Welcome to the ReissProperties.com Blog

2018-07-18 19:14:41
Buyers Remorse

Parting with a big chunk of money isn’t easy. What is easy is giving in to the tendency to want to beat yourself up after spending it. It’s classic buyer’s remorse, and, while it’s not common, we have seen a few cases of it during our time in real estate.

Buyer’s remorse is more common in buyer’s markets. When there are lots of homes that fit the bill, it’s easy to wonder if you made the right choice. There is actually a name for this phenomenon, “the paradox of choice.” Psychologists claim that as the number of choices increase, so does the chooser’s stress level.

How to Guard Against Buyer’s Remorse

Psychologists at Harvard University conducted a study in 2002 and found that people who are offered a 30-day, money-back-guarantee are less likely to experience buyer’s remorse. “People prefer to make changeable decisions rather than unchangeable decisions,” they write.

Unfortunately, houses don’t come with a money-back guarantee, which makes the decision to purchase one rather unchangeable. The process is full of exit points, however, which may ease your mind when you’re starting to feel remorseful.

These exits are in the contract’s contingencies. You’ll have a chance to bail on the deal if the home doesn’t appraise appropriately, if the home inspection results are unpalatable and at several other points along the way.

Another way to guard against regret is in your negotiations with the seller. Don’t be aggressive or greedy, claims the results of a University College of London study. People that negotiate reasonably tend to feel less remorse than aggressive or greedy negotiators.

Share how you’re feeling with your agent. It often helps just to have someone with whom you can share your ideas, your emotions and your fears.

If all else fails, remember the words of basketball great LeBron James: “I always say, decisions I make, I live with them. There's always ways you can correct them or ways you can do them better. At the end of the day, I live with them.”

 
Blog Archive
2019-01-16 14:35:46
The Neighborhood Wish List: 3 Things to Consider

2018-12-29 12:57:26
The Home-Buying Wish List

2018-09-24 15:17:40
The Dangers In Over-Improving a Home and How to Avoid Them

2018-09-05 11:57:09
Movin on Up

2018-08-28 12:59:47
Look for these 3 Warning Signs when Shopping for a Home

2018-07-29 20:59:38
Is a Smart Home in your Future?

2018-07-25 20:22:16
Finding your Ideal Neighborhood

2018-07-24 14:28:40
Everything you need to Know about Home Warranties

2018-07-20 13:59:25
Buying a FSBO without an Agent

2018-07-18 19:14:41
Buyers Remorse

2018-07-17 17:32:10
4 Tips to Close Quickly on a Home Purchase

2018-07-16 20:53:52
4 Tips for Home Buyers with Boats

2018-07-15 15:23:07
4 Characteristics of a Seller

2018-07-12 15:29:02
3 Ways to get an Amazing Deal in a Buyer

2018-07-11 18:50:34
3 Tips for Attending Open Houses

2018-07-06 14:55:43
3 Things to Know about Buying New Construction

2018-07-05 22:46:07
3 Reasons to Think Twice about a Home

2018-06-30 17:48:48
3 Important Aspects of the Purchase Agreement

2018-06-26 13:35:25
3 Common Home Buying Myths

2018-06-25 14:13:41
2 Tips for the Luxury Home Buyer

2018-06-22 14:56:05
2 Things to Know about Home Inspections

2018-06-21 17:38:24
2 Things to Consider Before Buying a Townhome

2018-06-16 21:42:02
HOA? Beware the Rules and Regulations!

2018-06-16 21:41:25
What to Look for in the HOA Documents


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.
SITE MAP | SEARCH | NEW HOMES | PRICE CHANGES | FAVORITES | FINANCE |