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How to Cure Buyer’s Remorse

by Houston Agent

sissy-lappin-lappin-properties-houston-real-estate

Sissy Earthman Lappin is the broker/owner of Lappin Properties in Houston.

By Sissy Lappin

So, after you have negotiated your buyers into their new home, the last thing you want is for them to catch a little twinge of buyer’s remorse. Let’s talk a little bit about this phenomenon and how you can control it.

First of all, remember that our world today is built for buyer’s remorse. We are accustomed to thinking that there will always be a newer, better version of what we have. But what you have to remember is that this is a home, not an iPhone – and that is a good thing.

Gone are the worry and remorse that come with the need to upgrade to the newest model! Your buyers made their purchase on the strength of a lot of research. You know what they needed, and this house fulfills those needs.

In my experience, buyer’s remorse comes mostly when people talk to their envious friends. Have you ever noticed this? If you ask your friends who have nicer houses than you, they will be the most encouraging people in the world. If you ask your friends who are struggling to get off the rental market, they are likely to be as negative as the day is long.

And especially if you talk to people who don’t understand the current real estate market, you’ll get a lot of harsh music in your ear about overpaying, or that it is a bad time to buy, or personal experiences that have nothing to do with you. So consider the sources, and most of all, let your buyer’s know this is normal. “Are you guys excited to move in? Then that’s all that matters.”

What you have to do, at this stage, is separate their recent purchase from all the house purchases that occurred before the recession hit, or under shoddy financial terms. Of course people had buyer’s remorse if they bought too much house for their income. Of course people had buyer’s remorse when they bought a $500,000 house in 2007 that plunged to a $100,000 value the next year. And who wouldn’t regret the decision to purchase a house if you had nothing in savings and immediately got foreclosed on after losing a job?

But those days are generally over. In order to buy a home now, your buyer’s financial foundation must be solid and sustainable. With little assistance, they have completed this transaction carefully. They know the market and the comparable sales.  This is an informed decision.

So at this point, advise them to close the computer and stop second-guessing (and you, too, for that matter). The iPhone 5 of houses is not coming out next week. Also, advise them to be cautious with whom they talk about the details of their new home (including family and friends) because outside opinions are subjective and ultimately irrelevant. They finally have a new home. Focus on the closing, and get ready to celebrate!

Sissy Earthman Lappin is the broker/owner of Lappin Properties in Houston. She can be reached at:

Direct: 713.922.0602
Website: www.lappinproperties.com
Email: [email protected]
Blog: www.southernhousemouth.com

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