You've probably heard the term "buyer's remorse." Maybe you've even been a victim of it yourself, sheepishly returning a stack of purchases the day after you couldn't stop your shopping momentum. In real estate, it's a bit more difficult to reverse the purchase process without possibly suffering some financial consequences, depending on where you are in the transaction. And sometimes, it's up to the Realtor to help sort out whether there is truly cause for alarm or if the buyer is just getting chilly toes.
Shopping for properties often starts out with excitement, surfing the listings on the internet and picking which ones to visit in person. When all options are still on the table, the possibilities seem limitless and the "perfect home" dreams get more and more vivid. Once an offer on a property is accepted by a seller, a buyer often has to face some sacrifices and watch some doors close (know anyone with a fear of commitment?). It can take a little while to really understand that no property is going to be a perfect fit, and that the potential for any house grows once we are able to make it our own home.
Moving too quickly through the process can also make a buyer doubt his decision. In a really hot market where there are more buyers than sellers, houses can get multiple offers within hours of going active. If a buyer hasn't experienced this before, he may feel like he was pushed into action faster than he was ready for. He may quickly find faults about the property that he wasn't able to consider well enough before having to submit an offer. Or he may feel he hasn't seen enough of the inventory before being pushed into a purchase by the competition. Either way, the remedy is education. The internet is a great start but there is no substitute for finding a real estate professional who can supply you with local market sales data, neighborhood information, typical purchasing scenarios and negotiation strategies. Drive the neighborhoods you think you like, see houses that may not be the perfect fit on paper, compare features to price tags. Getting context for the ultimate decision is what can make a buyer feel confident in his direction.
It's also important to stay in touch with the reasons you wanted to buy in the first place. Too often the parties involved in a transaction will allow emotional responses to each other guide their decisions. Try to separate your feelings about the house from your feelings about the owners, and keep your goals in mind. No one wants to walk away from a deal feeling like they were taken advantage of, so while you are evaluating your options try to also put yourself in the seller's shoes. Remember that most people are just trying to get the best deal they can and are not out to get you.
All of that said, sometimes a buyer will find that the house they thought was perfect is not for them. There are opportunities to terminate the contract appropriately, and your Realtor can explain your options. And sleeping on it isn't a bad idea, either.
I would love to help you with your real estate journey.
