A lot of time, money, and effort goes into buying a home. You never want your clients walking away from the experience with buyer’s remorse. Here are five ways to help them prevent it.
Talk Budget
Overspending on a house can be a mistake homebuyers regret for years to come. Make sure clients talk about budget and whether they have a strict ceiling. It can help your buyers avoid remorse and remain in a secure financial position for the future.
Find Out Needs vs. Wants
Ask clients to distinguish what they absolutely need from what they would like in their future home. Getting clarity on which items are necessary will help buyers avoid issues after the transaction is complete.
Explain Additional Buying Costs
Discuss closing costs, especially when working with first-time homebuyers. These expenses can be a surprise and can affect how your clients perceive the overall value of their new home.
Encourage Buyers to Remain Flexible
Your clients may be searching for the perfect home, but they may need to make compromises. Encourage your clients to stay open-minded on their journey to finding a home. This attitude, along with the list of needs vs. wants, can help your clients avoid unnecessarily eliminating good choices and can head off regrets.
Consider Elements Outside the House
Make sure to point out the external factors that could affect the homeowning experience. Advise buyers to research the surrounding neighborhood, schools, traffic, shopping, recreation, and other factors that will go into their overall enjoyment of a new home.
Buyer’s remorse is the last thing you want your clients to experience. I advise my clients to drive by the potential home at various times of day and various weather conditions. Find out if the street floods when raining. See what the traffic or street parking looks like. Talk about the monthly payment, taxes, insurance. What are the nearby businesses? Does the home back up to a bar or music venue? How soon will the roof need replacing? There are so many things to help them think about in advance to reduce the possibility of Buyer’s remorse.
What about all the Texas buyers agents who allowed their buyer clients to overbid and waive appraisals during the pandemic years era? Were they giving accurate advice or just wanting commission money?
I think that buyers that needed or wanted to purchase during the pandemic had no choice but to overbid and waive appraisals in order for their offer to be even be considered; regardless of what their Realtor advised or warned them about.