With each and every home that I’ve purchased, I’ve gone through this period of cold sweats that we in the industry call “homebuyer’s remorse.” It’s very likely that you may experience it too. So what can you do about it?
First, create a list of your top 10 wants and needs (five of each) with regards to the home you’re eventually looking to purchase. This list should be made before you select a home so that you’re sure that the home you pursue will fit as many of each as possible. Most people will end up owning five homes before they retire, which means that you’ll find probably five or six of these things on your list if you’re a first-time homebuyer.
Does the home include the most important features on your list? What qualities made the house you chose stand out from the others you looked at? Did you find many houses that met your needs, or was this one a rarity? If you can back out of the contract, is it realistic to think that you’re going to find a house that’s better, in terms of your list?
Analyzing the facts that led you to the home will help you sort out your feelings about the purchase. Was it truly a poor choice, or would you be nervous moving forward on any house?
Here are some scenarios that can bring on buyer’s remorse:
1. Family dissent. If you have discussions with your family about your purchase, they often mean well, but it’s not uncommon for family and friends to question your choice and how much you paid for it—especially if it’s your first house. However, do they really know the current market? They might not have bought a home themselves in several years; things have changed since their time.
2. Continuing to look at houses. Unless you feel like your contract has a good chance of falling apart, the appraisal will be unsatisfactory, or the inspection might uncover serious repair issues, stop looking at other homes.
3. Real estate agents who offer no guidance. Some agents don’t guide their buyers through the closing process, causing questions and doubts to pop up. The agents aren’t around to provide answers and assure the buyers that what they’re 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.
Nothing in life is actually certain. We tend to think about the uncertainties even more whenever we make important commitments. The bottom line is when you buy a house, you’re going to go through that weird, cold sweat experience that is homebuyer’s remorse, and it’s normal.
If you have any questions that you feel like you’re not getting answers to or would like to know more about Salt Lake City Real Estate, please don’t hesitate to reach out to The Stern Team. We would be happy to help you.