Here’s a topic every Realtor has pet theories on. Mine? The number one reason for home buyer remorse is Impulse Purchasing. Home buying is exciting. The buyer imagines their life in this new environment. Clean, nicely staged environment. A good & lucky listing agent has gotten the home seller’s buy-in to engineer exactly that reaction. The initial showing & subsequent visits are again engineered to reinforce that experience.
The grass is always greener on the other side. Now, the buyer closed the transaction. The property is theirs and that magical experience becomes their reality. The work involved in building your new space sets in, as does the expense. Realization that a lot of work, expense and planning went into building the magic they first experienced becomes apparent. As do the little blemishes they may have overlooked as they gazed in wonder during the showing phases. Lastly, with those realizations, also comes the first mortgage bills. It’s one thing on paper when a 30 year mortgage is a future thing. It’s another holding the actual bill, with your actual name, and seeing the actual 1st due date fast approaching.
In my opinion, Realtor 101, The first job of a buyer’s agent is to keep that wonder in check, foster it just enough to keep it alive and point up every blemish, every issue, every obstacle, etc. that a property has. Go over the mortgage with the buyers, making sure they look at the truth in lending statement, so there’s no surprises. Very rarely, do I come up dry when touring a property. When my buyers tell me, “Yeah! Yeah! I get all that, but we want this place anyway.”, that’s when I know we’ve found the right place.
Here’s a neat article on what homebuyers themselves thought about the most common reasons for buyer’s remorse. Take a peek and see what you think:
New Homeowner Regrets Article – Atlanta Agent
Have Fun!
Lew McConkey,
Brook Realty, Serving Whitman Hanson & Surrounding Towns
(781)252-9789
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