Avoiding Buyers' Remorse
What a great year to be selling property 2016 has been after 8 years of almost no growth it’s been great to be part of an active market again. But as is the way in real estate a couple of issues have raised their heads and I would like to deal with what I term “Buyer Remorse”
Generally this happens with first time buyers and how they feel when they find a property they like and ultimately buy. They have gone through what to some is the most stressful process in their lives so far, especially after they have lost out in previous tenders and multi offer situations. So finally they have made an offer and had it accepted all in a short time frame. They think all their Christmases have come at once. But after the initial joy, some buyers spend sleepless nights wondering if they have made the right choice. After all, it was a bit too easy wasn’t it? Maybe they have paid too much? Surely they must have missed something. Something must be wrong with the property.
Buyers’ remorse is not uncommon in real estate, and is based on self-doubt stemming from the stress involved in spending so much money on a transaction home owners undertake (usually) only a few times in a lifetime.
Buyers should always put in place the necessary checks (building reports, searching council records etc) but those who get their longed-for property purchase wrapped up quickly should think themselves lucky that they struck a motivated and realistic vendor when so many have an inflated sense of what their property is worth.homes much easier to afford for investors and first home buyers alike.
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