Are you having Buyer's Remorse in the Real Estate market of 2022?

By
Real Estate Agent with Keller Williams Preferred Realty

Did you win an offer on a house or close on a house in 2022 and wonder if you made a smart decision or a bad decision?

You may not be alone. Purchasing a home is a very big deal. A home is the biggest investment most people will ever make. It's a really big deal! It can be very stressful and for some cause doubt.

Fear not! This is not the first time or the last time people will make purchases in a high market and wonder if they overpaid. It is important to remember while a home is a home it is also an investment. There is a balance between having a home (we all need shelter) and it being an investment. Monitoring the market and buying and selling when it makes sense it the goal.

The good news is, while the market might dip at times, history shows us that the Real Estate market typically has an upward trajectory. 

Will house prices continue to go up

The key is, you have to know when to hold them and know when to fold them. In other words, you need to be able to hold on to your home and not put yourself in a position where you have to sell during a bad market.

You also don't want to miss the boat. In 2021 some people decided to try to wait out the market. Not they're priced out of the market. It can be very challenging to try to catch up with a market that is going up, up, up!

You can protect your investment somewhat by purchasing a home you can stay in 7-10 years if necessary and/or rent if you are forced to move due to an unexpected situation. Monitor the market and make decisions about moving based on your needs and/or desires. Make a pros and cons list to help you come to a decision.

What do you do if you do have buyer's remorse? If you're having buyer's remorse, and you haven't closed on your home, here are some things you can do:

  • Talk with your Real Estate consultant. Sometimes talking it out will help you see a little more clearly.
  • Review the state contract and rules to see what you lose if you change your mind. In NC, it isn't super common for people to back out but it is good to know your rights.
  • If you were only able to view the house you're purchasing for a short time or not at all, view it again.
  • Picture yourself in the house and know that when you move in, you can change it to make it your own.
  • Start a Pinterest board or wish list of how you want to change it. Just don't buy things until you actually close.
  • Don't overanalyze everything.
  • Don't let people who aren't buying in this market influence your decision. They don't get it.
  • Don't listen to negative people because they'll find something wrong with everything.
  • Ask yourself if it is really about the house or if you tend to worry. Meditate or find something to help you cope if you tend to worry.
  • Plan an open house or house warming party to show it to your friends.
  • Think about how this home will improve your current situation.
  • Be grateful you have the ability to purchase a home.
  • Remember, it may not be your forever home. You can choose differently next time.

Overall, it is common for people to second guess their decision. This market is crazy and you are forced to make quick decisions. It is important your Real Estate professional reminds you of your motivation to buy the homes you're looking at. They can help you have clarity during the home buying process.

I also want to mention that you need to understand the market you're searching in. For example, if you're searching in the top 10 markets in the US (Raleigh-Durham is #3) then there is a lot more security than most places. Because these markets are growing, chances are prices will grow for sometimes. That is as close to a guarantee as you can get. 

The best advice is to be calm, have clarity as to what you want, and stay positive.

 

 

Posted by

Raleigh Cary Apex Realtor Carla Freund Realty

Presented by:

Carla Freund of Ask Realtor Carla

Carla Freund Realty Team

Keller Williams Preferred Realty

By Carla Freund Realty Team

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Disclaimer: The information provided herein is supplied by several sources and is subject to change without notice. The Raleigh - Cary Home Reviews Blog, Keller Williams and Carla Freund does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either expressed or implied. Entries on Raleigh - Cary Home Reviews represent the opinions and ideas of the author(s). Raleigh - Cary Home Reviews Blog does not express the views of Keller Williams, or those of the broker.

 

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Comments (14)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Carla, it is a tough market for buyers right now, so they have to have thick skin, and be ready for some disappointments.

Mar 08, 2022 07:38 AM
Carla Freund

Yes, they do.

Mar 11, 2022 06:34 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

We had serious buyer's remorse after our first house purchase in 1990.  It needed a lot of work and we were not sure we were up for it.  After is was all done, I loved the house and it was so difficult to move out, then I fell in love with our second home.  It is difficult not to have some form of buyer's remorse when you make such a large purchase.  Thank you for some tips on dealing with it.

Mar 08, 2022 07:44 AM
Carla Freund

It can be. Big purchases can be stressful for some more than others.

Mar 11, 2022 06:34 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Carla,

One of the reasons we do not get into a buying frenzy is because of buyer's remorse.  When we sign on the dotted line, we are confident.  And thus far we have not experienced buyer's remorse. Your advice is wonderful to those that have to deal with it.  A

Mar 08, 2022 08:00 AM
Carla Freund

Thank you A. We're the same. We approach things a bit differently. Being the calm in the storm is very important right now.

Mar 11, 2022 06:34 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Carla - second guessing can be "normal" at times but buyers also need to know that "second chances" are also a part of real estate.  Sometimes people are ready to move. Other times, other influences are more important.  

Mar 08, 2022 09:42 AM
Carla Freund

This is so true Michael!

Mar 11, 2022 06:33 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Carla, It is crazy out there right now and thank you for the great information to share with us here in the Rain.  Make it a great day!

Mar 08, 2022 10:04 AM
Carla Freund

You have a great day too Will!

Mar 11, 2022 06:33 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Carla... fortunately, I've only had one listing that suffered from "buyer's remorse" but it did give my clients an extra $10K in due diligence that they got to keep. I think our due diligence contracts help buyers think long and hard before they give in to buyer's remorse.

Mar 09, 2022 05:19 AM
Carla Freund

I haven't had one in a while but I think we have to be equipped to talk our buyers off a ledge. Things are happening so fast. 

Mar 11, 2022 06:32 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is very good information to share during these challenging times.

Mar 09, 2022 07:07 AM
Carla Freund

Thank you Roy!

Mar 11, 2022 06:32 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good Monday afternoon, Carla.

Have a great day and a very productive week.

Mar 14, 2022 11:40 AM
Carla Freund

Thanks Roy! It has been very productive. Have a wonderful weekend!

Mar 26, 2022 06:15 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good Saturday morning, Carla.

I hope you are having a very productive March.

Mar 26, 2022 07:40 AM
Carla Freund

Thank you Roy. I hope you are as well.

Mar 28, 2022 06:05 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Luckily I haven't yet dealt with a buyer with remorse - these are great tips for anyone who is second guessing their decision.

Apr 12, 2022 05:32 AM
Kat Palmiotti

You too!

Apr 13, 2022 05:47 AM
Carla Freund

Thank you Kat. Have a wonderful day!

Apr 13, 2022 05:39 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Carla - this is a tough one.  Buyers need to know the must haves first and the other things that would be nice.

Apr 12, 2022 07:11 AM
Carla Freund

I agree Grant. I try to listen and help them remember their main goal.

Apr 13, 2022 05:38 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Happy Easter Carla, or however you are celebrating this blessed Sunday!

Apr 17, 2022 11:10 AM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Luckily I don't deal with buyer's remorse more than 10% of the time, due to my buyer orientation meeting setting proper expectations. I did recently have a buyer want a second look at a home that was not possible, they didn't feel that was fair. I just smiles and reminded them of the buyer orientation meeting when I said many of the million dollar properties I sold in the last 2 years in this market only allowed 15-30 minute showings once and then the bidding wars started. This market is not for the faint of heart seeking a balanced experience.

Apr 20, 2022 06:26 AM
Carla Freund

Same here Thomas. However, some buyers seem to have a poor memory.

Apr 21, 2022 11:03 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

We have had to deal with some clients buyer's remorse, but not in this market. Now is the time the only remorse they have is that they didn't bid higher!

May 25, 2022 02:49 PM