Analysis Paralysis. According to Wikipedia Analysis Paralysis is the state of over-analyzing (or over-thinking) a situation so that a decision or action is never taken, in effect paralyzing the outcome. A decision can be treated as over-complicated, with too manydetailed options, so that a choice is never made. A person might be seeking the optimal or "perfect" solution upfront, and fear making any decision which could lead to erroneous results, when on the way to a better solution. Does this sound familiar to anyone?
I see Analysis Paralysis occurring more and more in my Buyers. In the post-recession era with a quickly rising interest rate and advent of the internet providing every detail of market data and advice, it can be overwhelming to any Buyer. Especially a first-time home Buyer.
So what is the best way to manage a Buyer that you know has found their "perfect home" but can't make the decision to make an Offer because of Analysis Paralysis?
- First, sit down with them and explain the housing market numbers specific to the area. Buyers are inundated with housing market numbers that are a broad representation of the market and not necessarily specific to their local area. If you know the home is priced right for the area, help them understand the price by analyzing the local market numbers.
- Second, have them write down their top three needs in a home. They may have done this in the initial Buyer Consultantion but writing them down again will help weed out a lot of fluff and unncessary wants. You are re-focusing them on what is really important.
- Third, review one-by-one the previous homes visited and compare the previously discarded homes to the "perfect home" in front of them. Sometimes reminding your Buyer where they have come from will help provide that moment of clarity on why the "perfect home" in front of them is THE ONE.
In this market of low inventory and rising interest rates, don't let your Buyers lose out on the home that you know is right for them. Help your Buyer focus on what factors are really important in the home buying process.