June 21, 2019
What You Can Do to Diminish the Likelihood of Buyers’ Remorse
While the market has cooled a bit since the hot scene we saw in 2017—when high demand and low availability were fueling precipitously rising prices and bidding wars—there is nonetheless plenty of room for buyers to feel the occasional bout of remorse about a home they have recently decided to purchase.
Yes, a market where bidding wars are rampant is more likely to find people making offers quickly in order to avoid missing their chance at homeownership, sometimes landing them in a home they might not otherwise have purchased. This is why experts recommend, even despite the sense that one must rush in, that a potential buyer sit back and do their best to be rational. Allowing oneself a full day between seeing a home and making a bid can make a lot of difference—leaving one less likely to feel later as though they have made an impulse buy or a bad choice. It makes sense, during that time, to go back through any pictures one may have taken during the showing, or even just the mental snapshots one may have collected, and try to imagine oneself living in the home. The way one feels during such an imagination session can be a strong indicator of how one really views the home, deep down.
It can also help to seek out a trusted friend or loved one to discuss the home. The important people in our lives make good sounding-boards. Sometimes they think of questions to ask that can spark new angles in our conceptions of a space. And they can act as catalysts to our lists of pros and cons—because sometimes speaking these things out loud can make things more real even than listing them on a sheet of paper, and they can even help to decide if the cons we have listed are things we can live with, or need to change—and how to change them, given the chance.
Another way to avoid buyers’ remorse is to make sure your title to a purchased home is clear of defects. Topouzis & Associates, P.C. is here to help with that. We do title searches and ensure a buyer is gaining clear title to their new property—and we back our services with offerings of title insurance (click here), in case someone along the line of ownership did something that will weaken title at some point in the future.