Studies show that nearly 52% of home buyers experience Buyer's Remorse on a home. Buyer's remorse is a perceived sense of dread that many Buyers experience during or after a purchase. Regret weighs heavily on our minds and can affect nearly every area of life, if it goes out of control. The good news is that you're in the right place to become one of the "other 48%".
There is one reason that nearly half of the Home Buyers in the US have Buyer's remorse: They lack of clarity around the 5 decisions of the home buying process.
Mr. & Mrs. McHomebuyer walk through 123 Pine Street after instantly falling in love with the soft teal paint color in the master suite on the photos online. It's the only home in their price range with a room that color, and they haven't seen anything that has stood out so beautifully, so they rush to put in an offer.
As luck would have it, they get their offer accepted! But before the contracts are signed, three more offers come in and suddenly, they are thrust into a bidding war. They go $15,000 over asking price, because... the vibe of that master suite is TO DIE FOR. They win the bid. They buy a bottle of champagne and toast to their victory!
One week later, as they stand in the home with the inspector, who is telling them every single thing that is wrong with their dream home, Mr. & Mrs. McHomebuyer look at each other with sheer terror. The appraisal comes in the following week and it has come back incredibly low. The McHomebuyers now have to pay above market value for the home that they love in cash, if they want to move forward with the purchase. They can't sleep, can't eat, can't even think. They are stressed beyond compare. That paint color doesn't look as captivating as it once did, two weeks prior. Buyer's remorse.
The problem is that like the McHomebuyers, many buyers think that the first step of buying a home is to scroll Zillow and Realtor.com, just to "see what's out there". That could not be a worse decision. The moment a buyer sees a "glittery, shiny house" (a house that looks pretty in photos), her instinct is to want to go and see it. She contacts the first phone number of the Agent she sees on Zillow, who works for the Seller, and gets sold, because of the paint color, not because the home actually meets her needs, desires, or personal and financial goals. The Zillow Agent (who pays 30% of the commission to Zillow in order to get you as a lead), isn't trained or skilled at providing a high level consultation. You simply won't find the strongest Agents on a paid lead site, like Zillow or realtor.com. That is why the statistic is 52%. Low level Agents give low level service, which can lead to catastrophic issues.
The 5 Questions:
1. Why are you moving ?
2. What do you really need and want in the perfect home?
3. Where is the REAL ideal location for you (big one!)
4. When is the smartest/ideal time to move, based on your situation
5. How will you achieve your goals?
In order to eliminate Buyer's remorse during the home buying process, you must gain clarity around the 5 questions. Without understanding each point, it is WAY too easy to make decisions based on emotions, like excitement, fear, stress, etc. It might feel good at the onset (when you make an offer), but it can lead to buyer's remorse very quickly after (once you're under contract).
Completely avoid Buyer's Remorse, by taking the very first and most important step of the home buying process: GET CONNECTED WITH ROCKSTAR FOR A FREE BUYER CONSULTATION! Only a high level real estate team will provide this level of consultation. A great real estate team will help you articulate your motivation and goals, so that you get clarity around your "what", "where", "when", "why", and your "how". That is priceless expertise. The best part is that as a Buyer, it costs you almost nothing to be represented by a REALTOR®, because the Seller pays the commission. That means that you can receive premium service, without paying a premium price. Why in the world would you trust anyone else? Until next time, Rockstar Community, I am sending you peace, love, and good vibes from my home to your's!