Buyers Remorse....you loved the house, you made the purchase!
It isn't long after making a major purchase like a home that a little cloud creeps over and says.....I hope I did the right thing! That little cloud of doubt is known as "buyers remorse". Why dose this happen? For each of us it may be triggered by a different reason...but it happens. Soon after we sign on the dotted line!
Some of the reasons:
- You made the purchase on an impulse with your heart instead of your head.
- Extended your budget a bit more than you are comfortable.
- The area that you purchased in was different than you had been looking.
- The home has most of the features but is lacking one of the key features so now you have second thoughts and the papers are signed and the deposit is already placed.
- You had to talk yourself into the purchase so now you are talking yourself back out of the purchase.
These are only a few of the reasons for "Buyers Remorse". I am sure you can add many more reasons to this list. 99% of the time your gut instinct was right and the house is great and you are just like everyone else....just having a case of the jitters.
So now you know what "Buyers Remorse" is why does it happen? The main reason it happens is when buyers make a purchase without fully reviewing the reasons for the purchase. This means the buyer has not fully investigated all the features, homes available and reconciled the impact the purchase is going to have on his/her/their life.
Professionals take clients through the steps, identify the reasons and help you finalize your goals with a well thought out purchase plan. It dose not mean that little cloud of doubt will not creep in but it does mean clients will be confident of their actions and purchase.
I hope this helps you understand "Buyers Remorse".
How many more reasons can you add to the list?
Hi Gary,
I think these are very good reasons why buyers have remorse, I think many jump into this too fast without thinking it through. Good post!:)
Did I miss something better? Is the perfect house out there for me?
For me it is how will this change my life, what happens if I do take it, what happens if I don't. Personally, years ago I really wanted a home and my father talked me out of it. I still regret not moving forward - HOWEVER - I probably would not have my current life - my daughter or be in PA for that matter.
For me, it's all emotional. I'm the buyer who cannot commit to buy (if I was in the market).