Purchasing a home, especially for the first time, is an exciting experience - but it can be stressful, too! Buyers often worry that they will make the wrong choice of houses, or that they will pay too much, or that something will be wrong with the house that they don't yet know about.
Sometimes, right after the purchase, buyers will suddenly realize the magnitude of what they have committed to - and fearful of a mistake, wish that they had never made the commitment to buy. This phenomenon is known as "Buyers Remorse".
Buyers remorse can occur even when the buyers find an almost perfect home the first time they go looking. They may continue to second-guess themselves, feeling that they haven't seen enough homes. They don't know how many other, better, more perfect houses would have come up if they had kept looking. You need to have the self confidence to realize that when you have found a home that meets your important needs, you should act on it while it's stil available. No house will be absolutely perfect, not even a brand new one.
Many a great choice has been lost because the buyers continued looking at other homes - and in the mean time, someone else purchased the house and the opportunity was lost.
I'm reminded of a technique that my broker used to use for jittery first time buyers. He would explain the phenomenon of buyers remorse, and tell the buyers, in advance, that it was not uncommon but that it would quickly pass. He would then put several M&Ms in a vial labeled "Buyers Remorse Pills". He would advise the buyers, with a smile, to take two at the first sign of remorse and call him in the morning if there were still any symptoms! It always dispelled the tension.
First time buyers should realize that they are not alone, and that this feeling is not uncommon. If you have been working with an experienced, competent Buyers Agent, and done your "due diligence" in advance, there is every likelihood that you have made an excellent investment and that you will live happily in your new home for years to come!
If you would like more information on how a Buyers Agent can help you save money and reduce your risk, please call (717) 951-5552 or email brian@FindLancasterHomes.com .
©BrianSchulman2008
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Brian Schulman offers expert real estate representation for buyers and sellers of homes in Lancaster County, PA. To learn more, visit http://www.FindLancasterHomes.com/ |
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Brian Schulman offers expert real estate representation for buyers and sellers of homes in Lancaster County, PA. To learn more, visit http://www.FindLancasterHomes.com/ |
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Brian - We have all had clients who have experienced this. I love the idea of the M& M in a vial, great way to diffuse the situation by telling the client this could happen and what to do if it does.
Brian...there is a lot of that going around these days! They have too many choices and are afraid to commit (something better might come along)
Jennifer, hopefully being aware of the phenomenon will help some buyers to be less stressed.
Joan, that's true - too many choices can leave buyers with the impression that there will always be something better coming along later. It's a prescription for never making a decision.
I like that M&M idea. It's clever and should relieve some stress. Thanks for sharing! :)
BRIAN - I've usually just tried to talk them down off of the proverbial ledge, but I never thought about using candy to do it. Thanks for the tip.
Debi, the secret with the M&Ms was, never be condescending - just a humorous way of letting first timers know that a little case of the jitters about buying their first home is a natural occurrence.
Adam, I like your analogy of talking them down off the proverbial ledge! It's usually not that bad, but talking about it in advance can dispel some of the concern.
Brian: I love the idea of the M&M pills and may try giving a jar to my buyers in the future. I've experienced it myself in the past and the pills would have helped. You're right, it's absolutely normal to have it.
Jan, if you do try it, I hope you'll let us know whether it helped your buyers.
Very interesting article Brian. I always enjoy reading your posts. Keep up the good work
Thanks
Don
Don, thanks for your kind comments.