Buyers Remorse
If you are like most buyers, once you sign a purchase agreement on a home, you will almost certainly feel a wave of overwhelming anxiety. You may begin to question your judgement -- did I pay too much? Is it the right home? Can I really afford the mortgage payments? How can I get out of it? This response--referred to as "Buyer's Remorse"--is completely normal!
Many homebuyers have experienced the alternating waves of excitement and regret that can occur when your offer is presented to the sellers and they accept it. At first you will probably feel ecstatic--but sometimes you wake up the next morning, covered with a rash and asking yourself, "What on earth have I just done?"
Step 1: Call your friends who have owned a home for a few years if you experience an attack of buyer's remorse.
Are they bothered by rapidly escalating home prices?
- Probably not, because that means the value of their home is increasing.
Did they feel anxious when they first signed the agreement?
- They may tell you that they felt just as anxious as you are feeling, but now are really glad that they went through with the purchase.
Have they made improvements to the property that heightened their enjoyment of the home?
- They will probably say they prefer the creative freedom of being a homeowner compared with having to ask the landlord's permission to put in a garden or paint the living room.
Step 2: Don't Panic! Call me.
Know that the anguish of buyer's remorse is almost always temporary. If you do experience a sudden panic attack over your home purchase, call me immediately. We'll talk things over carefully and rationally before making any radical decision about backing out of the contract.
When you experience a buyer's panic attack, be strong -- you have a great deal to gain!
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