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Buyer’s Remorse
- Did You Make a Huge Mistake?
When you were
in hot pursuit of the "American Dream" you
were excited about the future and owning your own home -- researching
neighborhoods, searching MLS sites on the internet, viewing homebuyer’s
magazines full of appealing homes that were just "minutes from the
beach" with "fantastic views" and "cozy family
rooms."
Next came the really good stuff –
looking at houses. Full of imagination and optimism for the future, you
wandered about each home envisioning a happy and contented life for you
and your family. The first house might have been "too big," and another
was "too small," but finally you found one that
was "just right."
So you made an offer and waited anxiously and
excitedly for the counter-offer. Finally, you and the seller agreed on
terms and you bought yourself a brand new home!
Congratulations! Break out the champagne
and celebrate!
However…
Later that night or perhaps the next day,
you started worrying.
Did you make
the right decision? Can you afford it? Is it the right time? Should
you have waited? What if you lose your job? What if this happens? What
if that happens? Anxiety and stress set in. Sleep may be hours in
coming.
This is a
normal reaction to buying a home. It is called
"buyer's remorse."
This is
what you do...
Take out a pen and paper right now and draw a line down
the center of the paper. Calmly and logically, think of all possible
advantages to buying a home and write them down on one side of the page.
Afterwards, you should list all the disadvantages on the other side of
the paper.
This process
is supposedly how Ben Franklin used to weigh tough
decisions.
After you get
done writing your lists, you may think back on your
anxiety and think you were being silly. After all,
buying a home is obviously a good
decision. Your list proves it.
But your reaction was normal and shared by many. You
see, buying a home is not entirely a rational
process. It is an emotional process, too.
You will not be totally stress-free, but
it will help.
copyright 2000 by Terry
Light and RealEstate ABC
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