FAQs Buyer's Remorse

Frequently Asked Questions ...

Question:

What is “Buyer’s Remorse” and what can I do about it ?

Answer:

Consider these symptoms: A sinking feeling in the stomach, tossing and

turning during the night, sweaty palms. You might guess that these are

telltale signs of a cold, but if you have just purchased a home, it may be a

case of "buyer's remorse."

Buyer's remorse is a term used to describe the emotions felt by some

homebuyers after signing a sales contract or closing on a house. Other

symptoms include a nagging sense of doubt, second-guessing your decision and feeling overwhelmed.

It is important to remember that a certain dose of these emotions is normal. After all, buying a home is a very significant financial and emotional decision. The best way to thwart buyer's remorse is to take the approach that "an ounce of prevention is worth a pound of cure," or be an informed and prepared consumer.

First, make sure you understand the home buying process, from determining what you want in a home to the steps of the closing. Your sales agent should be able to answer any other questions and there are many books that cover these steps. If you have concerns at any time, let your sales associate know. He or she is your advocate and a great source of information.

Next, only consider homes that are within your price range. Overextending yourself financially is likely to lead to feelings of regret. A mortgage pre-approval will tell you how much you can afford. But remember, you can consider homes below that figure. A financial cushion can add to your peace of mind.

Once you find a house you are interested in, ask your sales associate to tell you the sales prices of some nearby homes. This will indicate whether the asking price is keeping with other homes in the neighborhood.

Above all, listen to your instincts and concentrate on the positive aspects of homeownership. If you listen to both your heart and your head, you are likely to make the decision that is best for you.