{"id":6080,"date":"2016-04-11T06:00:59","date_gmt":"2016-04-11T10:00:59","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=6080"},"modified":"2023-01-25T10:41:12","modified_gmt":"2023-01-25T15:41:12","slug":"what-is-buyers-remorse-and-how-do-you-get-over-it","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/what-is-buyers-remorse-and-how-do-you-get-over-it\/","title":{"rendered":"What is Buyer\u2019s Remorse and How Do You Get Over It?"},"content":{"rendered":"

You\u2019ve been viewing homes for a while now and finally bite the bullet and submitted an offer on a home. Your offer is accepted and you go to bed that night elated and excited. But then, you wake up the next morning, asking yourself troubling questions:<\/p>\n

Did I spend too much?<\/p>\n

Is this the right place?<\/p>\n

Do I even want to move?<\/p>\n

Buyer\u2019s remorse is something nearly every new buyer experiences; good agents will even warn their clients about it ahead of time.<\/p>\n

Why does buyer\u2019s remorse happen?<\/h2>\n

Buying a home is likely the largest purchase of your entire life. It\u2019s a lot of money, a lot of responsibility, and a lot of debt. For most, it\u2019s a long-term decision that locks you into one location, so there\u2019s a loss of (hypothetical) flexibility, options, etc.<\/p>\n

Even just writing this, I feel a little anxious\u2014and that\u2019s completely normal.<\/p>\n

People get buyer\u2019s remorse when buying a turtleneck, let alone a house. It\u2019s human nature to question your purchases, especially when they\u2019re a lofty expense.<\/p>\n

Know what you want<\/h2>\n

Your agent will ask you in your first consultation what you\u2019re looking for, what your dealbreakers are, what you must have versus what you want to have, etc. Be very honest with both your agent and yourself about these details.<\/p>\n

If you\u2019re viewing homes with two-car garages, for example, you put in an offer on one of these homes, then think after it\u2019s been accepted \u201cDid I really need that garage? Did I pay extra for it?\u201d, you\u2019ll experience strong remorse because you weren\u2019t being truthful with what you need.<\/p>\n

Make a list of details\u2014large to small\u2014then edit it and rewrite it, until you have a list that\u2019s accurate. Your agent should be able to help you assess your needs and wants.<\/p>\n

Understand your finances<\/h2>\n

Paired with your needs and wants, you should know exactly how much you can afford. Determine monthly payments, max mortgage affordability, your down payment\u2014all of it. You might need a four-bedroom home but can only afford three in the area you\u2019re exploring. Instead of stretching your finances to meet that four-bedroom house then regretting it later, reassess\u2014either downsize or find a four-bed in a less expensive neighbourhood.<\/p>\n

I\u2019ll stress again that this is a financial commitment, so don\u2019t overlook this step. Just because you were approved for $800,000 doesn\u2019t mean you have to spend every penny.<\/p>\n

Tell yourself it\u2019s going to happen<\/h2>\n

Before you put in an offer, even while you\u2019re looking at homes, remind yourself that you may feel remorse, even if you\u2019re in love with every aspect of this place. The more you acknowledge that buyer\u2019s remorse is going to happen, the less surprised and affected you\u2019ll be when you actually experience it.<\/p>\n

Be very confident during bully offers<\/h2>\n

A lot of buyer\u2019s remorse occurs after bully offers are accepted. Bully offers are early offers in a competitive seller\u2019s market that encourage the seller to accept before offer night, meaning before others have had a chance to draft an offer and submit.<\/p>\n

Buyers have to get their offers together quickly to submit bully offers, which means you\u2019d have less time to stew and make a deliberated decision. When submitting a bully offer, you have to be sure you know this is what you want. If you feel rushed\u2014more rushed than you\u2019re comfortable with\u2014you may feel regret the next day, for having not considered certain things.<\/p>\n

Common questions after a bully offer:<\/p>\n