Combat Buyer's Remorse
As the inventory on market is scarce, and moving for many is a must with deadlines, many might end up feeling pressured to find a home.
My first piece of advice, is always to research the area, identify a realtor you want to work with, and make a list of “must have” priorities. Often times buyers want an extended list that are not suitable from one market to the next.
Identifying what you can and can not live without , can certainly help narrow down the most viable options for your effective search.
But what if you did your research, you looked at model homes, you investigated neighborhoods and school districts, you made an offer, and—voila!—you’re a homeowner! This should be one of the happiest days of your life…so why do you feel like driving off a cliff ala Thelma and Louise?
Well, it’s called buyer’s remorse, and it’s as universal as the common cold. So take a deep breath, do a few yoga poses and relax. It’s going to be okay. Everyone goes through it. Statistics are on your side: 74 percent of first-time buyers say they like their new home better than their previous residence, and 67 percent of repeat buyers like theirs better.
And anyway, you legally have three days to change your mind and cancel the contract. Right?
Wrong! No such law exists. The only way you can cancel the contract is if cancellation rights are written in the contract. Generally, a buyer can cancel only for failure to qualify for mortgage financing after a diligent and good-faith effort, or based on the reasonable disapproval of some aspect of the home.
The best way to prevent (or at least mitigate) buyer’s remorse is to prepare yourself in advance, long before you ever sign on the dotted line. Write out the pros and cons. Do your homework. Then relax and enjoy your new home.
And remember owning real estate is how the American dream was built. Why shouldn’t you live out your dream???