Buyer’s remorse: “When one buys an item and feels regret about the purchase soon thereafter.”
You’re elated! The seller has accepted your offer and you begin planning your big move; you call your Realtor to set up a home inspection, and confer with your lender to make sure all is well and feel secure that the closing is imminent. You share the good news with friends and family, who are even more forthcoming with advice and predictions on your next adventure! Fast forward to closing: you’ve signed multitudes of papers, your hand is tired from writing, but you sincerely thank all those at the table – your Realtor, the closing attorney, & the seller as you receive the key to your official new home. You leave the closing office, get in your car and suddenly you feel a sick sensation, similar to when you purchased your first used or even more expensive, new car, only this feeling is much worse! You’re in a frenzy and ask yourself: "What have I (we) gotten into? Can I (we) afford the mortgage? Will the roof blow off during the next storm?" Then you wonder: are you having a heart attack, or getting the flu?
No worries, these feelings are so common that they have even been given a name – “Buyer's Remorse.” See definition above! The best thing to do if you begin having "second" thoughts is to just relax! "Buyer's Remorse" is almost always a temporary condition, but you may want to call your Realtor if you are having an extreme attack. We have experience in helping our clients through the home-buying jitters. It also helps to remember that most everyone who has purchased a home has experienced these same feelings. As professional Realtors, we’re trained to take you through the home-buying jitters - from the beginning till closing – and afterwards.
Following are a few suggestions on how to deal with “buyers remorse”: Prepare for it. Knowing that it is a natural emotion helps you to expect it, acknowledge it, and move into your new home with confidence that you have made an excellent decision. Base your decision on facts not emotions. It’s helpful to reflect on the reasons you originally decided to purchase a home. “It was the right time, you wanted a new location, it was a buyer’s market, rates were really good and you found the house that you wanted to make your HOME." Finally, If you have questions, ask the experts. Contact those who you have trusted during the buying process and ask them direct questions. Your Realtor, mortgage lender and attorney are there to help you before, during and after your home buying experience.
Now – pop the bottle of bubbly, bring out the cake and ice cream, and have your family and friends over to celebrate your next exciting journey!