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Dealing with Buyers’ Remorse

February 2, 2014

New homebuyers are usually very happy to schedule their closing date so they can move into their new home! After all, it’s an exciting time, however, sometime in your career, you may deal with buyers who begin to doubt their decision and want to back out of the deal.

Yes, it’s buyer’s remorse. There are many reasons it happens: fear of the unknown, fear they didn’t get the best deal, fear of change, or fear of commitment. Whatever the reason, there are a few ways you can try and help your client enjoy the home as much as they did when they first saw it.

Ask them to compare their wish list to the newly purchased home.  Likely they match up well. If there are differences, remind the buyer why they were willing to give up some of those items. Better price, location, or size might be some reasons.

Urge them to stop looking. Some homebuyers compare their prospective new home with other homes still on the market.  The comparison game can create more uncertainty because there is always another home that seems bigger or brighter or closer to school, or – you fill in the blank.  Encourage them to embrace their decision and begin decorating and making plans for how they are going to use the space.

Encourage them to begin making the new house a home.  Ask them questions about what they plan to do with each room. Talk about the exterior space and how they can use it for future parties and get togethers.  The more they envision themselves in the home, the more comfortable they are with whatever decision they make.

Sidebar: I wish my house had that…
More than half of those surveyed expressed some remorse that their homes lacked these features:  
Hardwood floors, central air, new appliances, granite countertop,  and walk-in closets.

http://www.frontdoor.com/real-estate/buyers-remorse-dos-and-donts-for-adjusting-your-mindset
http://realtormag.realtor.org/home-and-design/feature/article/2013-home-features-survey-buyers-remorse

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