mistakes To Avoid Buyer's Remorse In Real Estate
- Impulse Buys - So you think you might want to make a move and you just jump in the car to go out and check out a few open houses. Sure enough, the second one you see seems perfect and the salesperson there convinces you there are other buyers making offers on it even as you speak. Next thing you know, you have a home under contract. These types of impulse buys can be avoided with a well thought-out plan.
- Blowing The Budget - Know what you want to spend on housing every month. If you currently own a home, how much more (or less) do you want to budget for monthly expenses. How about down payment? What kind of initial investment is the right amount for you. These are very easy things to decide (before) a home is found, but equally just as difficult once you convince yourself that you "gotta have it" (after) you find a home. Get yourself pre-approved with a lender before viewing your first home and you will be half-way home to beating buyer's remorse.
- Failing To Seek Proficient Help - We all seek approval from our friends when we make big decisions and buying a home is no exception. Unfortunately, it is rare that our friends understand our unique needs and financial constraints, as well as the ever changing real estate market, to give us the guidance that we need. Having a great real estate company assist in the home purchase, from start to finish, is the easiest way to avoid buyer's remorse. Establishing a plan, following a proven process with a real estate professional, and sticking to one's goals and budget will stamp out buyer's remorse every time. Take the time to hire the best before you begin!
- Indecision - This will not really be an issue if the previous mistakes were avoided. Take comfort in knowing that you are working with somebody who will protect you, stick to the plan and the budget, and then make the choice that you want to make. Indecision usually stems from a lack of confidence in the methodology used in making a decision, so make sure you are comfortable with the process along the way.
Buying a home should be fun and exciting right now. Interest rates are incredibly low and home affordability is at the best level in over 5 years. To ensure that you do not suffer buyer's remorse in real estate, just remember to hire the best real estate company in your area, establish a budget, talk with a lender, develop your plan of action, and then move forward decisively, knowing that you have done the best that you can.
Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.