Avoiding Buyer’s Remorse
Know your priorities in the home-buying process.
When the market is fast-paced and the inventory of homes for sale is low – like the current market in Rochester, Minnesota – you have to act quickly if you’re looking to commit to a home. Because of this pressure, acting too quickly can cause some to feel buyer’s remorse after the process is over.
The good news is, we have some advice to avoid buyer’s remorse – by identifying and remembering your priorities in the home-buying process.
We often advise potential home buyers to prioritize their top ten things they want in a home. Of these, then identify your top three non-negotiable, must-have items. Identify and solidify these are your top-tier priorities, and the remaining seven items on your list remain there as want-to-haves, or nice-to-haves.
Having a list of your top three objectives is important because you want to be able to quickly articulate these in conversations with your key decision makers in this process – your spouse, partner or family. You’ll also want to be able to articulate these in conversations with your real estate advisor so they can help you find a home that is perfect for you.
In a fast-moving market like this, it’s important to understand that when a property just comes on the market, you’ll likely be competing with two or three other interested parties. Most often people have buyer’s remorse because they get caught up in the visual appeal, the hype and competition of purchasing a new home, and they make an impulsive offer on a new, shiny house – even if it lacks one or all of their non-compromise items they were looking for.
Each home buyer’s experience is different. You don’t have to have three items on your non-negotiable list – maybe it’s just two. Before you make an offer that will compromise your top tier objectives, be sure to have a serious conversation with your fellow decision makers and your real estate advisor so you can best determine if it’s the right choice for you to proceed on making an offer that compromises your must-haves.
One last point to consider is that your list can change! Especially if you’re just getting started in the market, you might come into the home buying experience with a certain idea in mind – but once you start the process and see what’s out there, you reprioritize the objectives that are important to you. It’s a good idea to continually revisit your list throughout the process to truly find a home that’s right for you.
If you’re interested in searching for a new home, we’d love to meet with you to talk you through the process. Contact us today.