Buyer’s Remorse Often Follows a Seller’s Market Frenzy!

I have read several reports about recent buyers developing “remorse” after moving into their new or “next” home. This is obviously sad but, as with past “seller’s markets”, it was predictable. Seller’s markets and buyer’s markets BOTH have their “downside”. The recent (and perhaps lingering) “seller’s market” is no exception.

Some sellers may regret having sold too quickly while others over-played their hand, expecting a better offer to come along. There is no guarantee of that happening! When the market cools, many owners are left owning a house they wish they had sold. When an owner wants to sell and buy, regardless of whether they need to sell to buy or are able to own/ “carry” two houses, the process gets a little more complicated. How do the two markets compare as far as price appreciation and “timing”? That is a topic for another day. My focus here is on the buying side.

Some buyers have regrets as well. When the number of buyers exceeds the number of houses available for purchase, emotions can lead to some “creative” ways to compete. Then, when cooler heads prevail, buyers may wonder what they did!

Let me look at that from two perspectives. If anyone would like to talk privately about their situation and how I can help them, please contact me at your convenience.

First, let me address this from a REALTOR’s perspective. We are advisors; the client/ buyer is the decision-maker. We “protect and promote” our client’s interest above all else. However, what can we do when our client does not follow our advice and wants to buy a property that we think may not be the best for what they have told us are their “needs and wants”? Some buyers want to hear our thoughts; others do not!

We have to be careful to avoid “steering” a client towards or away from something they think they want to buy. We must do as they ask and hope they don’t blame us as some may do when they find that their choice was not the best. That being said, a bad choice is not likely fatal, meaning it can be addressed.

Second, from the “new owner’s” perspective, what do you do if you find yourself in a predicament? Can you resell the property? That depends on market values and when you bought it: has the market continued to rise or has it bottomed out? Can you afford a financial loss? If there are repair issues, was there a property disclosure issue? Unfortunately, if you find that a house does not meet your needs or if something “better” comes along, that is the chance every buyer takes.

Going forward, the best I can do for any buyer-client is provide the game plan that has worked for me for 26 years and hope that my clients do the planning and preparation that their biggest asset and largest investment demands. This is NOT a “retail transaction”. For better or worse, there are typically a number of “steps” that provide the opportunity to revisit and reconsider the decision to buy.

Buying Real Estate is, at its core, an emotional decision justified with logic. People will do as they will do. I have found myself assisting a number of sellers who told me that they never should have bought their house. I have helped buyers struggling with which house to buy, some of whom wanted to “jump in” before they were really prepared to move forward.

Overpaying for a house often works itself out over time. Buying without seeing a house first may be able to be undone before settlement. Buying without inspecting? That may be hard to overcome! Hopefully a buyer has not combined any two or even all three of these “risks”. Easier said than done: a “frenzy” can cause some to make bad decisions.

Hiring a professional with experience, training and education should provide the knowledge and insight required for such a big decision. We have done this before.

As I always say,

There is no time for inexperience, empty promises OR false expectations.

HIRE WISELY: We are NOT “all the same”!

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