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Preventing Home Buyers Remorse

In Buyers by Doug Phelps

It would be assumed that only first-time buyers experience buyer’s remorse when buying real estate, but that is unfortunately not true.  Whether it is a buyer’s first home or tenth home, buyers remorse can creep up and ruin the happy event of moving into a new home.  When I work with a client, either new or existing, I like to make sure I know their goals, lifestyle and budget so we can prevent buyer’s remorse.  Often, buying a home can be a daunting experience and I like to help prevent any negative feelings a buyer may have.  It’s common to have some discomfort along the way, but I work with clients as their advocate so that when those keys slide across the closing table, there is nothing but happiness.  Here are a few things I recommend to buyers to prevent buyer’s remorse:

1. Rushing without thought

Of course, the current Denver real estate market is moving fast right now and it’s pertinent to stay on deadline and make a timely offer when you see a home you like.  However, some buyer’s panic and rush into a decision they are not totally comfortable with just because they have a fear of losing out on a home.  Inventory is tight, but there will be other homes on the market so if the home you’re considering making an offer on doesn’t really match your lifestyle or what you’re looking for, I recommend that we pump the brakes so you don’t buy a home just because you think it’s your only option, only to resent it later.

2. Not offering an appropriate amount

Aside from being fast, the Denver housing market is also very competitive right now and the offers that come in to sellers across the city are very solid ones.  If a buyer finds a home they would like to make an offer on, I caution buyers to offer an appropriate amount in their initial submittal. This is a case by case basis, and one that I help clients with all the time.  If a buyer offers too low then they will be excluded from consideration and they likely won’t get to resubmit. If a buyer offers an amount that far exceeds other offers, then they will be needlessly overpaying.  I love helping clients navigate a realistic and competitive offer.

3. Too much or too little compromise

Every buyer and their situation is different.  Sometimes, when I work with families they all have different wish lists and desires in a home which can make finding the perfect compromise a challenge.  Very rarely is a home both modern and rustic with a contemporary feel and close to the city while also being remotely located.  That means, some of the family members will need to make a compromise. However, too much compromise may lead to buyer’s remorse for some. It’s important to sit down as a family and try to find where those compromises may be and go from there.

4. Unrealistic remodeling expectations

It can be really fun to watch home remodeling shows and start fantasizing about our own remodeling projects.  However, unlike those television shows we can sometimes find ourselves without the appropriate remodeling crew or budget and soon be in over our heads.  Remodeling projects can quickly become stressful and expensive which is not what some homebuyers want to deal with for months on end.  If you’re looking for a fixer-upper to make your own, make sure that you have a good idea of what you’re capable and willing to do.

5. Not learning from experience

Last but not least, this point is for the experienced home buyer who is currently searching for a new home but has bought homes in the past.  Each time to purchase a home can vary, but as a seasoned buyer you have a rough idea of the process.  Because of this, you may have unpleasant memories of a previous transaction, but this is important to take into your new transaction so you can learn from past experience. You need to think about what went right, or wrong in previous transactions. Also be cautious that you don’t rush through the process assuming that everything will be the same from last time.  Rushing can cause expensive issues and missing a small detail that may be a big headache later. 

Want to brainstorm about your dream home? Are you in the market to buy or sell your home?  Call and text me at (720) 323-4176 or email me at [email protected]

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