Buyer’s remorse is what we all want to avoid. Well, except Sellers, I suppose.
Waiting for the perfect house to come along has caused many families to lose out on opportunities. Though the homes they have seen are close, they weren’t perfect. I get it. Being afraid of missing out on our dreams is a real fear we all have, especially in real estate. We want specific things. We want the best deal. And we want no hassles along the way.
This is something I’ve seen too many times to count. And I’ve missed opportunities too, thinking the same way. I have seen some success stories where families found the perfect home. Rarely do I hear them say it’s perfect after living there any amount of time. As well, I have had many friends and customers have some changes of thought after building their dream home. They wish they had not put that wall in, or they should have build out a dormer or bay window.
Missing out also comes from deliberating over a home a little too long. A week goes by after they showing and we find that the home was under contract three days prior.
How does someone not miss out?
That’s a question I’ve not been able to answer. The best answer is to ask one’s self “If this house were not available tomorrow, would I regret having walked away?”
Another way I look at homes is what I call the 85% rule. If the home fits the criteria of my Buyers at or above 85% of what they are asking for, I encourage my customers to seriously consider the home and take steps forward. Perhaps changes to the home could be made, especially if it is within walking distance of schools, downtown, work, or other important desires.
Missing out is a fear that is consistent through everyone’s life. Somethings are easy to miss, others not so much. What I have to work to overcome this fear is thinking too much. Ruminating on an opportunity has cost me a number of opportunities. In some markets across America, waiting is a luxury other markets do not have. In many Colorado markets today, homes receive multiple offers within a day of being listed. This dynamic makes for difficult home shopping. Missing out in this case is missing out on a home altogether whether it was perfect or not.
It is a funny strange thing when we look for our next place to live. Weighing buyers’ remorse with optimistic fulfillment of desire is a tough position to be in.