Coping with Buyer's Remorse
The decision to buy a home involves making the largest financial purchase most people will ever make. This is not an entirely rational process, but also involves making emotional decisions, especially for first-time home buyers. Buyer's remorse is the pain, anxiety and fear of making a mistake, which usually occurs after your offer is accepted. You have looked at many houses, found the one you like, signed all the paperwork, obtained a mortgage, had the house properly inspected, and now you're scared. You are not the first to feel this way. This reaction is normal and has been shared by many buyers.
Buyer's remorse is often triggered when you start to talk to others about your new home. Family and friends, who mean well, start to question your housing selection and what you paid for it. They may compare their home purchase to yours and wonder why you did not do it the way they did. Or they may question why you picked out this home so fast and did not check out more homes in the area that may be right for you. Ignore the advice to continue looking at houses after you have committed to purchase a particular one.
You have to consider how well these people know the current market. It may have bee
n years since they last bought. They may even be from a different area and do not know local prices and neighborhoods. An experienced real estate agent, who knows the community well, can help you make the right decision.
Another source of panic is the financial commitment that buyers make. "How can I afford these payments?" is a question that causes much anxiety. A mortgage payment is a big chunk of your income and moves you out of your comfort zone. Reducing spending, budgeting, home maintenance, and job security are issues that suddenly become overwhelming. These fears are normal. If you are in control of your spending, you know which expenses can be directed towards paying the costs of home ownership.
Your best defense against buyer's remorse is to trust the preparation you undertook prior to selecting this home. The better prepared you are, the better decisions you will make. You have educated yourself on the many issues of home ownership. You understand what you can live with and without and that compromises will have to be made. You have made a list of the pros and cons of home ownership and buying this home is an obvious good decision.
Included in this preparation was the selection of a Realtor® to help guide you through this process. If they are truly doing their job, then you should be happy with your purchase decision. A good Realtor® takes the time to learn what you really want in your first house and helps you to understand every step in the buying process. You don't want a Realtor® who will push you into making a decision before you are ready, but one that will tell you all the facts and help you compare the differences between properties. By understanding your needs, they can help you know that you are making the right decisions for the right reasons.
Wayne B. Pruner is a Realtor® at Oregon First, who works in the Portland and Tigard, Oregon area. He is ready to help you with all your real estate needs. His phone number is 503-891-0795. Here are links to his real estate website and his real estate blog.
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